By Linda J. Crain The former student loan attorney for the National Association of Consumer Advocates (NACAA) is now working as a freelance lawyer, as a co-counsel with the National Consumer Law Center (NCLC).
She spoke to the Lad Bible about how her former loan is now a debt trap.
It’s a very expensive debt trap, especially when you get into student loan forgiveness, said Natalie Besser, who has represented borrowers with student loan debt in court.
I have clients who are paying interest rates that are $2,000 a year and have to pay $20,000 in attorney fees to get relief.
They’re paying thousands of dollars a month in interest payments that they don’t want to have to take.
I’ve never seen this before, I’ve been there.
The NACAA and the NCLC have partnered on a new website, LoanFreedom.com, that allows borrowers to access their former student loans through a new loan portal.
The portal lets borrowers pay off the debt using the credit of the lender.
LoanFreedom.gov, which launched on Oct. 20, allows borrowers who have been out of repayment for more than six months to make a one-time payment of up to $1,500.
The money is then refunded to the borrower if it’s not paid back within six months.
The loan is supposed to be paid back after the borrower becomes eligible for a full repayment program.
It’s the first time in recent memory that the federal government has made an exception to the so-called “loan forgiveness” provision of the bankruptcy code.
The original borrower, who had a $25,000 student loan balance, received a partial refund of her student loan loan payments, according to the NACA website.
The former student borrowed money to finance a degree at the University of Colorado Boulder and received an undergraduate degree from the same school.
She then attended law school, and eventually earned her bachelor’s degree from Georgetown University Law Center.
But her debt eventually forced her to sell her home and take a job as a secretary in New York City, where she worked for a decade.
The first loan payment, she said, was $3,000.
She had to pay off her debt over several years, she later told the Lad.
My debt was a total of $9,000, and I was still paying my loans off.
I had a total debt of $25 million.
When I went to law school and I graduated, I was a full time student and I had been making about $45,000 for about a year.
It was about a half-year that I was making $15,000 an hour.
And my student loans had grown to $100,000 per year, she added.
When she left law school to work as a waitress, she found herself in a similar situation.
Her debts were more manageable.
But after she was fired, her loans went up by another $50,000 and then another $100 for another year.
Her total debt jumped from $100 million to more than $1.2 billion.
In her interview with The Lad, Bessers says that she was able to work out a repayment plan with a private lender that would allow her to repay her loans at a lower interest rate.
In her case, she was allowed to pay down her debt, and she was granted the ability to receive a loan forgiveness payment of $1 to $2 for the next three years.
She and her family moved into a condo in Denver, Colorado, in 2018 and started working.
The next year, they received a loan modification.
In 2018, they were able to take out a loan for $600,000 through the NCSL.
That loan modification paid off in 2019.
The NCCL says that many former students have faced similar debt traps, but many borrowers are not able to make this type of payment in time.
The NCCLA also points out that there are some loan modification programs available to help people who have outstanding debts.
The NCLC says that the current situation is a “very sad and disappointing” situation, but that the program has been successful.