Alpena, MI Office: (989)358-2100
Petoskey, MI Office: (231)487-1201

Student Loan Optimization

1Student Loan debt exceeds $1 trillion dollars in the United States.  There is an overwhelming need for student loan repayment optimization through unbiased counselors.  Eighty percent of American households have student loans that average nearly $30,000.

There are few attorneys and student loan consultants who provide professional Student Loan Repayment Optimization services.  Most student loan borrowers are misguided and given insufficient information on how to repay their student loans by their debt settlement companies.  In many cases the student loan counselors (student loan servicing company) are owned or operated by the lenders who will recommend options that fail to include the best student loan repayment options for their client.

At Mortimer Law Firm our Student Loan Repayment Optimization Specialists and Attorneys are experienced and educated on the subject matter of devising the best repayment plan with the most favorable options.  Each of our clients (borrowers) cases is reviewed thoroughly to implement the best repayment option that save the most money for our clients.

Student Loan Payment Optimization

2Every client has differing financial resources, job situation, and loan commitments that we analyze to find your best repayment plan. Need help reducing your student loan obligations?  How would you like to have your student loan cancelled or forgiven?  Our Student Loan Optimization experts review multiple repayment options and suggest the best repayment plan for your financial situation. Optimizing student loan payment plans can save you thousands of dollars in principal repayment and substantial reductions in your monthly payments.

Key Benefits of Student Loan Repayment Optimization:

  • Reduce monthly payments substantially
  • Lower interest rates & repayment terms
  • Student Loan forgiveness, cancellation or discharge
  • Income Based Repayment Plans reduce principal and monthly payments
  • Public Service Loan Forgiveness and Teacher Loan Forgiveness Programs
  • Consolidate numerous loans into one lower monthly payment
  • Improve credit rating

What We Do to Assist you in Student Debt Relief

Mortimer Law Firm matches former students and graduates with federal programs to consolidate, lower, eliminate, or cancel their current Federal student loans.  Our team of experts will help you take advantage of the latest government regulations to potentially save you thousands of dollars and many times more than half of your monthly payments.  We will compute the numerous repayment options for you to evaluate, make informed decisions on how to lower your payments and reduce your principal owed under the various options.

Working with Mortimer Law Firm, you’ll be able to save time and money by getting your student loan forgiven, reduced, cancelled, or consolidated.  Our trained financial experts and attorneys will work with you closely to determine your best repayment plan options and prepare all the required forms to submit your application to the Department of Education.

With more than 40 years of financing experience, our experienced consultants understand the intricacies and necessary steps to save money on your student loan repayment options.  Mortimer Law Firm provides affordable student loan counseling for people who need assistance in an area without adequate and competent assistance.

The average student loan debt for Americans is nearly $30,000.  Student loan optimization is needed throughout America but there is little professional help available to assist student loan borrowers.  Every client has a differing financial resources, job situation and loan commitments in which we analyze to find the best repayment plan.  For example, public service workers may have their substantial loan obligations forgiven in large part.  Also, disabled workers may have their student loans cancelled.  Our student loan programs are much more favorable than discharging student loans through the bankruptcy court where it is very costly and difficult to qualify.

Student Loan Consolidation

The process of combining multiple loans into one new loan with one payment is called loan consolidation. Even without a credit check most federal student loans can be consolidated into a Direct Consolidation Loan. A Direct Consolidation Loan will allow borrowers to consolidate loans into one loan payment with an extended time of repayment. If a student loan borrower has an unfavorable consolidated loan (with tainted repayment options) it is possible for Mortimer Law Firm to undo the consolidation and enter the borrower into a more favorable repayment program.

Student Loans in default can still be consolidated if specific loan obligations are fulfilled. Once the obligations are met to get the loan out of default it is possible to consolidate the loan. Direct Consolidation Loan repayment can begin 60 days or sooner and terms range from 10 to 30 years. Some of the benefits of a Direct Loan Consolidation are: lower interest rate, extend repayment time and one lower monthly payment.

Student Loan Forbearance

Forbearance is basically when the repayment of the principle of the student loan is postponed but the interest on the loan will continue to accrue. Forbearance could be granted to borrowers who do not qualify for deferment. Discretionary Forbearance can be granted at the lenders discretion to student loan borrowers with financial hardship or illness. The second type of Forbearance is called Mandatory Forbearance.

