I will always be grateful for that. That was one of the reasons I began to represent Sallie Mae and the other student loan guarantors in nearly 50 bankruptcy cases in the late 1990s and early 2000s. I wanted to help preserve a system to allow other disadvantaged students the ability to obtain professional degrees. However, when I graduated from a private law school in 1992, I owed approximately $45,000 and my first job paid $40,000. Roughly a 1-1 ratio. Repayment was very reasonable and achieved easily in less than ten years. Nowadays, the ratios are all out of whack, some nearing 8-1. With new graduates barely able to find employment, and with college tuitions rising over 900 percent since 1978, it is becoming an impossible situation for many borrowers. Defaults are skyrocketing with approximately 14 percent of all students that graduate with student loan debt end up defaulting within three years of making their first payment.
I would have never thought that anyone could get me out of debt especially $78,000 worth of loans, she really was great. Thank you so very much for making my life so much easier and less stressful.
I needed someone to take over a mess I could not escape and save me’, frankly. Attorney Arkovich did just that.
Some people think they are dealing directly with their loan servicer, when in reality they are dealing with a e sounds like their servicer
Christie Arkovich negotiated with private student loan companies on my behalf. The results of her efforts have had a very positive effect on my quality of life.
[Arkovich] helped us through a very difficult set of circumstances and helped set us back on track to a sustainable existence.
I had a nasty, un-payable, student loan hanging over my head for years. I went to several lawyers and got advice all over the board. I went with Christie Arkovich because she seemed the most reasonable, professional, and experienced. I was right. I could not have dreamed of a better outcome than what Christie was able to arrange for me. I am very happy.
The non-transparent nature of the student loan system that exists presently is also among the worst I have ever seen. No one seems to know what to do, and what options to choose for their various federal and private loans. Clients tell us they wish they had known of the options we presented to them years earlier. Many people rely on their loan servicers to make the decisions for them not realizing that the servicers are in reality debt collectors and their primary duty is to represent the creditor not the borrower. Borrowers are often placed in forbearance where the interest capitalizes every year and the balance rises to often 2-3 times what was originally owed. They are placed into generic income based repayment programs without regard to better options that may be out there. With six different income based programs, they are not one size fits all and picking the right one can save tens of thousands of dollars over the life of the loan, as well as shave years off of the repayment period before debt forgiveness kicks in.
The key in dealing with your student loans nowadays is to take the time to learn all about the system, the players, the loan types and their differences, the options available etc
There are also non-reputable student loan companies out there that are taking advantage of this crisis and lack of transparency. Many don’t do what they say, but yet they take your money.
Or if you don’t have the time, desire or ability to do all of that, then hire someone who is on your side. There is a new area of law called student loan law and there are a bunch of us nationwide who call ourselves student loan lawyers. We’ve taken the time and spent the money to learn all of this. We’ve represented hundreds of student loan clients over the past few years with outcomes we are very proud of and our clients are very thankful for.