? Private Student Loan Assistance | Debt Counsel for Seniors and the Disabled
Jerome S. Lamet, Supervising Attorney: Founder



Can You Answer YES to these questions?

  • Are you a senior, veteran or disabled person?
  • Is your income from SS, SSI, Veteran's Benefits or a pension?
  • Did you sign or co-sign for a student loan?
  • Are you unable to repay your student loan?
  • Did you just find out the loan cannot be discharged in Bankruptcy?

Debt Counsel for Seniors and the Disabled Can Help You.

Last month, Rohit Chopra, the student loan ombudsman for the Consumer Finance Protection Bureau said that educational debt in this country now tops $1 trillion. To put the student loan number into perspective, credit card debt totaled $700 billion in the United States, while total auto loan balances are around $730 billion.

Adding to this crisis is the fact that private student loans, like federal student loans, cannot be eliminated in a bankruptcy. Furthermore, they continue to accumulate high rate interest for the life of the loan causing them to follow a borrower from graduation to the grave, including their co-signers. The crisis in the senior, veterans and disabled communities arises when parents and grandparents co-sign for loans that their children cannot now repay

Is There a Difference Between Private student loans and
Government-Backed (Federal) Loans?

Federal student loans have many repayment options that are income based. Because our clients' comes are from Social Security, Veteran's Benefits, etc., we have been able to obtain drastically reduced monthly payments and often obtain monthly payments of zero. If you don't do anything, your Social Security and Veteran’s Benefits can be garnished up to 15% of your monthly earnings.

However, Social Security and Veterans benefits cannot be garnished for private student loans. Unlike Federal loans, private loans have a statute of limitations similar to credit card debt. If the private student loan lender does not file a lawsuit within your state's statute of limitations, they are time-barred from ever suing you for this debt. Without the ability to sue, the lender cannot garnish your earnings. If your student loan lender does obtain a judgment and tries to garnish your income, your social security and veterans benefits are protected from garnishment.

If you don't do anything, you endanger your benefits so call, email or write DCSD so we can help you with your student loan debt.

You can reach DCSD at 800-992-3275 x 1304.

The information you obtain at this site is not, nor is it intended to be, legal advice. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established. Furthermore, the information on this website is for general purposes only and should not be interpreted to indicate a certain result will occur in your specific legal situation.