Oftentimes, potential clients come to our office because they have a pile of student debt. This debt, with its high monthly payments, becomes unmanageable and burdensome. Consequently, some of these people rack up other debt while trying to stay above water. For example, some will rely on credit cards to pay for food and other essential items. This is indeed a vicious cycle. We also have clients who come to us to address all their debt. For those who have outstanding student loans as part of their debt portfolio, most assume that there is no relief for the student debt portion. This is not necessarily true. For these reasons, we have created Lucid Law’s Student Debt Program.
Relief Can Be Available
Lucid Law’s Student Debt Program is designed to find solutions to minimize your student debt monthly payments. Before going any further, one must qualify to participate in such a program, aka income-based repayment plans. Therefore, to be eligible for this type of program, you must meet the following conditions:
- The student loan must be a federally backed loan. In other words, it cannot be a private loan from a bank or other lending institution.
- Although these are income-based programs, you do not have to be employed or have income to apply!!! Many who qualify for the best programs, with $0.00 ZERO per month payment obligations, are those who apply when they are out of work.
- If admitted to the program, you must reapply every year. This is because your income may change. Please note – failure to reapply will cause your removal from the program.
- Defaulting on payments will also cause your removal from the program
One more point to make on qualifications. For those earning less than $70,000 per year, you will most like qualify for the program. If your annual income is between $70,000 and $120,000, we will help you determine whether the programs you qualify for are beneficial before you make a determination. If you make over than $120,000 per year, you may not qualify for an income-based repayment program. Of course, it all depends on how much you owe. The ever important debt-to-income ratio comes into play even in qualifying for student loan relief!
For those who are interested, the process is simple and straightforward. All we need from you is your recent student loan statements and some information regarding your income. From there, we enter the information into our sophisticated student loan software. This software does a quick analysis resulting in usually 6 or 7 options. When this is complete, one of our team members will meet with you and recommend the option that makes the most sense for you.
Once you pick an option and enter a program, you will see a reduction in your monthly payments. That is great but there is even a better benefit to you. At the end of the loan term, your remaining debt is forgiven. As an illustration, let’s say you have the most common loan term – 20 years. If you still have a balance at the end of 20 years, that balance goes away.
Tired of Those Monthly Payments?
So, if you want to lower your monthly payments and have a portion of your loans forgiven, Lucid Law’s Student Debt Program may be for you. The cost is minimal, and the potential benefits certainly outweigh any costs. And, because you must reapply every year, we can monitor your status and remind you of deadlines. Student debt can be overwhelming, you can get relief. Call us today to learn more.