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Van Horn Law Group Blog

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

Trumps Student Debt Plan, That Looks Kind of Familiar

Posted by Chad Van Horn on Nov 3, 2016 8:02:26 AM

Donald Trump has been talking up a details-light version of his student debt plan and, you know, it looks awfully familiar. It’s no secret that student debt is reaching economically devastating levels, with the effects of Millennials putting off marriage, children, starting businesses, buying cars, or buying homes in order to service their debt. The subject of student debt has been in the news, and it’s out on the campaign trail as well, with Bernie Sanders and Elizabeth Warren leading the charge. Hillary Clinton has already released a detailed student debt plan for students entering college, and for those already laboring under their debt.

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Topics: Student Loans

Dirty Tricks Department: Where is Your Student Loan Payment Going?

Posted by Chad Van Horn on Nov 1, 2016 8:34:48 AM

You scrimp, you save, you pay extra every month to bring down your loan balance, but your student loan payment may not be applied the way that you think. It seems that loan servicers can line their pockets with your money and not even tell you what they’re doing. All that painstaking budgeting that you believe is paying down your balance faster may not be applied to principal (the actual amount of the loans) but to the interest tacked on. Additionally, the servicer may lowered your monthly payments but extend the term of your loan – making big bucks on the interest they charge over the term of repayment. A recent blog from the Consumer Financial Protection Bureau’s Seth Frotman highlighted the practice.

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Topics: Student Loans

How Much a Bachelor’s Degree Cost After You Repay Student Loans?

Posted by Chad Van Horn on Oct 27, 2016 8:25:21 AM

The cost of a four year degree keeps going up as states continue to underfund their public two and four year colleges and universities, though the funding level inched up just enough to avoid significant tuition increases. Funding has been drastically cut since the onset of the recession, and with most states spending less per student than they did in 2007. Students are footing the bill more than ever with federal and private student loans, grants, and scant savings as they try to move up the socioeconomic ladder and ending up with an average graduating debt of $30,000. That’s just the debt for public colleges, for a degree from a private for-profit college, you could be looking at three times as much, depending on your field of study.

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Topics: Student Loans

 

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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