Download The Findit App

Share Your Posts On These Major Social Networks

Instatag Your Posts to Instagram Facebook + Twitter

News

FUNERALS OF LOVED ONES MAY ALSO BE A TIME TO MOURN STUDENT LOAN DEFAULT

Charleston 6/8/2015 1:55:36 PM

Many borrowers of student loans are in for a shock if something terrible happens to their co-signer. Typically, co-signers of student loans are the borrower’s parents or grandparents. It is not uncommon for lenders, especially private lenders, to require a co-signer for a young borrower. This is because young borrowers usually have little to no prior existing credit history and no assets that can be held as collateral in the event the young borrower defaults. Attaching a co-signer to the loan is the lender’s method of insurance. If the young borrower does not make the monthly student loan payments, the lender may go after the co-signer to collect on the outstanding debt.

What most borrowers and co-signers are unaware of are tiny clauses hidden within the fine print of their contracts that refer to “auto-default.” Auto-default, depending on the way the contract is written, can mean that if a co-signer dies the student loan automatically goes into default. Auto-default may also occur if the co-signer declares bankruptcy. This may occur even if the young borrower has timely made all of his or her monthly student loan payments. One of the reasons the lenders want to employ auto-default clauses is that the lenders’ risks substantially increase once the co-signer is no longer available to accept liability on behalf of the young borrowers. Upon auto-default, the entire balance of the debt becomes due on demand. Obviously, this can wreak havoc on young borrowers. When auto-default occurs, borrowers can have their credit scores permanently marred even though they paid every payment they were required to make in full and on time.

Auto-default situations are quite unfortunate for the borrower because it often penalizes borrowers through no fault of their own. Borrowers cannot control the life and death of their parents and grandparents or their ability to declare bankruptcy. Auto-default is extremely unfair when the borrower has a proven track record of successfully making all monthly payments on time. Student Loan Law Group warns borrowers to read over their student loan contracts and determine whether the contracts contain an auto-default clause.

Student Loan Law Group wants all borrowers and co-signers to be fully informed of their rights when it comes to their student loans. All lenders must comply with the Fair Debt Collection Practices Act at all times. Student Loan Law Group’s attorneys can ascertain whether a loan servicer has violated the Fair Debt Collection Practices Act. Certain violations may result in the borrower collecting a fee from the loan servicer for the violation of his or her rights as well as collecting reimbursement of attorneys’ fees. Borrowers or co-signers who have questions regarding their student loan contracts or who may be facing default are encouraged to contact Student Loan Law Group today. Borrowers or co-signers who feel that they may have been subjected to unfair collection practices or harassment at the hands of their loan servicer are also encouraged to contact Student Loan Law Group immediately to determine their options. Student Loan Law Group is available to help and may be reached directly at 888-843-1706.  

More News

https://s3.amazonaws.com/findit-pictures/297844/6d7ffcdb-cca4-4588-8b9b-855008faa41e.jpg

Rely On Student Loan Law Group To Defend You In Your Lawsuit Against National Collegiate Student Loan Trust

Rely On Student Loan Law Group To Defend You In Your Lawsuit Against National Collegiate Student Loan Trust

Released On: 12/8/2017
Views: 4491

https://s3.amazonaws.com/findit-pictures/297844/5456ba2a-6bf2-4537-9425-adf651633211.jpg

Student Loan Law Group Defends Students In Their Lawsuit With National Collegiate Student Loan Trust

Student Loan Law Group Defends Students In Their Lawsuit With National Collegiate Student Loan Trust

Released On: 10/13/2017
Views: 4395

https://s3.amazonaws.com/findit-pictures/297844/604efb3e-7817-43d6-82eb-d8a3fddcc38e.jpg

Start Your Student Debt Lawsuit Defense Against National Collegiate Student Loan Trust With Student Loan Law Group

Start Your Student Debt Lawsuit Defense Against National Collegiate Student Loan Trust With Student Loan Law Group

Released On: 10/10/2017
Views: 4117

https://s3.amazonaws.com/findit-pictures/297844/027f180f-b919-4c6b-9ef6-b06194bf8842.jpg

Student Loan Law Group Provides Lawsuit Defense For Students Being Sued By National Collegiate Student Loan Trust

Student Loan Law Group Provides Lawsuit Defense For Students Being Sued By National Collegiate Student Loan Trust

Released On: 7/10/2017
Views: 4192

https://s3.amazonaws.com/findit-pictures/297844/169303d2-74bb-4f75-9eb0-57aa45cb12d9.jpg

Fight Your National Collegiate Student Loan Trust Lawsuit With Student Loan Defense Lawyers At National Student Aid Care

Fight Your National Collegiate Student Loan Trust Lawsuit With Student Loan Defense Lawyers At National Student Aid Care

Released On: 7/8/2017
Views: 4321

https://s3.amazonaws.com/findit-pictures/297844/d6c959c5-6c59-42fa-ac5f-28b3e132c1e0.jpg

Get Professional Student Loan Lawsuit Defense Against National Collegiate Student Loan Trust with Student Loan Law Group

