A recent New York Times article is stirring up a frenzy.
In records obtained by The New York Times, government agencies in 19 states are permitted to seize state-issued professional licenses from residents that default on their student loans. Meaning nurses, firemen, teachers, lawyers, etc. are at risk of losing their professional licenses should they default on their student debts.
Luckily, Pennsylvania is not one of those 19 states. However, should you find yourself in financial distress, The Debt Doctors at QuatriniRafferty can play an important role in helping you decide what is the best financial plan for you. To receive the guidance you need for a brighter financial future, you can schedule a free consultation today.
Advice from The Debt Doctors at QuatriniRafferty on student loan debt:
If you are facing debt as a result of student loans, here are some tips and best practices from The Debt Doctors:
Be sure to utilize all of the programs available including income based repayment, forbearance and deferment.
If you are a parent, think twice about co-signing on student loans. In a lot of cases, a parent will co-sign for his/her child, but can’t afford it. It’s important to remember it’s your child’s education and you should explore all options available so they can finance this education themselves.
Parents should also avoid taking money out of their retirements to pay for their child’s education. There are a lot of options available to fund education but very few to fund retirement.
Avoid using a home equity loan to fund college. If you lose income or have any other financial distress it could make it difficult to keep your home. You don’t need to put your home at risk when there are many other options to fund education.
If you have a student loan garnishment or a student loan company has begun any type of legal proceeding, contact The Debt Doctors at QuatriniRafferty. In many cases our attorneys can use a Chapter 13 bankruptcy filing to stop these negative actions and force the student loan company to defer your loans or accept an income based repayment.
In general, student loan interest rates are some of the lowest. Don’t be in a hurry to pay them off. Instead, use your resources to build regular and retirement savings before you write a big check to your student loan servicer.
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