Oakdale Student Loan Debt Lawyers

Legal Assistance for Student Loans in Twin Cities

Millions of current and former students struggle with debt incurred due to their schooling. At Lamey Law Firm, P.A. we understand what you are going through and know what is involved in student loan debt. Our Oakdale student loan lawyers offer help to those who are facing burdens from educational debts, protecting your best interests and helping to ensure your future is not permanently affected.

What Options Do I Have If I'm Struggling to Make My Monthly Student Loan Payments?

If you're struggling to make your monthly student loan payments, you have several options:

1. Income-Driven Repayment Plans (IDR): Federal student loans offer several income-driven repayment plans. These plans cap your monthly payments at a percentage of your discretionary income. The specific percentage and the length of the repayment term depend on the specific plan and your individual circumstances.

2. Deferment or Forbearance: Both of these options allow you to temporarily stop making payments or reduce your payment amount for a certain period. Deferment is generally preferable because interest usually does not accrue during deferment periods. However, interest will typically continue to accrue during forbearance periods.

3. Loan Consolidation: Consolidating your federal student loans can simplify repayment and possibly lower your monthly payment by extending your repayment term. However, it can also increase the total amount you repay over time and make you ineligible for certain beneficial loan programs.

4. Loan Forgiveness Programs: Depending on your profession and if you meet certain requirements, you might be eligible for loan forgiveness programs. Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness are two such programs.

5. Refinancing: This involves taking out a new loan with a private lender to pay off your existing loans. You might be able to secure a lower interest rate, which can lower your monthly payments. However, keep in mind that if you refinance federal loans, you'll lose access to federal benefits and protections, including IDR plans and loan forgiveness programs.

6. Changing Your Repayment Plan: If you're on a standard 10-year repayment plan for your federal loans, switching to an extended repayment plan can lower your monthly payments by lengthening your repayment term.

Remember, it's important to reach out to your loan servicer as soon as you start having trouble with your payments. They can provide information about your options and help you decide the best course of action. If your situation is complex, you might also consider seeking advice from a student loan attorney.

Does Bankruptcy Get Rid of Student Loans?

Student loans may be discharged in bankruptcy in certain cases, but it is difficult to qualify for and the process is more difficult compared to other types of debt. In order to prove that your student loans need to be discharged through bankruptcy, you must declare Chapter 7 or Chapter 13 bankruptcy and show that repaying the loan would create an undue hardship on you and your dependents.

Understanding Undue Hardship in Student Loan Bankruptcy

Undue hardship is considered to be:

• Inability to maintain a minimal standard of living.
• Evidence shows that the hardship will most likely continue during the repayment period.
• The debtor made efforts to pay the student loan before filing for bankruptcy.

Get Professional Help with Student Loan Debt

Our student loan debt attorneys offer you a number of advantages to help you get out of debt.

At our firm, you benefit from:

• Our years of professional practice helping clients like yourself
• A network of colleagues to consult on complex matters
• In-Depth knowledge of consumer protection laws
• Creative solutions, including bankruptcy, to modify or discharge your loans
• Tactics and techniques from highly-trained legal professionals

About 45% of American families have outstanding student debt, nearly 20% of which is in default. Working with our firm allows you to get out from under the weight of these statistics, allowing you to live your life debt-free.

If you're struggling with another kind of debt settlement, our attorneys can also assist you!

Local Student Debt Relief Resources in Oakdale and the Twin Cities

Living in Oakdale or the greater Twin Cities area, you can access various local resources and government entities to assist with student debt relief. The Minnesota Office of Higher Education offers valuable information and support for managing student loans, including guidance on repayment plans and loan forgiveness programs.

Additionally, the City of Oakdale provides community resources that can help alleviate financial stress, such as local financial counseling services.

One of the common pain points for residents in Oakdale and the Twin Cities is the high cost of living, which can make it even more challenging to keep up with student loan payments. Our Lamey Law Firm, P.A. team understands these local challenges and is here to help you navigate your options. Whether you're dealing with the complexities of income-driven repayment plans or exploring loan forgiveness programs, we can provide the tailored support you need.

We know that the local job market can also impact your ability to repay student loans. With major employers like 3M and the University of Minnesota in the area, there are opportunities for loan forgiveness through Public Service Loan Forgiveness (PSLF) for those working in qualifying public service roles. Our Oakdale student loan debt attorneys are well-versed in these programs and can help you determine if you qualify.

By leveraging local resources and our in-depth knowledge of the Twin Cities area, we aim to provide you with the most effective strategies for managing and reducing student debt. Contact us today to learn more about how we can help you achieve financial freedom.

Student Loan Advocacy for Minnesota & Wisconsin Residents

Our Oakdale student loan debt attorneys can help you navigate, consolidate, or dissolve some or all of your student debt to help you avoid garnishment and other penalties. This means you retain more of your hard-earned money and face less of the stress associated with your debt. Lamey Law Firm P.A. offers the legal support, advocacy, and assistance you need to help you face your debt with a clean slate.