Charleston 5/8/2015 6:23:13 PM
News / Education

Two Common Mistakes Americans Make in Managing Student Loan Debt

Once the celebratory feelings surrounding graduation subside, many college-educated Americans find themselves with little to celebrate when it comes to their student loan debt. The average undergrad student takes out some form of student loans to finance their college education. Generally, there is a grace period after graduation that, in theory, allows the graduates enough time to find stable employment and gain the ability to begin supporting themselves and repaying their student loans. Unfortunately, due to the poor economy and a lack of viable job opportunities, many Americans are struggling to support themselves and often have not found stable employment prior to the expiration of the grace period for their student loan repayment.

Many graduates have been forced to move back home with their parents because their monthly student loan payment is just as expensive, if not more expensive, than their month’s rent. This has resulted in many graduates finding themselves delinquent or in default on their student loan payments. There are many mistakes that are frequently made by borrowers who are unaware of their rights and options. The first mistake is failure to take action.

When a borrower notices that they cannot afford to make the monthly student loan payments requested by their loan servicers, one of the worst decisions they can make is to ignore the problem. Ignoring the debt does not help resolve the problem. Most borrowers can manage their student loan debt much more efficiently if they only ask for help. Student Loan Law Group recognizes that many borrowers simply need guidance that they are too embarrassed or too afraid to ask for.

The second common mistake is that borrowers hire a debt relief agency that is not a law firm to assist in managing their debt. Many debt relief agencies are scams. These companies charge distressed borrowers to negotiate with debt collectors on the borrower’s behalf. They are often unsuccessful in negotiating a significant reduction for the borrower but they refuse to refund the borrower. Hiring a debt relief agency that charges a monthly subscription fee is a huge mistake that many unsuspecting borrowers have fallen for. Student Loan Law Group only charges a one-time fee for access to a vast and frequently updated online knowledge base. Student Loan Law Group’s knowledge base contains numerous guides and articles relating to the most current laws regarding student loan borrowers.

With Student Loan Law Group’s help, borrowers can avoid making these common mistakes in managing their student loans. Student Loan Law Group helps borrowers make informed decisions regarding their student loan debt and their options on how to manage that burden. Borrowers who want more information about their rights are encouraged to contact Student Loan Law Group directly.