Recent Posts in Student Loan Category

  • Beware of Debt Consolidation Companies

    || 20-Nov-2017

    You’ve probably heard or seen advertisements featuring buzzword phrases such as “Don’t let credit card companies trick you into thinking you have to pay all your debt back!” and “Consolidate your debts into one low monthly payment!” While these promises may sound great, they’re like almost any other deal that sounds too good to be true: odds are it’s ...
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  • Firstmark Services Changes Payment Allocations on Student Loans

    || 6-Nov-2017

    The process of paying off student loans can be confusing. Between changing interest rates and varying principal balances, it can be difficult to determine how to best navigate paying off multiple loans in a timely and effective mater. Fortunately, Firstmark Services, a company that services private student loans for major lenders like Citibank, has recently changed their payment allocation policy, ...
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  • National Collegiate and Transworld Fined For Student Loan Violations

    || 3-Oct-2017

    Due to the complexity of the student loan industry and the various types of educational financing available, student borrowers may be confused as to which lender they owe, and how much is due. This confusion can be further exacerbated when a lender or collector is unclear about the details of the underlying debt. The Fair Debt Collection Practices Act is a federal statute that was specifically ...
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  • Unsecured vs. Secured Debt

    || 21-Sep-2017

    Debt can come in many forms. Two of these forms are secured and unsecured debt. Most debts fall into one of these two categories, but the way these debts are handled can be very different. The differences between these debts can help both consumers and businesses decide how to borrow money, prioritize debts for payoff, and work to protect your assets. Secured Debts Secured debts are one major form ...
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  • When Does Student Loan Forgiveness Happen?

    || 20-Sep-2017

    Anyone who has graduated college within the last decade or so can tell you just how big of a burden student loans have become. While paying them off can take years and cost thousands, there are some options for relief, including the possibility of having all or a portion of your loans forgiven! A forgiven loan is one that has all or part of the balance cancelled at no penalty to the borrower. ...
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  • What is "Financial Hardship" in Student Loan Debt?

    || 7-Sep-2017

    Getting a college education is a huge expense, and many people have to take out extensive amounts of student loans in order to fund their continued learning. Unfortunately, not everyone can easily afford the cost of their student loan debt when the bill comes due, and sometimes the minimum payments combined with all of the many other mandatory living expenses can become too great of a burden to ...
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  • New Jersey Lawyer Negotiates Student Loan Debt Reductions

    || 4-Sep-2017

    Not sure where to turn for help with student loans? With ever-increasing interest rates, large fees, and complicated payment plans, it's easy to get overwhelmed. When facing default, student borrowers may be subject to a barrage of calls, collection letters, lawsuits, or even wage garnishment. Some people feel paralyzed by the process. Don't sit by and watch catastrophe unfold. There is no ...
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  • Do I Qualify for Student Loan Forgiveness?

    || 10-Aug-2017

    If you are struggling to pay off student debt, you’ve likely asked yourself whether or not you qualify for student loan forgiveness. There are various programs, most of which are federally funded, that are designed to help qualifying students. Depending on how much you owe, what degree you obtained, and what line of work you currently practice, you may succeed in having your student debt ...
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  • Why Should I Hire a Lawyer to Settle Private Student Loan Debts?

    || 27-Jul-2017

    As of 2017, more than 44 million Americans have student loan debts. Even after graduating college and starting a career, debt burdens can become overwhelming and hinder your ability to get on with your life. If you are struggling under the pressure of large student loans and have defaulted on your payments, you can seek to negotiate a settlement with lenders. At the Law Office of Simon Goldenberg ...
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  • Can My Student Loan Debts Be Discharged in Bankruptcy?

    || 10-Jul-2017

    Going through bankruptcy is stressful enough without the financial burden of student loans. Can they be discharged during bankruptcy? Generally, the answer is no. There is one exception to this rule, however, that may allow you to discharge all or part of your loan amount – the undue hardship rule. If you can prove that paying your student loans would cause undue and severe financial ...
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  • Weltman Weinberg & Reis Law Firm Sued For Debt Collection Violations

    || 30-Jun-2017

    On April 17, 2017 the Consumer Financial Protection Bureau ("CFPB") filed a lawsuit in a federal district court against Weltman, Weinberg, & Reis Co., LPA, a debt collection law firm which has operates in several states, including New York, New Jersey, and Florida. The complaint alleges that the collection firm used illegal tactics while collecting debts from consumers. Specifically, ...
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  • Tips to Help You Get Out of Debt

    || 25-May-2017

    The one common mistake made by all people with past-due debts is that they spend a lot more than they actually have. Student loans, credit card bills, bank loans or loans from other creditors all add to your debt and, if you’re not careful, they’ll push you further and further into the mess until you’re too lost to find your way out. As harsh as it may sound, it’s true. In ...
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  • How to Stop Wage Garnishment in New York

    || 19-May-2017

    Order To Show Cause To Vacate Judgment It might be easier to resolve a debt that has not entered garnishment status, but if you’re wages are being seized, it still might not be too late to get help. Depending on the circumstances, you may be able to contest your judgment due to improper service. In order to do so, you’ll need to bring a motion, or an Order to Show Cause To Vacate ...
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  • Why Hire a Lawyer to Settle Private Student Loans?

