Student Loan Relief

Are you looking for relief from your student loan payments? Are you overwhelmed or having trouble keeping up? You are certainly not alone. Almost 5 ½ million borrowers have at least one student loan that is 90 days or more past due.

In this podcast, an attorney, Suhkman Dhami, and a finance professional, Hans Thomas, from the Dhami law firm join me to discuss student loan relief options.

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First, we talk about how student loan collectors are privileged collectors, and how the student loan crisis is not a short-term crisis but a long-term one that can impact borrowers of all ages.

Then we talk about options for students who are having trouble with their payments. We discuss what happens in forbearance and why the Brunner Test makes it nearly impossible to discharge this kind of debt in bankruptcy.

Hans explains why the company you mail your check to for your loan payments may not be that interested in helping you get back on track. He also explains how your student loan problems can affect any cosigners.

Then we go into a conversation about how to find affordable help if you haven’t been able to catch up on your loan payments.

Sukhman describe some of the abuses that are happening on the servicer side; some borrowers have had their rates and fees changed without their consent, and in some cases there is even then fraud involved in the loan origination. He describes how class action lawsuits are targeting these kinds of abuses.

Hans shares his experience with how long it takes to get your loans back on track, and he encourages borrowers to check the National Student loan Database to find out whether their loans are federal or private. That makes a big difference in terms of the options you will have for resolving them.

Finally, we wrap up by reminding borrowers that doing nothing is not an option. These loans will not go away over time, and the balances may only get larger if they are ignored.

This episode aired live March 25, 2013.

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