Student Loan Debt Lawyer, FL

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Student loan debt is progressively becoming the most prominent focal area of professionals in debt relief services. Student debt now exceeds $1.4 trillion. There are over 40 million Americans that are addressing student loans, and because of a number of the rights and powers that student lends have, especially if the federal government insures them, it makes them very difficult to deal with.

What Are The Common Reasons That People End Up In Collection With Their Student Loan Debt?

People fall into collections on student loan debt for many of the same reasons that they would for any other debt. They might lose income, they might have a medical issue or an unexpected life experience, such as divorce, and that may cause strains on their financial circumstances, including their student loans. What makes student loans unique is that because the student loan lenders have additional collection protections that many other loans do not have, there is less motivation for the lenders to work with borrowers that are in a difficult spot.

Is Being In Default With Loans The Same As Being In Collections?

Being in default and being in collections is very similar. The terms are slightly different in their technical meanings. Being in default simply means that you are behind on the loans; being in collections means that it’s been assigned usually to a different department within the loan servicer that focuses more on loans that are in default. “Collections” is the department; “default” is the loan status.

What Happens Once Someone Lands In Collections With Student Loan Debt?

Once you’re in collections on your student loan, typically you’ll start to get more phone calls and communications about making payments on the student loans. In some instances, the student loan company will take additional measures, such as garnishing income or filing a lawsuit.

How Aggressive Are Collection Agencies When It Comes To Student Loan Debt?

My experience is that collection agencies are very aggressive when it comes to contacting debtors of student loans. Because the collection companies often have contracts with the federal government and have certain collection protections, they often are very aggressive in the way that they communicate with the student loan borrowers.

What Is Considered Acceptable Contact When It Comes To Student Loan Debt Collection Efforts?

Even though student loan debt collectors may have some additional protections under the law as it relates to the student loans, that doesn’t mean that they have total carte blanche to be able to do whatever they want. There still are laws that regulate student loan collection, just like any other debt collection, that provide basic levels of decency. A student loan collector cannot use nasty language, they cannot call you with an unacceptable amount of frequency, and they cannot continue to call you generally if you told them to discontinue calls to your cell phone. In general, they have to be professional in the way that they communicate.

What Is Considered As Harassment When It Comes To Student Loan Debt Collection Efforts?

Harassment, when it comes to student loan debt collection efforts, to a degree, can be subjective. In general, if they are saying nasty things to you, if they are talking to third-parties or your employer about your student loan debt, or if they are calling you with the high degree of frequency, all of that conduct is going to be considered harassing, and a violation of collection laws.

Are There Regulations On How Often Student Loan Companies Can Contact An Individual?

There are regulations which restrict how often a student loan company can contact an individual. Those regulations aren’t hard and fast, and they don’t have specific numbers, but generally if a student lender is consistently calling a consumer multiple times a day to collect on a debt, then that often will be over the allowable threshold.

For more information on Student Loan Debt In Florida, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (727) 538-4188 today.