    || 3-Apr-2017

    If you're struggling with student loan debt, you're not alone! Just don't make the mistake of ignoring these debts, you could face serious consequences such as lawsuits and wage garnishment. Rather, you should work towards identifying your best resolution options and creating a plan to rectify the balances. Our law firm has helped many distressed borrowers find affordable solutions to ...
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  • ReliaMax Private Student Loan Settled for 75% Reduction

    || 2-Apr-2017

    Our attorneys were recently contacted by a debtor in need of assistance with resolving a private student loan debt owed to ReliaMax. With interest, the balance accumulated to over $80,000. The primary borrower and the co-signer were both experiencing financial hardship and were unable to keep up with the the large minimum payments. Consequently, the account ended up in default due to non-payment. ...
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  • Who Sets the Interest Rates for Student Loans?

    || 15-Nov-2016

    When you receive a private or federal student loan, you will be required to pay back the principal amount of your loan plus interest, or a certain percentage of the amount that you borrowed. Since interest rates will greatly impact the amount you will eventually have to pay, it is important you known who sets your interest rate, how interest is calculated, and any fees that will be associated with ...
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  • Schachter Portnoy Settles United Guaranty Student Loan Lawsuit (33%)

    || 10-Oct-2016

    In today’s article we are discussing a student loan lawsuit brought in New Jersey in which we defended the client and ultimately settled for a substantial reduction. As is often the case, the borrower had fallen on hard times and consequently defaulted on a private student loan. The debt was assigned by Citibank to United Guaranty Commercial Insurance Company (hereinafter “ United ...
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  • Statute of Limitations for Student Loans

    || 7-Oct-2016

    Is there a Statute of Limitations for Student Loans? There is much confusion regarding the applicability of the statute of limitations on bringing lawsuits to collect on defaulted student loans. Part of this confusion can be attributed to changes in federal laws that eliminated the statute of limitations on federal student loans. As such, in order to determine if an SOL applies, it’s ...
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  • ITT Tech School Closure Student Loan Discharge

    || 13-Sep-2016

    On September 6 th 2016, ITT Technical Institute announced that they are ceasing operations including all online and classroom curriculum. With over 130 campuses in 38 states, the magnitude of affected students is expected to be high. If you were a student enrolled in a program with ITT Tech and have been unable to complete your program due to the closure, you may be entitled to have 100% of your ...
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  • Fighting Student Loan Lawsuits

    || 12-Sep-2016

    Have you been sued for a student loan? It's normal to have serious questions when facing legal action. Most borrowers and co-signers will want to minimize the impact of the lawsuit and avoid having a judgment entered against them. You might be wondering: Why am I being sued? Do I really owe them the amount they claim? How do I fight the lawsuit? What are my defenses? Can I settle the lawsuit ...
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  • Wells Fargo Penalized For Private Student Loans

    || 29-Aug-2016

    The Consumer Financial Protection Bureau (CFPB) has charged Wells Fargo with engaging in illegal practices while servicing private student loans. Under a consent order, Wells Fargo will pay $3.6 million as a civil penalty, refund at least $410,000 to borrowers, and make improvements to their private student loan servicing policies. The CFPB alleged the following illicit conduct by Wells Fargo: ...
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  • New York City Debt Relief Lawyers

    || 7-Jul-2016

    If you’re looking for relief from your debts then you might already know how stressful the collection process can be. Regardless of whether you’re saddled with overwhelming credit card debts, business loans, or large student loan payments, you’ll want a seasoned attorney to help guide you to a fair resolution. At the Law Office of Simon Goldenberg, PLLC, we help New Yorkers get ...
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  • Debt Buyer Lawsuits - Defense Strategies

    || 6-Apr-2016

    Many lawsuits, particularly with old debts, are brought by " debt buyers " who purchase debts from original creditors. Such "debt buyers" might have difficulty proving in court that they own the debt, that the debt ever existed, or that you owe the complete amount claimed. Furthermore, even if they could prove these things, "debt buyers" sometimes seek to collect ...
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  • Debts That Are Non-Dischargeable in New York

    || 10-Mar-2016

    People who are overwhelmed with the burden of overwhelming unpaid debts often turn to bankruptcy for relief. In the case of Chapter 7 bankruptcy, after debtors liquidate their assets to satisfy their creditors, a majority of their debts will be permanently discharged, allowing them to start fresh towards a new future. While bankruptcy can be a perfectly legitimate and honorable way for a person to ...
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  • Federal Student Loan Disability Discharge - Approved

    || 10-Dec-2015

    Our office takes great pride in helping client’s achieve their goals. In this blog, we are highlighting a successful example of a student loan discharge. This particular client contacted the Law Office of Simon Goldenberg PLLC for assistance with a federal student loan that was initially disbursed in 1979. Our Client had medical issues that impeded his ability to work and caused unemployment ...
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