Student Loan Negotiation
Each year, students across the nation borrow large sums of money to help pay for college tuition, room-and-board, and other higher education expenses. Student loan consolidation may be a good option for people who have loans from several different sources and wish to package all of their loans into one. Other individuals may choose to negotiate their debts directly with their creditors to help find an agreeable payment plan.
Consolidated loans often help people repackage their debts into a single loan with a fixed interest rate that is typically lower than the rates offered by the separated loans. Consolidation can help people relieve the burdens of student loan debt and may help them avoid bankruptcy or other financial issues. If you would like more information on debt consolidation and negotiation, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 1-800-975-5346.
Penalties of Student Loan Default
There are serious penalties for defaulting on student loans, including:
- Wage garnishment by the government to assure repayment of the loan debt
- The government may choose to offset any tax refunds that are due to the individual to ensure payment of the loan
- Federal benefits including Social Security disability and retirement benefits may be taken as repayment for the student loan debt
- Creditors and the government may choose to take individuals who default on their loans to court in order to collect payment for the monies owed
Contact Us
If you would like more information on student loan debt and your legal options for managing them, contact a Boston debt negotiation attorney of Joshua Spirn & Associates at 1-800-975-5346 today.
