DEBT RELIEF LAW CENTER
Attorney N. James Turner Can Help
Stop The Harassment!
Approximately 5.9 million individuals in the U.S. are more than 12 months late on paying their government-backed student loans, and this amount of defaults on student loans has increased by about 33 percent over the past 5 years. This translates into about $76 billion in student loan debt, which is more than the added cost of tuition for every 2- and 4-year state college and university.
What is perhaps more compelling are the facts that the Education Department paid upwards of $1.4 billion in 2011 to hunt down defaulters and that it typically recovers about 80 cents for every dollar, which is remarkable given that about only 20 cents of every dollar is collected by credit card companies in default cases.
While an inability to secure employment can play a role in people defaulting on their student loan debts, so too can divorce and expensive medical bills. Some critics have even pointed out that borrowers, especially naive, first-time or young borrowers, have little or no resources to go to when it comes to getting guidance and advice regarding their government student loans. Even programs that the government has put in place to try to help student borrowers fall short, as they are often understaffed and, therefore, cannot provide the financial explanations and advice students really need.
Regardless of the reason, however, the numbers show that sooner or later the government will likely catch up to those who defaulted on its student loans. This means that people may be forced to consider bankruptcy or other options for debt relief. In these cases, the experienced bankruptcy lawyers at the Taggart Law Firm can help debtors identify their best options and proceed with resolving their debt crisis. It’s critical that those who have defaulted on their government student loans seek legal support, as letting the default compound can result in wage garnishments, withholding of social security benefits, withholding of tax refunds, further damage to one’s credit rating and other serious, stressful repercussions.
By: Taggart Law Offices, Denver, CO 80210
For more information about student loans, call the Student Loan Relief Help Line which was established to help struggling students, graduates, and parents looking to reduce their monthly payments. Experts in this area will examine the national student loan database and offer free advice to emerge from default and arrange for manageable payments according to income. For more details call 866-836-9168.
STARTED SINCE 1990
Orlando Consumer Rights Lawyer - providing aggressive and affordable professional services to consumers who have been victims of debt collection harassment by debt collectors and auto fraud, to residents in Orlando, Kissimmee, and throughout the Central Florida Area.