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Senior Student Loan Borrowers: Those Returning to School and Parent and Grandparent Co-Signers Face Serious Financial Challenges

Mt. Pleasant 6/17/2015 04:29 PM GMT (TransWorldNews)

Generally, student loan borrowers are thought of as people under the age of thirty (30). The reality is that many people who are carrying student loan debt are actually in their 40’s, 50’s and 60’s. This is a result of various personal and familial circumstances. When the 2008 recession hit, many middle-aged people who had established careers lost their jobs. As a result, many decided to go back to school to pursue a degree in hopes that doing so would help them rejoin the workforce as a stronger, more diverse and qualified job candidate. For others, they became student loan borrowers when they co-signed on student loans for their younger children or grandchildren. Most student loan co-signers anticipate that the principal borrowers will find stable employment after graduation and will be able to pay off the debt without any financial contributions of the co-signers.

Unfortunately for many borrowers, going back to school did not help them find better-paying job opportunities than they had held prior to taking on student loan debt and many younger students have struggled to find jobs that allow them to fully support themselves and repay their loans without the help of their co-signers. As a result, many of these borrowers have gone into default despite their efforts to pay. Most borrowers who are in default are simply lacking the ability to pay the amounts that are demanded from them. Defaulting on student loans is a serious matter that is likely to have devastating consequences.

In a frightening fashion, the United States Department of Education may garnish up to 25% of default borrowers’ and co-signers’ paychecks and Social Security checks to collect on outstanding student loan debt without holding any court hearing. Borrowers and co-signers who are in default on student loans are equally subject to such garnishment. The federal government will send notice that an individual’s student loan account is in default and within thirty (30) days that individual may notice that their paycheck or Social Security check is twenty-five percent (25%) less than they expect it to be. Default borrowers or their co-signers who are facing future garnishment or who are currently being subjected to garnishment are encouraged to seek help immediately.

Garnishment can be stopped with a little negotiation with the loan servicers. These negotiations are most effective when negotiated by an attorney acting on behalf of the default borrower or co-signers. Attorneys with Student Loan Law Group help default borrowers and co-signers by requesting hearings and arguing on the fairness of the garnishment and the payment amounts requested. Student Loan Law Group’s attorneys then negotiate a rehabilitation plan that allows the borrowers and co-signers an opportunity to cure the default and get out of garnishment. Those who fear they may be in default soon or who have already received a notice of default are encouraged to contact Student Loan Law Group today. Waiting to ask for help may only worsen a borrower’s financial situation. For a legal solution to garnishment, contact Student Loan Law Group at 888-843-1706888-843-1706 FREE to speak with an attorney today!

info@studentloanlawgroup.com
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