Borrowers are eligible for Mandatory Forbearance if they meet requirements such as:

  • Qualifying for partial repayment with the U.S. Department of Defense repayment program
  • Received a national service award for a national service position
  • Enrolled medical/dental residency, internship or performing teaching services can qualify for teacher loan forgiveness etc.

During the forbearance period borrowers will not have to make payments on the loan principal but they will be responsible for the interest of the loan. Student loan borrowers can make monthly payments on the interest or the borrower can allow the interest to accumulate and be added to the principal balance of the loan.

Student Loan Forgiveness Programs

Student Loan Forgiveness programs reduce part of the loan principle balance or all of the loans principle balance depending on the situation. Loan forgiveness programs were implemented to help disabled citizens, low income workers and public services workers. Medical professionals, teachers, police officers, firefighters and non profit employees may quality for “Public Student Loan Forgiveness.” Lenders can relieve a debt through a Student Loan Forgiveness Program, but most of the student loans that are forgiven are federally subsidized student loans.

Student Loan Cancellation and Discharge

Student loan borrowers can have student loans cancelled or discharged which basically means they will no longer have to make loan repayment obligations. There is certain instances a student loan can be discharge or cancelled such as:

  • School has been closed
  • The Borrower is totally and permanently disabled
  • Death of the Borrower or parent Plus loan borrower
  • Unpaid refund from school
  • Student Eligibility has been falsely certified
  • Schooling does not provide any meaningful education that qualifies the student for entry into the profession of field studied
  • In rare instances discharge by bankruptcy

Income Driven Repayment Plans

Income driven repayment plans are available for lower income students and students that have more outstanding loan debt than their annual income can afford. There are three different types of income driven repayment plans known as Income-Contingent Repayment Plan (ICR Plan), Income-Based Repayment Plan (IBR Plan), and Pay As You Earn Repayment Plan (PAYE). Each one of these repayment plans have different requirements to qualify and different terms but are setup to reduce your monthly payments to affordable levels that typically save thousands of dollars and drastically reduce principal repayment obligations.

Delinquent Student Loans

A student loan becomes delinquent when the borrower fails to make payment on the due date. Delinquent loans can hurt the borrowers credit rating.

Defaulted Student Loans

If a student loan is delinquent for 270 days or more it goes into default. If a student loan is in default, the borrower must pay the unpaid balance and collection fees. Default student loans can damage the borrowers credit rating, make them ineligible to receive financial aid, eliminate favorable student loan repayment options, and the government can withhold tax refund and/or garnish wages.

How we Optimize Your Student Loan Repayment Plan

Mortimer Law Firm can optimize student loan repayment plans for new graduates, parent PLUS borrowers, individuals who graduated years ago and current students. We work directly with the student loan client to find the best possible solution for repayment. Most companies are on the lenders side and often just consolidate your loan without offering the best repayment solution. Mortimer Law Firm analyzes each client’s student loan situation regarding employment, pay, loan type, loan size, financial situation etc. to find the best repayment plan.

Contact us to get services started and we’ll design a custom plan tailored to your individual needs. For a free consultation contact us on one of our online contact forms, email us at or call us at 1-989-358-2100.

We provide Student Loan Optimization services Nationwide and a professional Student Loan Expert will work with you in our professional office, online or by telephone.

Mortimer Law Firm uses a 4-step process to evaluate your individual needs and determine the best repayment plan for your situation:

Step 1 – Fact Gathering Stage:

  • Review your educational loans (Stafford, Direct Subsidized/Unsubsidized, Perkins, PLUS, Grad PLUS, Private/Alternative Loans) and current loan terms
  • Determine status of loans – delinquency, default, forbearance, or deferment
  • Discuss income and resources available for payment

Step 2 – Explore Student Loan Repayment Programs:

  • Discuss Student Loan Repayment Options
  • Identify which Student Loan Strategies are optimal and/or available for Student Loan Borrower. For example, we will determine on each student loan if you are able to:
  1. cancel student loans
  2. forgive student loans
  3. discharge qualifying student loans
  4. lower monthly payments
  5. consolidate monthly payments
  6. reduce principal balances owed on student loan principal etc.

Step 3 – Make Application for Money saving Plan:

  • Provide various repayment options for your review
  • Select option most advantageous to Student Loan Client
  • Prepare forms to implement student loan savings plan

Step 4 – Annual Income qualification counseling (if needed)

  • Assist with annual Client qualification for annual income based plans

Get help repaying your student loans and lower your monthly payments today. Call us at 1-989-358-2100 or sign up online for a free consultation and we’ll be in touch within 24 hours.