The first thing to know is that you are not alone when it comes to student loan debt. The nation is awash in it. But all is not lost. There are plenty of people to talk to about getting relief from student loan debt; some can even suggest ways of not only reducing the burden but getting rid of it entirely – maybe.
The US Department of Education (for Federal Loans)
Stafford and Perkins Loans
The Department of Education administers all Federal Education Grants. As the administrator of FAFSA, representatives are a good source of information for how to apply for money. It can also offer insights into expected repayment schedules and how to manage your debt. The DoE has information on various programs that eliminate or reduce student debt. It is also involved in disseminating information about student loan scams.
What to Do if You are in Loan Default
The Department of Education provides counseling for those who default on student loans. They may suggest loan rehabilitation or loan consolidation. While loan rehabilitation takes several months to complete, you can quickly apply for loan consolidation that lumps all you owe into one loan at a lower interest rate. Loan rehabilitation provides benefits not available through loan consolidation. The DoE publishes charts comparing the financial benefits of both.
Private Loan Debt
When it comes to other money borrowed from banks or private lenders, most have representatives dedicated to student loan debt questions. Aside from the institution, there are 6 major contacts to speak with about alleviating your debt.
- Your support system (family)
- Your school or your employer
- A certified or licensed financial professional
- Your student loan lender or servicer
- A student loan lawyer
- A tax professional
Both student loan lawyers and tax professionals have expertise in diminishing student loan debt. In some instances, a lawyer may suggest bankruptcy. In certain situations, student loan debt can be eliminated if financial hardship is involved. A tax professional can suggest ways to offset the impact of student debt.
Call Hoverson Law
Are you a resident of Minnesota worried about student loan debt? Hoverson Law has been helping clients resolve financial problems for 30 years. Eliminate the anxiety. Call us now at (612) 349-2728.