Legal Question in Education Law in North Carolina

private student loans

owe over $100 loans past due -cannot pay due to economical reasons-starting new job- tryied working with lenders no help- parents co-signers but cannot pay- afraid will garninsh parents wages & put lein on home- tried to consolidate loan - what are my options...at my wits end


Asked on 11/09/08, 3:23 pm

2 Answers from Attorneys
Andrew Harrell W. Andrew Harrell, Attorney at Law

Re: private student loans

An important issue: Who did these loans come through? The school, the government. Please provide the details concerning whether or not they come through one of the federally governed loan programs. It bears on your ability to avoid paying through bankruptcy, your protections against creditors, your ability to form plans to delay payment, etc.

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Answered on 11/09/08, 4:08 pm
Mark Williams Rice Law, PLLC - Web Based & Downtown Office

Re: private student loans

If it is a private loan, you don't have the federal protections built into the Federal Stafford, Federal Perkins loan programs under the Higher Education Act of 1965. If it is private, you may be able to handle them through regular debtor-creditor law. See an attorney licensed to practice in North Carolina.

If they are federal loans, consider an immediate request in writing for a forbearance or economic hardship deferment. Forms are usually available on the website of the lender.

Also, you can contact the US Department of Education's ombudsman (see http://www.ombudsman.ed.gov/ )

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Answered on 2/01/09, 9:25 am


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