What should the borrower do if he or she actually has a loan that defaults? The borrower first needs to clearly understand his or her situation. Determining how much money is owed and to which entity the money is owed is essential in understanding one’s financial situation - constructing a student loan folder can help.
A student loan folder is explained in the article “How to Repay a Student Loan.” The amounts owed and the creditor to whom the money is owed are annotated in the folder. Having this information organized and accessible is important because the borrower with organized financial information can readily provide details of the student loan to lawyers, financial advisors, or other agencies.
Consulting a Lawyer
Hiring an attorney is an expensive proposition that most students cannot afford. The student who seeks legal representation may consult with lawyers who work either pro bono (free) or work for contingency fees (the lawyer’s fee is paid from a portion of the settlement amount from winning the case. If the lawyer loses the case, he/she is not paid).
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