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Avoiding Student Loan Collection Harassment

The cost of college or post graduate programs is quickly skyrocketing. Many graduates are finding it difficult to make their student loan payments, and are even resorting to working multiple jobs just to make ends meet. A student loan is just like any other debt, and if it goes unpaid the lender will call to collect. If you are significantly behind on your student loan payments, collection calls and letters will start, and can rise to the level of harassment if left unanswered.

 

The options available to keep student loan lenders off your back vary. Some of the more popular programs and options include:

● Consolidation: this option allows you to wrap all of your education loans into one, giving you a longer repayment term, which will lower your payments.

● Income sensitive payments: this repayment plan bases your monthly payment on your income, and can greatly reduce the payment amount depending on your salary.

● Forbearance: most student loans automatically go into a forbearance status upon graduation, and remain in this status for 6 months. Upon expiration of the first 6 months, repayment begins. However, you can seek extension of this period, and hold off on making payments until you find a job that pays enough to cover the payments.

The possibilities are all valid and legal, and will stop the calls. When you enter a forbearance status, the lender is not permitted to contact you for payment. Likewise, if you qualify for an income sensitive payment, the lender cannot ask you to pay a higher amount. There are options for you if you are having a hard time making your student loan payments. A skilled debt management attorney can help explain the options, and give you the information needed to decide which choice works best for you.

If you are looking for ways to take the sting out of high student loan payments and stop the collection calls, contact our office for help. We will explain your options, so you understand your choices and can make a decision that meets your needs. Call a Plantation, Florida debt relief attorney today for more information.

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