Get Professional Student Loan Lawsuit Defense Against National Collegiate Student Loan Trust with Student Loan Law Group

Released On: 7/5/2017
Views: 4167

https://s3.amazonaws.com/findit-pictures/297844/a4688b1c-eb26-4b4a-91c7-baff4d03a261.jpg

When You Are Being Sued By National Collegiate Student Loan Trust Call Student Loan Law Group

When You Are Being Sued By National Collegiate Student Loan Trust Call Student Loan Law Group

Released On: 6/28/2017
Views: 4755

https://s3.amazonaws.com/findit-pictures/297844/59b604cd-bb7b-44d8-82ac-a1209aba091c.jpg

Student Loan Law Group Helps Students With Past Due Student Loans Fight Their Lawsuit From National Collegiate Student Loan Trust

Student Loan Law Group Helps Students With Past Due Student Loans Fight Their Lawsuit From National Collegiate Student Loan Trust

Released On: 9/6/2016
Views: 6978

https://s3.amazonaws.com/findit-pictures/297844/0ce898d2-3825-46e4-972c-c1be65e8d440.jpg

Student Loan Law Group Helps Students Fight Their NCT Lawsuit To Avoid Default Judgements

Student Loan Law Group Helps Students Fight Their NCT Lawsuit To Avoid Default Judgements

Released On: 8/22/2016
Views: 5946

https://s3.amazonaws.com/findit-pictures/297844/3021c827-b7e7-4047-a5bc-1194aef7242c.jpg

Get NCT Lawsuit Defense For Your Student Loans From Student Loan Law Group

Get NCT Lawsuit Defense For Your Student Loans From Student Loan Law Group

Released On: 8/15/2016
Views: 6487

https://s3.amazonaws.com/findit-pictures/297844/2b0d26c7-bf94-4946-9c3f-5e873e302c57.jpg

Fight Your NCT Lawsuit With Student Loan Law Group To Avoid A Default Judgement On Your Student Debt

Fight Your NCT Lawsuit With Student Loan Law Group To Avoid A Default Judgement On Your Student Debt

Released On: 7/25/2016
Views: 5707

https://s3.amazonaws.com/findit-pictures/297844/36a274ba-2ded-46c7-88be-f5d90538003b.jpg

National Collegiate Trust Lawsuit Defense Provided By Student Loan Law Group

National Collegiate Trust Lawsuit Defense Provided By Student Loan Law Group

Released On: 7/11/2016
Views: 5635

https://s3.amazonaws.com/findit-pictures/297844/17afac40-eb35-4de3-aabd-10fbbac7a24f.jpg

Challenge Your Lawsuit Against National Collegiate Trust With Student Loan Law Group

Challenge Your Lawsuit Against National Collegiate Trust With Student Loan Law Group

Released On: 6/27/2016
Views: 5525

https://s3.amazonaws.com/findit-pictures/297844/c2f57061-e8f8-4e3e-aa3d-51569845e9d7.jpg

Student Loan Law Group Can Help You Fight Your Lawsuit Against National Collegiate Student Loan Trust

Student Loan Law Group Can Help You Fight Your Lawsuit Against National Collegiate Student Loan Trust

Released On: 6/11/2016
Views: 5334

https://s3.amazonaws.com/findit-pictures/297844/29b02ccd-daa7-4aa5-b96b-0257b3f1d9de.jpg

Student Loan Law Group Will Help Defend You Against National Collegiate Student Loan Trust

Student Loan Law Group Will Help Defend You Against National Collegiate Student Loan Trust

Released On: 6/5/2016
Views: 5221

https://s3.amazonaws.com/findit-pictures/297844/5b533106-1562-4c21-9ac1-8b468a58e88a.jpg

Fight Your National Collegiate Student Loan Trust Lawsuit With Student Loan Law Group

Fight Your National Collegiate Student Loan Trust Lawsuit With Student Loan Law Group

Released On: 5/31/2016
Views: 5529

https://s3.amazonaws.com/findit-pictures/297844/8ec3619d-b298-4a70-859e-5cf7ab6205ec.jpg

Fight Back Against National Collegiate Trust Today With Student Loan Law Group

Fight Back Against National Collegiate Trust Today With Student Loan Law Grouo

Released On: 5/5/2016
Views: 4751

https://s3.amazonaws.com/findit-pictures/297844/f94c4f4c-5dfe-4ae9-88ac-5a192aad7b42.jpg

Consolidate Your Student Loans Today With Student Loan Law Group And Settle Your Case Against National Collegiate Student Loan Trust

Consolidate Your Student Loans Today With Student Loan Law Group And Settle Your Case Against National Collegiate Student Loan Trust

Released On: 5/4/2016
Views: 4938

Load More wait

Map

Student Loan Law Group

Get Directions

Student Loan Law Group

  • Mount Pleasant, South Carolina
    United States
  • 888-843-1706
  • Mt. Pleasant, SC
    Cleveland, OH
    Salt Lake City, UT
    New Jersey