Student loans can be a financial burden, especially if you find yourself in a situation where you're unable to meet your monthly payments. If you're struggling with New Jersey CLASS student loans administered by HESAA and are looking for an affordable payment plan, there are three critical prerequisites you need to meet.
1. Default and the Involvement of a Law Firm
The first prerequisite is that your loan must be in default and in the hands of a law firm. This may sound counterintuitive, but HESAA typically won't consider negotiating a more affordable payment plan if your loan is not in default. Why should they if you've been making the payments in the current amount?
But when your loan enters default, it signifies that you really cannot afford the payments, and HESAA may be more willing to work with you to resolve the situation. This is where your legal representation comes into play.
As an experienced student loan and collection defense lawyer with over 30 years of experience, I've established a solid working relationship with the law firms that represent HESAA in New Jersey. This relationship enables me to negotiate on your behalf effectively, as I understand the nuances of these negotiations and can advocate for a fair payment plan that aligns with your financial circumstances.
2. No Wage Garnishment
The second key prerequisite is that HESAA must not be garnishing your wages. If so, they are already collecting payments directly from your employer. As such, there is no incentive for them to negotiate a new payment plan. However, if you reach out to me before wage garnishment occurs, I can work to prevent it and secure a more manageable repayment solution for you and avoid the embarassment of your employer knowing.
3. Available Funds and Long-Term Repayment
The third prerequisite is having at least $200 available for a monthly payment and the ability to pay off the current balance in 25 to 30 years. This is essential to HESAA considering a negotiated payment plan. They want to ensure that you have the financial capacity to make consistent monthly payments and ultimately repay the loan in a reasonable period of time.
Don't Try This Yourself!
While HESAA's primary objective is to recover the funds, their collection law firms often aim to collect their fees as soon as possible and speed up the repayment process for their client. As a result, they may aggressively propose higher (i.e. unaffordable) payments for a shorter repayment period.
This is where my expertise comes in. I have a solid working relationship with all of HESAA's lawyers, and have successfully negotiated affordable repayment plans for many clients in similar situations. I understand the tactics used by collection law firms and can navigate the negotiation process to secure a plan that works for you.
Act Now – Schedule a Call with My Office
If you meet the prerequisites mentioned above, it's essential to act quickly. Your financial well-being is at stake, and time is of the essence. You definitely don't want HESAA to get a judgment against you that would allow them to garnish your wages or sieze all of the money in your bank accounts.
Get ahead of this now! Click here to schedule a call with my office to discuss the details of your situation. We'll work together to create a personalized strategy for negotiating an affordable payment plan, preventing wage garnishment, and ultimately relieving the burden of your student loans.
