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Does a Default on Student Loan Debt Impact a Co-Signer?

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The Student Loan Co-Signer Impact

A recent New York Times article discusses defaulting student loan debt to force reform. However, a plan to default student loan debt must include co-signers and often parent co-signers. Student loan debt in America is by some estimates around $1.4 trillion dollars, and many lenders are doing very little to help borrowers repay this debt. Some borrowers are now simply stopping payment to force the lenders to discuss other repayment options. These borrowers are fed up with choosing major life decisions based on their student loans. They are also fed up with the lenders inability to provide helpful repayment options.

Any default must be discussed with co-signers to educate them about the credit reporting consequences but also for positive reasons. Co-signers can often see the value in ending payments and work with the borrower to repay the loan on better terms. Default coupled with hiring a qualified debt settlement attorney can often result in large reductions in the current balance of a private student loan debt. A qualified student loan debt attorney can also explain all the options available to borrowers struggling with debt and find one that is best for them. If you are struggling with private student loan debt and have a co-signer, contact a qualified debt attorney today.

 

Does a Default on Student Loan Debt Impact a Co-Signer? was last modified: October 12th, 2017 by Kevin Fallon McCarthy
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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.
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