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Van Horn Law Group Blog

What to Do (and Not Do) When Being Sued for Student Loans

Posted by Chad Van Horn on Mar 17, 2017 7:00:00 AM

A few things have changed since my last article on being sued for student loans. As many of you know – or should – the federal government is suing Navient over its mishandling of student loans. The company handles in excess of $300 billion in private and federal loans and handles one in four student loan borrowers. The Consumer Financial Protection Bureau alleges widespread misdeeds and systematic failure that echoes the mortgage crisis of the last recession. The company is accused of enriching itself at the expense of customers who were often burdened by their student debt. Indeed, the company did not place borrowers in income-based repayment plans for federal loans that could have substantially lowered their payments, and urged their agents to enroll borrowers in more profitable repayment plans.

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Topics: Student Loans

Colleges Starting to Offer Free Tuition

Posted by Chad Van Horn on Mar 7, 2017 7:54:53 AM

It has been some decades since a high school diploma was enough to get a job that would support yourself and a family. However, tuition costs even at the community college level have increased steadily over as budgets are balanced without little regard to the effects that it has on postsecondary education. Community colleges serve as an essential access point to higher education, where students can learn a trade/certification, an Associates degree, or build up credits for transfer to a traditional four-year college. However, the lower cost of community college does not translate into cheap.

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Topics: Student Loans

Student Loan Debt Crisis is in Worse Shape Than Thought

Posted by Chad Van Horn on Feb 27, 2017 8:21:09 AM

There’s an old saying that figures don’t lie, but liars figure. In this case, the Department of Education was the liar and the figure was a 99.8 percent mistake in the repayment rates for all colleges and post secondary trade schools in the country. In other words, they were completely wrong – but were just two points short of it. This means that the student loan debt crisis is far worse than previously thought, more extensive that estimated, and that at a quarter of the total schools serviced by the federal student loan program half of the students had defaulted on their debt. This means that half of the students at 1000 colleges and trade schools have either defaulted or failed to pay down their debt by one dollar within seven years.

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Topics: Student Loans

Making Student Loan Payments After Losing Job

Posted by Chad Van Horn on Jan 30, 2017 8:58:50 AM

What are my options to make student loan payments after losing my job?

Q: Dear Mr. Van Horn, I hope that you can help me with some good advice. I graduated from college two years ago with about $22,000 in student loans. I took a job with the company thinking that it was on sound financial footing, but after a string of incidents it has become apparent that it is not. We were told this weekend that the company would be laying off a significant percentage of the workforce. I’ve been very thrifty so that I could pay as much as possible on my loans - living with roommates, being really budget conscious - but this throws everything right back to square one. My parents told me I could move back in with them, but that doesn’t do anything about my loans. I’m losing sleep over this. Help?

 

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Topics: Student Loans, Job Loss

Top College Football Schools Come With Hefty Student Loan Debt

Posted by Chad Van Horn on Jan 6, 2017 8:57:10 AM

Going to One of the Top College Football Schools May Not Be a Winning Ticket

So you want to go to one of the “power conference” schools, and share your team to victory for your four years of undergrad. The Student Loan Report has some tough news for you. These number crunching nerds broke down student loan debt by their place in the football conference. With all the bowl games and marching bands, it’s easy to forget that for years of undergrad finance with student loans can leave you with a big ticket – and not to a skybox at the Fiesta Bowl. 

 

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Topics: Student Loans

How a Trump Presidency Might Affect Your Student Loans

Posted by Chad Van Horn on Dec 29, 2016 9:03:10 AM

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Topics: Student Loans

Can I Have My National Collegiate Trust Loans Dismissed?

Posted by Chad Van Horn on Dec 5, 2016 8:37:15 AM


Q: I have been having problems with National Collegiate Trust and a revolving cast of lawyers and debt collectors. I need to move on with my life and not have to deal with this. Can I consolidate and pay off my loans to get them dismissed or negotiate with them to lower the interest that they are claiming? I’ve even been told that my loans are not eligible for consolidation, which sets of my BSometer. All I want is my freedom!
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Topics: Student Loans, National Collegiate Trust

What Will Happen if I Ignore National Collegiate Trust?

Posted by Chad Van Horn on Dec 1, 2016 7:56:13 AM


I get this question pretty often, and the short answer is, “Nothing good will happen if you ignore National Collegiate Trust. Possibly something very bad.” If you’ve never heard of NCT, it’s probably because you don’t have a private student loan. These guys are the investment entity that Bloomberg labeled “a lawsuit machine” and “Robosigning 2.0” for their thousands of lawsuits filed against borrowers across the United States. It has everything to do with your private loan and the derivatives market, and the buying, packaging, and selling of these loans to investors. Remember the “London Whale,” the massive losses and public faceplant that JP Morgan Chase took in 2012? The amount of insufficiently covered potential losses on the market makes that whale look like an anemic guppy.
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Topics: Student Loans, National Collegiate Trust

The Statute of Limitations on National Collegiate Trust

Posted by Chad Van Horn on Nov 23, 2016 7:00:00 AM

Q: I took out a private student loan to cover a gap between student loans and expenses for my last year of college. It wasn’t a lot and I busted butt to pay off what I could, since it was at a higher interest rate. Then I was in a work-related accident that left me disabled in 2010. I was able to get my federal loans discharged, and I thought that National Collegiate Trust had given up. It’s been hard, waiting through the suit to go through the whole process, living on disability, and I was homeless at one point, but I ended up settling out of court this year.

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Topics: Student Loans, National Collegiate Trust

Three Things to Do if Sued by National Collegiate Trust

Posted by Chad Van Horn on Nov 17, 2016 7:45:00 AM

National Collegiate Trust can best be characterized as a lawsuit machine engaging in some highly shady practices and filing thousands of lawsuits each year against holders of private student loans. That they’ve had a lot of those suits dismissed is no deterrent, they just keep going. If you have a private student loan and have heard from them, it’s pretty easy to panic. They threaten and bluster, trying to get you to rush into giving them money and putting yourself on the hook. Some of their collectors may even violate the FDCPA by threatening you with arrest or other actions.

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Topics: Student Loans, National Collegiate Trust

 

About Chad Van Horn

Chad_Van_Horn

Chad T. Van Horn, Esq. is a South Florida business leader and founding partner attorney of Van Horn Law Group, P.A. Through a combination of dedicated philanthropy, spirited entrepreneurship and legal expertise, he applies his resources and network to helping people. Learn more about Chad Van Horn.

 

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