All too often, parents are surprised with financial backlash when their grown children go into debt. Many parents co-sign on student loans for their children to attend colleges, universities and trade schools in hopes that doing so will afford their children better job opportunities. Unfortunately, today’s sluggish economy and nearly impenetrable job market has failed many families who financed higher education.
When a student loan borrower falls behind on their payments, their student loan account may be considered in default. Once a borrower is in default, the loan servicer or debt collector will aggressively go after not only the borrower, but also any co-signers, to collect on the outstanding debt. Many parent and grand-parent co-signers are currently experiencing garnishment of their paychecks or Social Security checks as a result of their child or grandchild’s inability to pay off student loan debt.
Student Loan Law Group is available to help default borrowers and their co-signers. Student Loan Law Group consists of licensed attorneys who are well-versed in the niche area of student loans. Attorneys with Student Loan Law Group request court hearings and advocate on their clients’ behalves to end or lessen the garnishment penalties that come with default. Loans in default may be rehabilitated in order to stop garnishment. For more information on how to get out of default or avoid going into default, contact Student Loan Law Group at 888-843-1706.