Florida Federal Loan Debt Discharge Lawyer
Discharging Your Student Loan Debt With an Administrative Discharge
At an average interest rate at 5.8 percent, student loan debt can be extremely difficult to pay off, according to NerdWallet. For a loan of just $20,000, the borrower would end up paying close to an additional $10,000 in interest over 10 years, yet it takes about twice that long to pay back the average student loan. For students who borrow between $20,000 and $40,000, the Department of Education expects that it will take, on average, 20 years for these students to pay back their debt, according to CNBC. A study found that it took slightly longer (21.1 years) than that, despite many college graduates believing that they could pay their debt back in just six years. While students assume that they will be able to find a high-paying job ($60,000 per year) related to their educational background soon after graduating, unfortunately only 60 percent of college graduates find such a job within six months of graduating. For those fortunate enough to land such a job, many end up losing it within a few years, and suddenly the interest rate on their student loan gets out of control when they begin missing payments. One option for debt relief is administrative discharge of your loan, which an experienced Florida federal loan debt discharge lawyer with Nowack & Olson, PLLC can help you with.
How Administrative Discharge Works
There five ways that administrative discharge can be used to erase student loan debt. Our attorneys can help you find the ideal option for your specific circumstances so that you can move on with your life and escape the vicious cycle of mounting debt.
- Closed School Discharge—Some schools simply shut their doors while students are in the middle of the semester. If this happens to you and you are unable to complete your degree, or it shuts down within 90 days of leaving the school, you may qualify for discharge of your federal loan.
- Total and Permanent Disability Discharge—Borrowers who become totally and permanently disabled are eligible for discharge of federal student loan debt.
- Unpaid Refund Discharge—You can have the balance of an unpaid refund discharged if the school failed to refund you what you were owed after you withdrew from it.
- False Certification of Student Eligibility Discharge—Being misled by a school or having your eligibility falsified is grounds for discharge under false certification of student eligibility.
- Death—Sadly, death is one of the few ways that student loans can be discharged. If you are a parent, your Parent PLUS debt obligation can be discharged if your child passes away.
Contact a Florida Student Loan Discharge Attorney Today
If you meet any of the above circumstances, you may qualify for loan discharge. Our attorneys can help you determine if you qualify for discharge, or if another student loan debt management solution is right for you. Contact our Florida student loan debt attorneys at Nowack & Olson, PLLC today at 866-907-2970 to schedule a free consultation.