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Student Loan Debt Overview

free-advice-btnAre you struggling under the weight of a student loan? You’re not alone.

Student loan debt cripples many student loan borrowers, including recent graduates. Many leave college with thousands of dollars in student loans. Even with a steady job, it can be difficult to meet student loan repayment obligations. Others struggle for years in an attempt to manage the student loan debt.

Attorney D.J. Rausa is committed to helping clients develop a payment plan they can manage. He can also determine if a student loan might cause the debtor "undue hardship." This can be used as an exception to the student loan repayment requirements.

In San Diego, attorney D.J. Rausa helps clients obtain relief from student loan debt. He has more than 20 years of experience. He is committed to making sure everyone has a chance to obtain student loan debt relief. Contact us for help addressing your student loan concerns.

Types of Student Loan Debt

Students may have received federal student loans or loans from private companies – many students use a combination of both to get through school.

Many students have also turned to parents, grandparents or others to either take out the loan or co-sign for it. Either way, this makes the parent a student loan borrower.

Federal Student Loans:

Because so many students have gotten in over their heads with excessive student loan debt, the federal government has developed a whole host of options available to address Federal Student Loans. These types of loans are subject to programs offered by the U.S. Department of Education.

To find out what Federal Student Loans you have, go to the National Student Loan Data System, www.nslds.ed.gov, to get your report. This report contains vital information in evaluating what the next step will be to address your Federal Student Loans. If a student loan is not on this report, chances are the loan is a private student loan.

Once this information is reviewed, Attorney D.J. Rausa will be able to determine what the best options are.

Private Student Loans:

Private Student Loans are NOT subject to any Federal Student Loan Program. Therefore, they have to be addressed in a completely different manner.

Options for Private Student Loans are very limited, however Attorney D.J. Rausa may be able to negotiate favorable terms of repayment. The factors widely vary from lender, servicer, and collection agency. Therefore the results also vary.

If favorable terms cannot be reached, then a Chapter 13 Bankruptcy is an option that can be exercised to force the Private Student Loan lenders to accept an affordable payment.

Bankruptcy and Student Loans

There is a common misperception that once you take out a student loan, you are obligated to pay it all back no matter what. This is not entirely true. While some student loan debt may not be discharged through bankruptcy, The Law Offices of D.J. Rausa may have ideas to help you reduce or discharge your debt.

However, it is important to note that the process of discharging student loan debt differs from the process of discharging other types of debt and will require a detailed analysis of the type of student loan as well as the history of the loans.

Student loan debts are not automatically discharged through Chapter 7 bankruptcy. The Chapter 13 bankruptcy process can be used to restructure your student loans into a more manageable monthly payment. Attorney Rausa offers comprehensive Chapter 13 bankruptcy solutions to help you set up a payment plan to pay down your debt, including your student loans.

Chapter 13 repayment plan can last for as long as five years. Attorney Rausa will develop a feasible plan for you in order that some percentage of all your debt is paid. During the pendency of your case, you will be protected from any and all collection activity; this includes the IRS and any student loan collection agencies or servicers.

Discharging Student Loans: Proving Undue Hardship

Sometimes student loans can be forgiven when the borrower is shown to have endured “undue hardship,” such as:

  • Disability preventing your ability to work
  • Fixed income with no possibility of a salary increase
  • Family issues preventing you from earning a living
  • Totality of your financial circumstances

Attorney Rausa is prepared to address all of your questions regarding undue hardship.

Find out more about these related topics:

Contact a San Diego Lawyer

Contact us by e-mail or call toll free at (619)295-3322 to see if you qualify for the hardship exception, or if reorganizing your payment plan is a better option. A free initial consultation is available with an experienced San Diego student loan debt relief lawyer.

Free Initial Consultation * Available Evening and Weekend Appointments

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Published in Overviews

An important factor that sets student loan debt apart from all other kinds of debt is that it’s just about impossible to rid yourself of it. Even borrowers that end up in such financial burdens file for bankruptcy and struggle to get a fresh start void of their student loan debt.

But a few cases working their way through the legal system could alter that. They increase the possibility that the courts might offer a loose definition of how difficult the borrower’s financial situation is before a bankruptcy judge can justify discharging his or her loans.

Published in Student Loans

It’s not just young people struggling to pay back student loan debt but more and more retirees are struggling due to this student loan debt burden. An estimated 700,000 seniors on Social Security are still paying off student loans. Recently nearly 160,000 of these retirees have had their disability and retirement payments garnished to pay down student loan debt. 

Published in Seniors
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Chapter 13 - Student Loan Debt

If you are in debt up to your eyeballs, you look to the bankruptcy laws to assist you in digging out from underneath the weight of debt and begin over.

