Wednesday, 09 July 2014 00:00

GRADUATION, JOB OPPORTUNITY, AND THE STUDENT LOAN DEBT

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In a difficult economy, it can be very challenging for job applicants to distinguish themselves from other people applying for the same position. Often, people will pursue a degree in the field in order to be more qualified than other applicants. In many cases, these individuals do not have the resources available to fund their education, so they have to take out student loans.

Once they have finished their schooling, many people experience significant problems trying to find adequate employment. Some will take lower paying jobs in an effort to make ends meet, while others will remain out of work while they continue their search. Despite these challenges in finding suitable employment, these individuals will still have to make payments on their student loans once they become due. This can create severe financial issues for individuals who are already experiencing problems paying their bills.

Student loan debt is unique as it is often not dischargeable under the bankruptcy process, except in cases of undue hardship. This may be a difficult standard to meet. Bankruptcy may still allow these people an opportunity to organize their finances in order to repay their student loans.

Some legislators have been considering making some changes to the laws to require colleges and other secondary schools to have a more personal stake in the loans that their students take out. This would require the institutions to educate borrowers on the impact that the burden of student loans will have on their future. They would also mandate that schools with high rates of default on loans be penalized, which could force the schools to better assist their students with l adequate employment opportunities after they have received a degree.

Individuals who are not current with their payments may find themselves facing collections actions from their lenders or servicers. Borrowers need to take these notices seriously, as further financial problems can result. Additional fees, costs and interest will be incorporated into the balance which will create further hardship.

If you have questions about dealing with your student loan debt, you should discuss your concerns with an experienced bankruptcy attorney. An attorney will be able to provide you with an overview of all of the possible options that you will need to consider, and help you determine which course of action is best for your financial situation. Most importantly, do not delay or ignore your student loan debt.

Read 2196 times Last modified on Wednesday, 09 July 2014 21:16
D.J. Rausa

With over 21 years of experience as a consumer bankruptcy attorney, D.J. Rausa stays on the cutting edge of Bankruptcy and Student Loan Law which enables him to provide vital information to his clients.

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Thank you DJ!

I had no idea where to start with my bankruptcy and process. After my first meeting with DJ I felt confident that things were going to go well. He helped guide me through the entire process and time. 

He's very professional and courteous, thorough and extremely knowledgeable. 

I would recommend anyone that needs a bankruptcy lawyer/ student loans. 

Don't have a second thought when choosing DJ Rausa!

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D.J. Rausa interviewed by the Wall Street Journal for article on Bankruptcy and Student Loan Debt.

D.J. Rausa is recognized as a legal expert in Student Loan Debt Resolution and the associated Bankruptcy Laws.

Read what D.J. recently told The Wall Street Journal regarding the probable rise in Student Loan Debt Resolution through Bankruptcy.

Client Testimonial

To whom it may concern,
Mr. Rausa is extremely knowledgeable with the complexities of Federal Student Loans.
I went from a thriving career to full medical disability, ending with an SSDI placement. Unfortunately, I lost everything and became unable to continue making the student loan payments, so it was in deferment for over five years. When the SSDI settled I tried to negotiate an affordable payment plan with the loan holders but they refused my efforts, instead demanding over twice the amount I could afford.
I contacted Mr. Rausa and found him to be courteous, responsive and quick to assess my situation. He was sure he could help and took time to answer all questions, which relieved much anxiety. Within months he successfully resolved the debt! With much confidence, I highly recommend Mr. Rausa.
Please contact me if you have any additional questions.
Sincerely,
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CJW
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