Student Loan Debt
Florida Student Loan Law Attorneys Helping Individuals Take Control of Student Loan Debt
Providing options for making your student loan debt manageable
At Leiderman Shelomith Alexander + Somodevilla, PLLC, we work with individuals who are facing financial struggles every day. We understand that student loan debt is overwhelming and stressful for many people. If you are one of them, let us help.
We provide you with a comprehensive and personalized analysis of your federal and/or state student loan portfolio to determine eligibility for administrative discharge, loan cancellation or forgiveness, deferment, forbearance, rehabilitation, consolidation and/or repayment. If you have private student loans, we provide you with the same analysis, to determine all of your available options, including proactive or reactive settlement, eligibility for cancellation or bankruptcy discharge and availability of defenses.
We discuss all of these options with you and we provide full implementation of the best strategy moving forward, including assistance with the completion of forms and applications for forbearance, deferment, settlement, rehabilitation, consolidation and/or repayment. We also provide direct representation in communications with collection agencies, settlement negotiations, repayment plan negotiations, prevention or elimination of administrative wage garnishments, social security offsets, tax refund intercepts and other collection activity, including representation in lawsuits brought by student loan lenders.
Deferment or forbearance
If you are unable to pay your student loans, especially in a situation of a short-term or temporary financial setback, a deferment or forbearance allows you to postpone your loan payments for a period of time. When a federal student loan is deferred, the government pays interest on subsidized loans. If the loan is in forbearance, the borrower (you) pay the interest on the loan.
Repayment plans for federal, state and private student loans
If you have a federal student loan and are struggling to remain current on your payments, we can assist you with formulating a repayment plan that is manageable and beneficial to you. The types of income-driven repayment plans that we can help you with include:
- Income-Based Repayment (IBR)
- Income-Contingent Repayment (ICR)
- Pay As You Earn (PAYE)
- Revised Pay As You Earn (REPAYE)
IBR, ICR, PAYE and REPAYE are plans that allow you to make payments for a set number of years, and at the end of your payment term, you obtain loan forgiveness for the remaining balance. There is also a federal student loan forgiveness program that allows a qualified public servant to make payments for a shorter term and obtain loan forgiveness at the end of the term with no adverse tax consequences.
Repayment plans are also sometimes available for private student loans, depending on the lender. We can review the terms of your contract with your private student loan lender and fully explain all of your available options.
Student loans and default
It is important to seek our help before your student loan goes into default. However, if this is not possible, there are still options available, primarily:
- Loan consolidation. In many situations, you can cure your default by consolidating your federal student loans, if eligible, and by agreeing to immediately begin an extended repayment plan, which will allow you to cure the default.
- To rehabilitate your default, you generally must make nine payments within a ten month period, allowing you to cure your default. In some situations, such as an administrative wage garnishment, this is the only way to get out of a student loan default. Rehabilitation also allows the default notation to be removed from your credit report.
Schedule a no-cost initial consultation with Florida student loan lawyers
The above examples are only some of the myriad of options available to you. Allow us to demystify your student loans and put you back in control. If you want an experienced student loan attorney to explain all of your options, call Leiderman Shelomith Alexander + Somodevilla, PLLC at 954-920-5355