That, after all, is what the law's designed to accomplish – provide you with another possibility to place yourself in a better financial place.

Published in Chapter 13
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University of Phoenix Under Investigation

On Wednesday, University of Phoenix's parent Apollo Education Group announced that the business and marketing methods of the for-profit school are now under investigation by the Federal Trade Commission (FTC). CNNMoney.com reports that Apollo will "cooperate fully" with the FTC research, which requires them to provide the federal company with papers on their finances, advertising, certification, and army recruitment practices from the last four years.

Published in University of Phoenix

According to recent data from Experian, 40 million Americans have at least one outstanding student loan.  The average amount of debt is $29,000.00, which is an all time high.  A common question for many borrowers is “how will my student loans be affected if I get married?” 

Published in Marriage
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The Brunner Test and "Undue Hardship"

Many work tirelessly over the years, but never quite make enough to pay back the large amounts they barrow for their education, and many owe even more when their loan amounts grow even higher when they go to in default.

Many file for bankruptcy, wiping out other debts. But getting rid of student loans requires initiating an entirely separate legal process, where debtors must prove that paying the debt would cause an “undue hardship.”

Published in Undue Hardship

As of May 10, 2015 the NSLDS report access system was changed. You will need to Log onto NSLDS.ED.Gov  by using your User Name or Verified E-mail address and a Password.

1.     If you have already set up your access with your User Name or Verified E and Password, simply log on and follow the instructions below.

2.     If you have not set up your access, then click on the “Create an FSA ID” tab and follow all the steps to create your FSA ID.

a    You will get an e-mail asking you to verify your e-mail address

b    You will hear back from FSA once they verify your information with the Social Security Office. This should take a day or two.

c    Once everything is verified, follow the directions below.

The starting point to begin an analysis of any Student Loan issue is to obtain any and all information that the U.S. Department of  Education has regarding all Federal Student loans that pertain to you.  Attorney D.J. Rausa needs this information to be able to explain any and all options.

If you have obtained a Federal Student Loan anytime during your life, then the information is available at the National Student Loan Data System, or, NSLDS. This report will provide vital information regarding what type of Federal Loans you have obtained, the status of those loans, who the current servicer of those loans are, and who the lenders are.

From this website, Attorney D.J. Rausa will need two things.

1)    The summary of all your loans will be the first page you see.

2)     The detail report on all your loans.

The number of each loan will be listed on the left hand side of the summary page. The numbers  are hyperlinks to all the details of each of your loans.  Simply click on the number and the details of the loan will be the next screen. I will need all pages for each of these individual loans.

In the center of each page, there will be a Download button. DO NOT DOWNLOAD unless you want 75 pages of information in a txt format, I do not.

Simply Print/save as a PDF, of all pages. This is what D.J. Rausa wants to review and it will be used to discuss and evaluate your circumstances.

I look forward to reviewing this report with you and assisting you with the management of your Student Loan debt.

Published in Recent Articles

Economic relief through bankruptcy will help with the student loan crisis.

San Diego, CA, January 28, 2015 – Representative John K. Delaney (MD-6) has filed legislation in Congress spotlighting the omnipresent financial crisis with student loan debt. Unlike mortgage, credit card and auto loan debt, the current law does not allow for student loan debt to be discharged. The Discharge Student Loans in Bankruptcy Act (H.R. 449) would most likely render student loans dischargeable under bankruptcy.

Student loan debt is dragging down economic growth, keeping the American Dream out of reach for many and is a monthly strain for millions,” Congressman Delaney said in a recent statement. “While student loan debt is a complex problem that will require many solutions—increased support for grant programs, efforts to increase affordability, improved consumer education—we also need to reform our laws to help those with the absolute greatest need. Right now, there is effectively a huge student loan loophole in bankruptcy law that’s hurting real people."

As the cost of college tuition continues to rise, the student loan debt burden on students and their families also continues to rise. San Diego bankruptcy lawyer D.J. Rausa said, “Student loan debt affects not only recent graduates but also every age generation, even senior citizens.  This legislation would truly help people struggling with this issue.”

"Bankruptcy has long been an option of last resort for individuals facing an irresolvable level of debt; bankruptcy isn’t easy or enjoyable, but it’s a necessary part of our financial system," Delaney continued. "It doesn’t make sense for students with heavy debt burdens to be worse than someone with credit card, auto loan debt or mortgage debt. Every member of Congress from every state in the country has constituents who are struggling severely because of student loan debt. At the very least we should have some basic fairness in the law.”

