Private Student Loans for the New Borrower: Understanding the Long-Term
The ‘to-do’ list can be enormous as you or your adult child get ready to go off to college; in fact, that list may have been ongoing since the high school days–and working on attaining private student loans can complicate matters further. No matter what you are thinking about taking on as a career before you head off to college there are many details that must be considered and completed. For most of us, just getting through high school classes and passing them before going on to earn a college degree (and then perhaps a Master’s, or Ph.D.), is the most stressful undertaking. If you don’t have the grades, you may not be able to get into the college or university of your dreams, but if you don’t have the money for tuition, nothing will come together at all—unless you are lucky enough to have sumptuous scholarships and/or grants.
High-school students often spend copious amounts of time in the guidance counselor and financial aid offices delving into the matters of money. The time spent in these offices, with access to considerable resources, should be time well spent too. While choosing a college or university—or grad school—is, of course, the priority, exploring scholarships (and filling out many forms!), grants, and then federal student loans are an important part of the process. The smartest move is to find as much funding as possible that does not require paying back, and then investigating student loans, with federal monies being applied for first.
Many students – especially rising freshman – may not realize the importance of counseling regarding student loans. Whether you are considering federal or private student loans, this responsibility should be taken extremely seriously; Today, it is hard to escape news of the student loan crisis affecting so many, but as a new college student (or as parent to one), there may not be a lot of time to worry about that—until later. An even larger problem looms for those who do not graduate and are left with monthly payments that could average over $350.
Over the long term, while some graduates are able to pay back loans with no problem, others may become so overly burdened that they have to file for bankruptcy. This could also be in response to a collection lawsuit from a private loan servicer, with the automatic stay halting all activity. In other cases, borrowers may just become so stressed financially that they are unable to progress or thrive as they would’ve expected after receiving their diploma or even a graduate degree. They may also delay important life events such as marriage or having kids or opening businesses.
Have you experienced problems with your loan service provider or student loan program, or are you in danger of defaulting on your student loan? Contact Fitzgerald & Campbell, APLC now so one of our experienced student loan debt attorneys can review your case and discuss all the available options with you. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy and other debt management processes. We are here to help! Call us today for a free consultation at (855) 709-5788 or email us at email@example.com.
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