Yes, absolutely. Since 2019, student loan borrowers that have New Jersey CLASS loans that have gone into default and been placed with a law firm for collection can get out of default and into a repayment plan.
The solution is called "default rehabilitation" which involves negotiating an affordable repayment plan. Then, once you make nine on-time monthly payments, the default is removed from your credit.
How Default Actually Helps You
Ironically enough, it is that default itself that allows for the renegotiation of your monthly payment! Prior to default, HESAA historically has not been willing to lower your monthly payment, as you may have noticed.
All they seem to do is offer forbearances that allow you to stop the unaffordable payments for a short period of time, but then they resume. What's worse, once your loan is out of forbearance, the balance is higher because the interest that accrued during that time is added to principal!
Don't Wait Too Long to Get a Deal!
If you have received a letter from a lawyer, or worse been served with a lawsuit, contact my office right away to get me involved! I can then try to negotiate a deal for payments that will prevent them from entering a judgment as long as the payments are made.
What happens with a judgment? HESAA can levy on your bank accounts, taking the money you need to pay your bills, or even worse, garnish your wages which sets a repayment plan that they determine, not you! Plus, you don't et out of default.
Take Action!
If you realize that you have to take action immediately to protect your financial freedom, HESAA hasn't already garnished your wages, and you are ready to take that action, then click on this link to schedule a free, no obligation call with my office to discuss your case and see if you qualify for an affordable payment plan. The sooner you retain me, the sooner you will be able to breathe easily again.
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