About D.J. Rausa, Attorney at Law

San Diego Bankruptcy Attorney D.J. Rausa has over 21 years experience as a consumer bankruptcy lawyer and advocate. Throughout his career, he has helped thousands of consumers with the Student Loan Debt,delinquent tax debts, child and spousal support enforcement actions. As a consumer bankruptcy attorney, he specializes in both Chapter 7 Bankruptcy and Chapter 13 bankruptcy. He is also skilled in the areas of debt negotiations and reorganization, foreclosure defense, income tax resolution with the IRS and California State taxing authorities.  Attorney Rausa is an aggressive advocate for individuals and families consumed by debt after often caused by catastrophic medical bills, job loss, and the hardships of student loan debt.

The Law Offices of D.J. Rausa

1081 Camino Del Rio South #207

San Diego, CA  92108

(619) 295-3322

www.debtdoc.com


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Published in Recent Articles
%AM, %12 %041 %2014 %00:%Sep

Student Loan Debt

free-advice-btnAre you struggling under the weight of a student loan? You’re not alone.

Student loan debt cripples many student loan borrowers, including recent graduates. Many leave college with thousands of dollars in student loans. Even with a steady job, it can be difficult to meet student loan repayment obligations. Others struggle for years in an attempt to manage the student loan debt.

Attorney D.J. Rausa is committed to helping clients develop a payment plan they can manage. He can also determine if a student loan might cause the debtor "undue hardship." This can be used as an exception to the student loan repayment requirements.

In San Diego, attorney D.J. Rausa helps clients obtain relief from student loan debt. He has more than 20 years of experience. He is committed to making sure everyone has a chance to obtain student loan debt relief. Contact us for help addressing your student loan concerns.

Types of Student Loan Debt

Students may have received federal student loans or loans from private companies – many students use a combination of both to get through school.

Many students have also turned to parents, grandparents or others to either take out the loan or co-sign for it. Either way, this makes the parent a student loan borrower.

Federal Student Loans:

Because so many students have gotten in over their heads with excessive student loan debt, the federal government has developed a whole host of options available to address Federal Student Loans. These types of loans are subject to programs offered by the U.S. Department of Education.

To find out what Federal Student Loans you have, go to the National Student Loan Data System, www.nslds.ed.gov, to get your report. This report contains vital information in evaluating what the next step will be to address your Federal Student Loans. If a student loan is not on this report, chances are the loan is a private student loan.

Once this information is reviewed, Attorney D.J. Rausa will be able to determine what the best options are.

Private Student Loans:

Private Student Loans are NOT subject to any Federal Student Loan Program. Therefore, they have to be addressed in a completely different manner.

Options for Private Student Loans are very limited, however Attorney D.J. Rausa may be able to negotiate favorable terms of repayment. The factors widely vary from lender, servicer, and collection agency. Therefore the results also vary.

If favorable terms cannot be reached, then a Chapter 13 Bankruptcy is an option that can be exercised to force the Private Student Loan lenders to accept an affordable payment.

Bankruptcy and Student Loans

There is a common misperception that once you take out a student loan, you are obligated to pay it all back no matter what. This is not entirely true. While some student loan debt may not be discharged through bankruptcy, The Law Offices of D.J. Rausa may have ideas to help you reduce or discharge your debt.

However, it is important to note that the process of discharging student loan debt differs from the process of discharging other types of debt and will require a detailed analysis of the type of student loan as well as the history of the loans.

Student loan debts are not automatically discharged through Chapter 7 bankruptcy. The Chapter 13 bankruptcy process can be used to restructure your student loans into a more manageable monthly payment. Attorney Rausa offers comprehensive Chapter 13 bankruptcy solutions to help you set up a payment plan to pay down your debt, including your student loans.

Chapter 13 repayment plan can last for as long as five years. Attorney Rausa will develop a feasible plan for you in order that some percentage of all your debt is paid. During the pendency of your case, you will be protected from any and all collection activity; this includes the IRS and any student loan collection agencies or servicers.

Discharging Student Loans: Proving Undue Hardship

Sometimes student loans can be forgiven when the borrower is shown to have endured “undue hardship,” such as:

  • Disability preventing your ability to work
  • Fixed income with no possibility of a salary increase
  • Family issues preventing you from earning a living
  • Totality of your financial circumstances

Attorney Rausa is prepared to address all of your questions regarding undue hardship.

Find out more about these related topics:

Contact a San Diego Lawyer

Contact us by e-mail or call toll free at (619) 295-3322 to see if you qualify for the hardship exception, or if reorganizing your payment plan is a better option. A free initial consultation is available with an experienced San Diego student loan debt relief lawyer.

Free Initial Consultation * Available Evening and Weekend Appointments

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Published in Bankruptcy Overview
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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!

stars
Posted by a client - February 15, 2016

AVVO Lawyer Rating is Superb!

Respected Legal Source

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,
 CJWaldenSignature
CJW
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