North Hollywood Student Debt Relief Attorney
A Dedicated Advocate to Help You Get a Fresh, Debt-Free Start
Education is a treasured opportunity, but it comes at a cost that feels limitless. Student loan debt is one of the most contentious financial issues rocking the country today, and we understand how overwhelming it can be to meet hefty payments even years after being in school. Luckily, there are several options for relieving your student debt, depending on your situation.
The Law Offices of Danny K. Agai is experienced in a multitude of debt relief options, and he can help you develop a strong financial plan both for your present and for your future. He is genuine about helping clients out of difficult situations and will strategize a plan with your best interests in mind. Let’s break the financial shackles of your past and help you out of your student debt today.
Repayment Plans to Relieve Student Loan Debt
If you have a low or unstable income and a high student loan debt, you may be eligible for an income-based repayment plan. Those with federal direct loans can pursue an Income Contingent Repayment Plan (ICR), which calculates the payment amount based on your income. Under this plan, your monthly payment will be the lesser of:
- 20% of your discretionary income; or
- the amount you would pay on a repayment plan with a fixed payment over 12 years, adjusted according to your income.
After 25 years, the government will forgive any leftover balances.
Individuals with subsidized or unsubsidized Federal Stafford Loans, FEEL PLUS Loans, and FEEL Consolidation Loans may pursue an Income Sensitive Repayment Plan (ISR) that is calculated based on your annual income, family size, and total loans. For these loans, you can also pursue an Income-Based Repayment Plan (IBR), which requires payments of 10% of your discretionary income if you’re a new borrower or 15% if you’re not a new borrower. The government will forgive the remaining loan balance after 20 years.
Similar alternatives are a Pay As You Earn Repayment Plan (PAYE) and Revised Pay As You Earn Repayment Plan (REPAYE), which issue monthly payments of 10% of your discretionary income and loan forgiveness after 20 years of payments (25 years for REPAYE). An experienced lawyer can help you decide which repayment plan is best for your student debt situation if repayment plans are your best option in the first place.
Canceling Student Loans
In some situations, you may qualify for student loan forgiveness (cancellation). If your loans are forgiven, canceled, or discharged, you do not have to pay them off. Depending on your case, you may cancel part of the loan and not necessarily the entire loan.
Instances in which you may be able to obtain a student loan cancellation are:
- You attended or were enrolled in a school that closed while you were there, before you started classes, or within a certain time frame afterward.
- Your school refused to refund you the money that it owed you because you didn't attend the school or withdrew.
- Your school didn't make sure that you were qualified to attend the program ("false certification").
- You work in certain occupations after graduation, like teaching or some public service jobs.
- You're unable to work because of a total and permanent disability that's expected to continue for 5 or more years or result in your death.
A student loan debtor may also obtain a cancellation if they pass away.
Other Relief Options
There are many other alternatives to obtain relief, and we can help you explore your options. For example, you may be eligible for a deferment, which excuses you from making student loan payments for a set amount of time (without accruing interest) due to a specific life event:
- returning to school;
- economic hardship;
You may instead choose to get a loan forbearance with the help of your attorney, which will give you permission to stop making payments for a certain time due to poor health or other unforeseen personal issues. Some debtors may alternatively choose to pursue debt consolidation to combine their federal student loans into a single loan with one monthly payment to reduce interest rates. Our firm is especially experienced in this area and can offer you knowledgeable guidance on the process.
Student loans have long been a contentious financial struggle for individuals far beyond their student years. Student debt is also tougher to relieve than most debts, as filing for bankruptcy does not discharge student loans. Don’t let your student debt add up without strategizing a relief plan; let the Law Offices of Danny K. Agai help you resolve your student loan debts today.