OHIO BANKRUPTCY LAW

Student Loans : Helpful Resources

Finding help to manage your student loan gets easier all the time.  This is not a quick fix to help you pay back your loans but to send you to some of the resources available so that you can understand your student loan repayment options.

The first thing you should do is to determine if you have a private or a government student loan. The type of loan you have effects the options you have to pay the loan back.

The simplest way to determine the type of loan is go to  National Student Loan Data Center  You will need to have your Federal Student Aid ID and Password.  The log in System Changed on May 10, 2015.  There are instructions on how to set up the new login process.  If the loan is not in that account then it is a private loan.  Second, if there is a co-signor on the loan it is a private student loan.

Government student loans offer many type of repayment plans.  You can go to the Consumer Financial Protection Bureau’s website on student loans.  There are resources here to help you understand the different type of repayment plans that you are eligible for.  You can also go to the National Consumer Law Center’s Student Loan Borrower Assistance Borrower Assistance Project.  Here you can learn about repayment of student loans.  You can learn about the different options that are available.   On May 26, 2014 right after I finished this post the NY Times also posted a resource with helpful links and information about repaying your student loans.

This is a complicated and confusing process.  Many people have difficulty following that process.  You can always seek assistance from a lawyer familiar with your various options.

Private loans are more difficult.  They are not required to offer income based repayment plans. They are not required to give allow you to cure defaults in the same way a government loan can.  Different lenders are working with borrowers in different ways.  Many times the private lenders will not work with borrowers but do not give up.  The best thing to do is to try to communicate with the lender or the collection agency.   Again you have the option to retain a lawyer familiar with the student loan process who can help you deal with them.  Remember if you have been sued seek legal help immediately.   Do not let them take a default judgment.

The most important thing you must remember is do not ignore your student loans. Student loans do not go away.   It is always better to get help and review your situation.