The cost of getting a four-year degree at a typical college or university in the United States has nearly doubled over the past 20 years, even when adjusted for inflation. According to the College Board, an estimated 60 percent of bachelor’s degree recipients over the past ten years have borrowed to fund their education, through the federal Stafford Loan program or other means. These costs are imposing an unprecedented burden on recent graduates, many of whom may have had difficulty finding well-paying employment in a soft job market.

While the federal government is a particularly difficult creditor, and one that is getting more and more aggressive in collecting on defaulted student loans, there is still hope. Depending on your situation and the length of time you have been in default, we can help you work with your lender to establish a rehabilitation payment plan or a negotiated payoff. In some rare cases where your hardship is too great, you may be able to discharge all or a portion of your student loans through bankruptcy. If you have defaulted, do not assume that there is nothing you can do to erase or repay the debt and rehabilitate your credit. Give us a call. We’re here to help.