Trenton 5/26/2015 4:15:26 PM
Avoid Defaulting on your Student Loans in New Jersey by Turning to Student Loan Law Group
When young adults make the decision to better their lives and continue their education, they may be unaware of what awaits them as soon as they graduate. For some college students the only way that they can accomplish graduating college is by means of student loans. Student loans can be very convenient while in school as they can help pay for room and board, tuition, books and other things that the typical college student needs in order to succeed.
The problem with student loans is that they are accompanied by large interest rates that can add up quick making it almost impossible for a recent college graduate to make payments. If you are having financial hardships and live in the state of New Jersey then Student Loan Law Group is the company that you need to contact in order to fix your financial situation before it gets out of hand.
When your loan goes to Default there are a few things that debt collectors may do in order to recover the money that you owe them. For starters, your credit score could receive a huge hit. In fact, each late payment on your student loan could lower your credit score by up to 70-100 points a year. This can make it very difficult for someone to get a loan for a car, house, or even a credit card. An extremely low credit score could also affect you getting a job because some employers will reject a candidate with an extremely low credit score.
Another possibility is the garnishment of your wages. If you refuse to pay your loan, then the collectors have the capability to recover the payments through garnishment from your pay. Garnishments can be as high as 25% of your gross paycheck.
Student Loan Law Group has attorneys that are licensed to practice in the state of New Jersey. If you or someone you know needs assistance with their student loans please visit StudentLoanLawGroup.com and review the services we offer. The Lawyers at Student Loan Law Group are dedicated to providing you with the legal services you need to assist you with your Student Loans.