The U.S. Department of Education recently announced the pause on federal student loan payments has been extended to August 31, with plans being made to grant Individuals with federal student loans a “fresh start” on repayment. Borrowers can now have delinquencies and defaults eliminated, allowing them to reenter repayment in good standing when student loan payments resume. Student loan payments were set to resume in May before the new extension, the sixth of its kind since the start of the pandemic in March 2020. Loan relief will continue to be provided, including to those who have been defrauded by institutions and those who are eligible for the Public Service Loan Forgiveness program, the Department of Education said in a release. “This additional extension will allow borrowers to gain more financial security as the economy continues to improve and as the nation continues to recover from the COVID-19 pandemic,” U.S. Secretary…
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KSHB 41 News in Kansas City recently conducted an on-camera interview with Sader Law Firm attorney Stephan Skepnek, who provided legal insight into President Biden’s recent decision to extend the pause in payments for individuals with federal student loans. Skepnek’s student loan practice focuses on successfully solving student loan problems for clients, helping them to consolidate federal student loans and apply for Income-Based Repayment Plans, defend student loan lawsuits on private student loan debt or, when necessary, reduce or eliminate student loan debt through the bankruptcy process. According to the U.S. Department of Education, there is about $1.6 trillion in federal student loans nationwide, and borrowers can face wage garnishments, tax refund garnishments, harassment by creditors, lowered credit scores, an inability to save for retirement and difficulty obtaining financing for mortgages, car loans and businesses. While private student loans don’t offer the ability to get out of default, Skepnek believes…
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Lawsuits are scary, especially when you are being sued by a company you are unfamiliar with that alleges you have defaulted on a student loan and owe thousands of dollars in principal, interest, penalties, attorney’s fees and costs. Many times, the amount claimed is much higher than your original student loan balance. To make things worse, the company suing you has an attorney which puts you at a distinct disadvantage. To avoid entry of a default judgment against you, the key in such a situation is to have a plan of action that calls for you to organize, evaluate, and appear. Organize – Pull copies of your loan documents, including your original promissory note, your payment records, and all correspondence between you and the lender or its servicer, including any notice you may have received regarding the transfer or sale of your promissory note from one lender or entity to…
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