Do i need a lawyer for my student loan

Asked over 1 year ago - Atlanta, GA

about 15 years ago, i took out a student loan for about $7,000
the loan has defaulted..i only attented college for 6 months,..
the collection agency is sending me demand letters my balance
with the collection agency is $29,965.67...

Attorney answers (3)

  1. Glen Edward Ashman

    Pro

    Contributor Level 20

    3

    Lawyers agree

    Answered . Definitely talk to a lawyer ASAP.

    If you find this answer helpful, please mark it here on AVVO as helpful. In answering you, I am attempting to... more
  2. Robert M. Gardner Jr.

    Pro

    Contributor Level 18

    1

    Lawyer agrees

    Answered . Interest and penalties over 15 years at a default interest rate could very well add up to this, and you cannot discharge it in bankruptcy if you are able to work at all. You can hire a lawyer to try and negotiate a payment schedule or speak with the agency directly. If you do nothing, you may end up with a lawsuit and a garnishment, so do not ignore this.

    The above information is general in nature. In order to obtain more specific and legal advice upon which to base... more
  3. Diane L Gruber

    Pro

    Contributor Level 18

    Answered . Interest and penalties have a way of adding up. I suggest you contact a consumer debt lawyer who specializes in student loans. Good luck.

    Be sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662.... more
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Related Topics

Nondischargeable debt and student loans

Student loans cannot normally be discharged in bankruptcy. Unlike most other types of debt, student loans are nondischargeable--except in cases of hardship.

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