Student Loan Services

Are You Struggling with Student Loan Debt?

Student loan debt has become a major problem in the United States. Many borrowers who took out loans to pay for their education are now struggling to make ends meet. When you’re already facing financial hardship, student loans can make it even harder to get back on your feet.

Fortunately, our team at Pleasant Legal Solutions can help. We offer a range of student loan services to help you find the best solution for your situation. Whether you need help with loan consolidation, bankruptcy, or credit repair, we can guide you through the process.

Call us today at (205) 736-8984 or contact us online to learn more about our student loan services.

Student Loan Consolidation

One of the most common ways to manage student loan debt is through consolidation. If you have multiple loans, you can combine them into a single loan with a single monthly payment. This can make it easier to keep track of your loans and ensure you’re making your payments on time.

When you consolidate your student loans, you have the option to choose a new loan term. Depending on the length of the loan term you choose, you may be able to lower your monthly payments. However, this also means you will likely pay more in interest over the life of the loan.

Here are a few of the benefits of consolidating your student loans:

• Lower monthly payments
• Improved credit score
• Fixed interest rate
• One monthly payment

Student Loan Forgiveness

Another option for managing your student loan debt is through forgiveness. Student loan forgiveness programs allow you to have a portion of your student loan debt forgiven in exchange for working in a certain field or meeting other criteria. There are both federal and state student loan forgiveness programs available.

Some of the most common types of student loan forgiveness programs include:

• Public Service Loan Forgiveness
• Teacher Loan Forgiveness
• Perkins Loan Cancellation
• Income-Driven Repayment Plan Forgiveness
• State-Specific Loan Forgiveness Programs

Our team at Pleasant Legal Solutions can help you determine if you may be eligible for any student loan forgiveness programs. We can also help you complete the necessary paperwork to apply for these programs.

Student Loan Bankruptcy

Contrary to popular belief, it is possible to discharge student loan debt in bankruptcy. However, it is not easy. You will need to prove that repaying your student loans would cause you “undue hardship.” This typically requires filing an adversary proceeding and presenting evidence to the court.

There are three main tests the court will use to determine if your student loans cause undue hardship:

• The Brunner Test: The court will consider your current income, future income prospects, and living expenses. If you can prove that making your student loan payments would prevent you from maintaining a minimal standard of living, you may be able to have your student loans discharged.
• The Totality of the Circumstances Test: The court will consider your current financial situation, your past financial situation, and your future financial prospects. If you can show that your financial situation is unlikely to change, you may be able to have your student loans discharged.
• The Good Faith Test: If you have made a good faith effort to repay your student loans, but you are still unable to make your payments, you may be able to have your student loans discharged. The court will consider factors such as your income, expenses, and the steps you have taken to repay your loans.

Proving undue hardship can be difficult. However, our team at Pleasant Legal Solutions has the knowledge and experience to help you build a strong case. We can guide you through every step of the process and help you determine if filing for bankruptcy is the right option for you.

Student Loan Rehabilitation

If you have fallen behind on your student loan payments, you may be able to rehabilitate your loans. Student loan rehabilitation allows you to get your loans out of default and make them current again. This can help you avoid wage garnishment and other consequences of default.

When you rehabilitate your student loans, you will need to make nine qualifying payments within a 10-month period. These payments must be made voluntarily and on time. Once you have made these payments, your loans will be taken out of default.

Here are a few of the benefits of rehabilitating your student loans:

• Stop wage garnishment
• Remove default status from credit reports
• Restore access to deferment and forbearance
• Regain eligibility for additional financial aid

Student Loan Repayment Options

When you have student loan debt, it is important to make your payments on time. If you miss even a single payment, you may be at risk of going into default. Fortunately, there are several different student loan repayment options available.

Some of the most common student loan repayment options include:

• Standard Repayment Plan: This is the most basic student loan repayment plan. Your loans will be paid off in 10 years, and your monthly payments will be the same throughout the life of the loan.
• Graduated Repayment Plan: With a graduated repayment plan, your monthly payments will start low and gradually increase every two years. Your loans will still be paid off in 10 years.
• Extended Repayment Plan: If you have more than $30,000 in student loan debt, you may be eligible for an extended repayment plan. Your loans will be paid off in 25 years, and you can choose between fixed or graduated monthly payments.
• Income-Driven Repayment Plan: With an income-driven repayment plan, your monthly payments will be based on your discretionary income. Depending on the plan, your loans will be paid off in 20 to 25 years.
• Pay As You Earn Repayment Plan: With a pay as you earn repayment plan, your monthly payments will be 10% of your discretionary income. Your loans will be paid off in 20 years.
• Revised Pay As You Earn Repayment Plan: With a revised pay as you earn repayment plan, your monthly payments will also be 10% of your discretionary income. However, your loans will be paid off in 25 years.

If you’re not sure which student loan repayment option is right for you, our team at Pleasant Legal Solutions can help. We can review your financial situation and help you find the best solution for your needs.

How Our Team Can Help

Dealing with student loan debt can be stressful. Fortunately, our team at Pleasant Legal Solutions is here to help. We offer a range of student loan services to help you get your finances back on track.

Some of the ways our team can help you with student loan debt include:

• Bankruptcy
• Debt settlement
• Credit repair
• Foreclosure defense
• Repossession defense
• Tax debt relief

No matter what type of student loan services you need, we are here to help. We can review your financial situation and help you determine the best way to manage your student loan debt. Our team can also help you navigate the student loan system and ensure you’re taking full advantage of all the benefits available to you.

Contact Us Today

At Pleasant Legal Solutions, we know how to help you find relief from the burden of student loan debt. Our team can assess your situation and provide the guidance you need to make the best decision for your future.

Call us today at (205) 736-8984 or contact us online to schedule a consultation with our team.