Want to Learn More
about your debt?

While federal student loans are offered by the government, private student loans are offered by private-sector lenders. Interest rates for private loans are generally higher, cannot be forgiven, and are never subsidized. However, private student loans are not need-based so you can qualify for a higher loan amount if you have good credit.

In most situations, neither federal student loans nor private student loans are eligible to be discharged in bankruptcy. However, in some cases, you can have a federal student loan discharged if you experienced serious problems with your school, worked in public service, or have a severe disability.

Student loan attorneys can provide you with legal advice, represent your interests during negotiations or lawsuits, resolve delinquencies, protect you from debt collector misconduct, and handle any credit disputes.

In general, you should anticipate that your credit score will drop 100-150 points post-default. By law, a credit card company is required to “charge off” (remove your debt as an asset on their balance sheet) after six missed payments. Once it is charged off, the credit card company can no longer report you as late. Non-payment negatively impacts your credit score for 12 months after the last negative. Accordingly, 18 months after the first missed payment, the missed payments will no longer negatively impact your score. That doesn’t mean your score goes up. For it to go up, the underlying debts must be paid or settled. Once that happens, you can positively impact your score with payments on a mortgage, car, gas card, small trade lines, debit cards that report to credit bureaus, and similar accounts.

Yes, the creditor can contact you at work subject to the restrictions under the FDCPA. Pursuant to the FDCPA, collectors may not contact you at work if they’re told (orally or in writing) that you’re not allowed to get calls there. Debt collectors do not include employees of the creditors themselves.