Over eight (8) million Americans are currently delinquent or in default on their federal and private student loans. Experts claim that the loan servicers are partially to blame. Loan servicers are responsible for collecting debt and informing borrowers of their repayment options. Oftentimes, borrowers have experienced extremely subpar communication and correspondence from their loan servicers. Many borrowers have no idea what is going on with their student loans, who they owe or even how much they owe.
Student Loan Law Group realizes that poor loan servicing is not the borrower’s fault but that the borrower is usually the party who suffers the most. Student Loan Law Group advises borrowers of their repayment options. Many borrowers are simply unaware that they are eligible for income-driven repayment plans that can drastically lower their monthly payments based on the individual borrower’s annual income and household size. Further, these income-driven repayment plans may allow for a borrower to have any remaining debt forgiven after they have made good faith efforts to make their monthly payments for so many years.
Many borrowers wait too long to seek help. Borrowers who are in default must cure their default prior to being eligible for an income-driven repayment plan that they would otherwise be eligible for. Getting on an income-driven repayment plan immediately can prevent borrowers from going into default! It is best to resolve student loan issues on their onset rather than waiting until they grow into larger and more expensive issues.
Student Loan Law Group can help distressed borrowers determine the repayment options that best suit their lifestyles. Getting on an income-driven repayment plan can be easy and hassle-free with help from the Student Loan Law Group. To learn more about income-driven repayment plans or for more information on successfully managing student loan debt and getting out or staying out of default, visit our website at www.StudentLoanLawGroup.com or call 888-843-1706 today! The sooner borrowers take action, the sooner their student loan issues can be resolved!