The office is open Monday- Friday 8:30 am to 4:30-pm. Saturdays and evenings by appointment.
Law Office of
Donald S. Goldbloom
12590 National Pike
Grantsville, MD 21536
Serving all of Allegany and Garrett counties
Associate: Brandon James Hoover, Esq.
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Many people encumber themselves far more than they realize by taking out student loans. Once the loans are due, they may not have the job or income anticipated, and quickly, they fall behind in the prime of their lives with burdensome student loan obligations. Upon investigation, they find that, generally, bankruptcy will not relieve them of the student loan, unless hardship can be proved. Providing that proof in bankruptcy court can be difficult. It requires a contested proceeding, proof of previous good faith loan payments, and disability severe enough to prevent repayment.
Realizing that bankruptcy is not usually available for student loan relief, many financially strapped people, often young adults, simply request a “deferment.” While this may provide temporary relief, interest usually continues, and the principal balance owed continues.
There are programs other than a simple deferment than can provide significant relief. An example would be to consolidate one or more loans into a new loan, and if you qualify for an income based payment plan, to reduce your monthly payments to something you can realistically afford.
Forgiveness programs exist, too. We can review them with you, such as the public service forgiveness program, where a modest income based plan payment can be set up for a number of years after which the remaining principal balance is forgiven.
You may have similar issues, or you may be on the brink of having your wages garnished because you have defaulted on your student loan. Sometimes we can advise you how to cure your default and later work through some of the above mentioned options to ultimately lower your payment and obligation once out of default.
Each case is different, and there is a wide variety of loan and repayment programs. Student loan reduction is not available to everyone. We can assist you in working through the complexities to determine if you qualify for relief.
Do you have questions or would like to make an appointment? See our phone numbers on the left of this page, or use our contact form.