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Student debt may be slowing down economic recovery Atlanta, GA

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Student debt may be slowing down economic recovery

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Federal regulators at the Consumer Financial Protection Bureau are continuing to work on solutions for the growing student debt crisis, which experts say could have a long-term impact on economic growth and the financial health of the country. There is more than $1 trillion in outstanding student loans in the United States, about 15 percent of which is held by private banks. One suggestion in the recent CFPB report is to create a program that allows borrowers to refinance private debt with public loans. 

Borrowers who are struggling to pay off their student loans and who go into default could face serious consequences, including wage garnishment, if a judgment is entered against them. That is why it is so important to take proactive steps once it becomes clear that the debt is unmanageable.

While the Consumer Financial Protection Bureau is focusing on government and regulatory solutions to the student debt crisis, banks are insisting that the private sector can also create solutions for students. Some are calling for the development of a refinancing market, which could help introduce competition among banks for refinancing of all different types of debt.

Still, as anyone who has tried to work with their bank on a loan modification knows, this is often easier said than done. Banks can be difficult to work with and may refuse to offer a modification even for qualified borrowers. In those cases, it is important to have a dedicated advocate to help hold the banks accountable and secure the loan modifications that are necessary to avoid default. 

Source: Bloomberg, “Private Student Debt Refinancaing Could Help Economy, CFPB Says,” Carter Dougherty, May 8, 2013.

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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