3 Things You Must Know to Take Control Of Your Student Loans

by DeLadurantey Law Office, LLC on April 15, 2014

student loanMany people do not fully understand their student loan. In order for you to be able to tackle your student loan debt and take control over your finances, there are a few things you must figure out. Below are the big three:

What kind of loan do you have?

It is important to understand if your loan is federal, private or combination of the two. One easy way to determine whether your loan is federal is to visit www.nslds.ed.gov and enter the requested information. This website is the U.S. Department of Education’s database of federal loans. If you cannot locate your loan, it is most likely a private loan.

If you are unable to determine whether your loan is federal or private, we can help you contact the lender, servicer or other parties to request a copy of your promissory note.

What is the payment status of your loan?

Hopefully you have kept track of your payments and know whether you are current, delinquent or in default. A loan is delinquent if you have missed a payment. It is typically considered to be in default if you have not made payments in 9 months. If you have a student loan debt collector calling you, your loan is probably in default. If you located your student loan on the NSLDS website, it should have stated the current status of your loan.

What should you do next?

Understanding your available options is not an easy task. Your options depend on whether your loan is federal or private, as well as the payment status of your loan. This is where our services come in. We review your unique circumstances and help you understand what options are available to you. This may include negotiating a payment plan, requesting loan forgiveness or rehabilitating a loan that is in default. Whatever situation you are facing with your student loans, we can help.

For your student loan, bankruptcy, foreclosure, and debtor’s rights matters, contact DeLadurantey Law Office, LLC at (414) 377-0518.  We serve the counties of Milwaukee, Waukesha, Kenosha, and Racine, including such areas as Milwaukee, Merton, Delafield City, Waukesha City, and Kenosha.  Visit our web site and like us on Facebook.

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