For the first time in history, student loan debt has surpassed credit card debt. It causes so much financial stress on families and for most people, they will never pay it off (or at least it feels that way). If you’re looking for a way out, you’re not going to want to miss this because I am going to show you how to eliminate student loan debt legally.
You guys got to stop paying student loans.
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Today we’re going to talk about student debt. You guys got to stop paying student loans. Now, I’m not an attorney, I don’t want you to take this as legal advice, but I am going to give you guys some serious nuggets on this one.
First and foremost on student debt, it has now, 2019, actually passed credit card debt for the first time in the United States history. Student loans have passed the debt of credit cards. The way we kind of look at student loan debt is almost like a mortgage debt. It’s almost like you’re tied in for life.
Think about student debt and then think about your mortgage payment. It’s very similar, right? It’s years and years and years of this rat race. How do I get out? What do I do?
It is causing so much financial hardship because of the amount of debt.
Let’s say you got $100,000. Now, that’s giving you a high number, but let’s say you have $100,000 in debt. You’re going to be like $160,000, $170,000 by the time it’s paid off. That’s absolutely ridiculous.
I’m going to give you guys six tips that are going to help you understand what you can do and see if this situation fits your situation. It’s not for everybody, but if one of these six nuggets can really help you guys get out of your debt it was well worth the video.
First, let me give you some stats.
According to the Treasury, $1.5 trillion in student debt. $1.5 trillion. It has hit the T. Finally has hit the T. That’s how much student debt we have right now in the United States.
Number two, 44.7 million, 44.7 million have student loans. 44.7 million people have student loans. That means that one out of every four people right now has some type of student loan debt. One out of every four. So, this is huge.
The average debt is 37.5 thousand dollars. That’s the average debt right now per person. 37.5. Now that it has passed the credit card debt, it is just slightly lower than mortgage debt. I don’t know that it’ll ever reach mortgage debt, but when it passed credit card debt it was just absolutely amazing to me that they’re getting away with this.
Now, is there going to be consequences if you don’t pay your student debt? Of course. There are consequences for about everything you do. But, you got to remember that student debt, they can’t squeeze blood out of a turnip. They can’t squeeze blood out of a rock. Guys, you’re not going to go to jail. You’re not going to be arrested. You cannot be arrested or go to jail for not paying student debt.
First and foremost, let me just give you that security right there. It is not a criminal offense. It is a civil offense. These six things that we’re going to talk about I want you to look into, and then I’m going to give you a quick one, two, three scenarios what you guys can do to get out of your student debt.
First thing you need to know is that one thing that we want to check is to make sure if you’re going to file a suit. The steps are basically we’re going to file a suit. We’re going to file suit against the bank. Because right now there’s going to be a couple things that you could actually have a defense against, but you want to make sure that one of these six things files first. When I give you these six titles, you have to see which one fits your scenario, and if it does then you have a case in which you can actually get completely out of student debt.
The first thing is they may not have the wet ink original signature. If they don’t have the wet ink original signature from you signing on your student debt, it is not a legal debt.
Number two, they may have changed the note and sold the note to a different bank. Your lawsuit or your suit is going to be against the bank because they may have been inept in some of these things and you may be completely out of paying student debt and just not know it. So, number two is they may not be the original bank. They may have sold the bank to somebody else, which lets you out.
Number three, forged or signed illegally. You may have had it forged or signed illegally. Who knows? Somebody may have, maybe a spouse, a girlfriend, a boyfriend, a friend, somebody signed the student loan that wasn’t you. That is another way out.
The bank may owe you a modification to that student loan in good faith. You’ve been making payments. Interest rate is crazy. They may owe you a modification. Not based on credit score, in good faith. You may not have known that.
Five, failure to negotiate the loan to give you the modification is a defense in its own right. If they don’t give you the modification, right there. That’s a way out right there because they legally have to give you a modification.
Another tip. You may be charging illegal interest. When I say they, they as the bank may have been charging you illegal interest, in which that particular bank cannot charge. We have to find out the original bank who has the loan for you. Did they sell it? Can either of those banks actually charge you interest for that loan?
If they’ve broken any of these six, I’m going to ask you to do two things. Stop paying the debt. You need to bring suit to one of these six things. Hire counsel and go through these six tips and see which one fits your scenario. You’re not going to know that. Have an attorney do that. It takes a phone call to have an attorney to do that. It’s not going to cost you probably anything to have them pro bono take it on. Contingency case. And then, settle your suit.
This could potentially get you out of student loan debt. Remember, one out of four people have student debt. And I’m sure you’re one of them. If you’re not one of them, congratulations.
But I can tell you, we look at credit reports time after time after time, time time. Thousands of times a day. The amount of student debt that I see on credit reports is astonishing.
That’s why I do Tradeline TV, is to share with you guys some tips because when people are in student debt, they believe, let me give you another tip, they believe that because they have student debt that they can’t get credit cards or can’t get a house or can’t get a credit card. That couldn’t be further from the truth.
Student debt is not going to affect you from getting a mortgage, getting a car, or getting credit cards. Those are completely different categories. That’s the first tip.
Let me tell you something else. Remember how if you’re late on a credit card payment, a mortgage, car payment, remember if you’re 30 days late, when you get to day number 31, guess what happens?
They report a 30 day late on your credit. Let me tell you something about student loans. 270 days. You can miss up to 270 days before it shows late on your credit report. Not 30. Almost a year.
Thank you guys for watching Tradeline TV. My name is Mike. Again, subscribe. Hit the thumbs up. If any of this can help you, I appreciate watching. Let me know. Post comments below if I can help you in any way. 904-515-6698. Mike with Wholesale Tradelines. Take care.