Many Americans have been finding themselves unable to keep up with their student loans even after graduating and moving into a career. If you have defaulted on your federal student loan, you may experience damage to your credit score, garnished wages, tax refund offsets, and harassing phone calls from collection agencies. The professional student loan attorneys at Heston Ciment will help you get your loan out of default and lower your payments.
There are two options for getting your federal student loan out of default, and a student loan lawyer from our office can walk you through both options to determine which one is better for your situation. Rehabilitation consists of making 9 out of 10 consecutive monthly payments. This will move you out of default, undo the damage done to your credit score, and allow you switch to an income-based or a pay-as-you-earn repayment plan. If your wages are being garnished, this option could be difficult because the consecutive payments must be made above and beyond what is taken out of your paycheck.
The second option is consolidation. Consolidation entails combining all of your student loans into one lump sum, with only one creditor. This can be an effective way to stop or prevent your wages from being garnished. This can also get you out of default, restore your credit, and pave the way for an income-based repayment plan. Our debt consolidation attorney can help with the process.
If you’ve defaulted on your federal student loan, you can count on Heston Ciment to stop the collection calls, wage garnishment, bank account freezes, and tax refund offsets. We can also defend you from lawsuits, remove collection fees, and find out if you qualify for loan forgiveness. Contact our student loan team today and avoid defaulting or claiming bankruptcy on other debts. We’ll sit down with you, learn about your specific situation, and figure out the best course of action for putting you back in control of your finances. Get your free consultation with a student loan attorney today.