Overcome student loan debt with the help of a Missouri bankruptcy lawyer
The “study now, pay later” way of life is very common in the United States. Let’s face it: not everyone has enough resources to afford to go to a university to study. For this reason, taking out student loans is what students typically do to get through college. Get much-needed education first, then worry about paying for everything once the monthly salary starts. Problem solved, right?
In reality, student loan debt continues to be an issue among most graduates. Failure to pay monthly student loan dues on time may result in delinquency or default, leading to consequences on your credit and federal benefits.
So if you need to attain student loan debt relief fast, you must have the services of a student loan attorney in Kansas City, MO, capable of handling various cases. Reach out to Roach Bankruptcy Center, LLC, immediately to set up an appointment.
Why Do I Need a Student Loan Attorney in Missouri?
Being in so much student loan debt is no joke. Not only can it affect how you handle money, but it can also alter your current relationships and prevent you from living the life you want. With legal services from a student loan attorney in Kansas City, MO, your situation could change for the better quickly!
If you are looking for a Missouri bankruptcy lawyer to fight your battles with, you need someone who:
- Provides personalized representation and guidance throughout the client-attorney relationship
- Works hard to give you benefits that ease your financial stress and get your life back on track
- Processes your petition fast to prevent you from spending more than you should
- Does their best to act on your requests to keep you from losing anything valuable
- Offers flexible payment plans for legal services that suit your current budget
Fill out this form today to get a FREE INITIAL CONSULTATION from a knowledgeable bankruptcy and student loan attorney in Kansas City, MO.
What are Student Loans?
In the United States, student loans are a form of financial aid that students receive to have higher education. As with any other sort of loan, student loans must be repaid within a certain period unless your circumstances make you qualified for an exception.
Student loans play a massive role in the higher education of United States citizens. Because of this, the need to hire a student loan attorney has only increased. It is not easy to be in debt already when you are fresh out of university or technical school.
There are two main types of student loans: federal student loans and private student loans.
Federal Student Loans
Federal student loans are where the United States Department of Education is your lender. Also known as the William D. Ford Federal Direct Loan Program, this type of student loan can be discharged by filing for bankruptcy and have significantly friendlier terms.
The following are the types of federal student loans:
- Direct subsidized loans are given to qualified undergraduate students who are financially in need to help pay the costs of higher education in a career school or college.
- Direct unsubsidized loans are given to qualified undergraduate, graduate, and working students regardless of their financial needs.
- Direct PLUS loans are given to eligible graduate or working students and to the parents of dependent undergraduate students to help shoulder the expenses in school that are not covered by other financial assistance. Though your credit will be checked to see if you qualify, this student loan type is not specific to your financial needs.
- Direct consolidation loans let the debtor combine all eligible federal student loans into a single loan with a single loan servicer.
A bankruptcy lawyer and student loan attorney in Kansas City, MO, will explain these in detail and help you decide which will best fit your situation.
Private Student Loans
In contrast, private student loans involve borrowing money from banks or financial companies. These student loans are often more expensive, offer not-so-favorable payment terms, and can have severe ramifications if you fall behind on your monthly payments (in default). Unlike federal student loans, private student loans cannot be discharged by bankruptcy filing or income-based repayment plans.
So if you have already maxed out your capacity to get more federal student loans, speak with a student loan attorney in Kansas City, MO, first before deciding to take out a private student loan.
Ways to Get Out (and Stay Out) of Student Loans
Paying back federal student loans is typically done through a standard repayment method since it has the least possible interest. Under the standard method, you will have a maximum of 10 years to pay your loan, and you will be required to pay back a minimum amount of $50 per month.
Although paying a fixed monthly rate can be difficult for fresh graduates, you can utilize six alternative repayment plans if you think the standard repayment plan is unsustainable. They include:
- Graduated Repayment
- Extended Repayment
- Income-based Repayment (IBR)
- Pay As You Earn Repayment (PAYE)
- Revised Pay As You Earn Repayment (REPAYE)
- Income-contingent Repayment (ICR)
- Income-sensitive Repayment (ISR)
In addition, you can get rid of your student loan debt when you file for bankruptcy. However, any Missouri student loan attorney will tell you that’s very hard to pull off. To be discharged of your student loan debt through bankruptcy, you need to appear in court and display your inability to pay the loan, as it can severely affect the overall financial situation of you and your dependents.
The payment terms of private student loans are dictated by the financial institution or bank which you borrowed money from. In some cases, you will have a grace period of 10 or 12 months after you graduate before you need to start paying your dues. However, some agencies will start collecting from you as early as you graduate college.
Creditors are required to obtain a money judgment against you before they can utilize tools to collect from you to prevent debt collector harassment. This is because they can have the authority to do wage garnishment, freeze your bank accounts, and place liens on your assets once they receive money judgment from the court unless you qualify for an exemption.
Below are private student loan repayment options that you can choose from:
- Interest deferment
- Enter into forbearance
- Modifications and re-work your loans
- Refinancing from another lender
- Loan cancellation
Talk to a Kansas City, MO, student loan lawyer to get more details and determine which repayment plan you can benefit from the most.
Call Our Student Loan Attorney in Kansas City, MO, today!
Dealing with student debt is already stressful enough, and dealing with it without any help from anyone is much worse. Luckily, Roach Bankruptcy, LLC has bankruptcy lawyers and student loan attorneys for your case.
Whenever you or someone you know needs help with attaining student debt relief or stopping wage garnishment and creditor harassment, Roach Bankruptcy, LLC is here for you!
