Is There Relief From Student Loan Burdens?
Thorough Eastern Shore attorneys offer honest counsel about managing education debt
Gaining a college education is an essential ingredient for success in many industries, but the high costs involved make student loans necessary for many individuals in Maryland and throughout the United States. When repayment of these loans becomes burdensome or impossible, the Law Firm of Shaw & Crowson, P.A. in Salisbury provides honest advice to clients on ways they can fulfill, adjust or sometimes eliminate their obligation. Find out about prompt resolutions that may include negotiation or taking advantage of government programs, such as Maryland’s SmartBuy homeownership program to pay off student loan debt, and federal loan forgiveness programs that lessen the debt burden for people in certain jobs. Regardless of how much you owe, we provide sound, sympathetic guidance to help you move ahead with confidence.
Firm advises on SmartBuy second mortgages and other available options
The internet is a wonderful resource, but often has as much misleading information as helpful truth. And it is a breeding ground for outright scams. You want to explore all of your available options with knowledgeable and competent attorneys who are on your side. Alternatives that exist to deal with your student loan debt include:
- Maryland SmartBuy 2.0 – Buy a home; pay off your student loan. — This may be the most long term rewarding Maryland alternative. Through the Maryland SmartBuy program, first-time homebuyers can pay off their entire student loan debt through a forgivable five-year second mortgage that can cover as much as $30,000 of student loan debt or 15 percent of the purchase price (whichever is lower). Our firm can explain the eligibility requirements and assist with strategies for dealing with other excess debt before applying.
- Forbearance or modification — To understand your forbearance or modification options, you must know the type of loan you have and the criteria that apply. The attorneys at The Law Firm of Shaw & Crowson, P.A. recognize the difference between federal and private student loans and distinguish the criteria. We’ll explain how forbearance helps borrowers survive temporary financial setbacks and can help determine whether adjusting monthly payment amounts offers a long-term solution.
- Job-related forgiveness — Individuals who work in the public sector, such as government employees, teachers and nonprofit workers, can limit the length of time they are required to make loan payments and obtain forgiveness for the remainder.
- Undue hardship bankruptcy discharge — Though student loan obligations typically cannot be discharged through bankruptcy, an exception exists if “undue hardship” can be demonstrated. So far, in Maryland Bankruptcy Courts, a hardship discharge is extremely difficult to get. But if you have made good-faith efforts to repay the loans, and circumstances dictate that you will not be able to repay what you owe, even over a long period of time, relief might be available.
- Fraud – Maryland’s Attorney General has participated in several lawsuits or legal actions against schools that defrauded their students. If you received nothing of value for your money, or were made glittering job promises that were never fulfilled, avoidance of your student loan debt may be possible.
- Statute of limitations – Some private student loan debt may be subject to Maryland’s statute of limitations.
Don’t let fear or frustration prevent you from obtaining the assistance you need to manage your student loan debt successfully while meeting other important needs. We take a personalized approach and develop a strategy that you can live with.
Contact a dedicated Maryland lawyer for an honest consultation on student loan debt
The Law Firm of Shaw & Crowson, P.A. advises Maryland clients on student loan obligations and other debt relief matters. Please call 410 742 9171 or contact us online to schedule a consultation at our office in Salisbury.