momenlegal.com

Debt relief company says Massachusetts licensing not required because lender isn't located in Massachusetts, is this accurate? (I am also posting this to r/StudentLoans, r/personalfinance, r/Debt r/DebtAdvice and this one because it has to do with the legal framework of the service option presented to us to significantly reduce the debt) A little backstory: I 24M and my girlfriend 24F are currently in the middle of a private student loan debt **CATASTROPHE**. I've got my things under control, I have a couple federal loans that I'm paying monthly and no other debts. However, my girlfriend (we will call her J), has accumulated **$245,023.66 from 3 Sallie Mae loans**, as listed below: Loan 1: Date opened: 2020 ; Variable Interest Rate: 15.625% ; Balance: $90,454.56 Loan 2: Date opened 2021 ; Fixed Interest Rate: 12.50% ; Balance: $78,782.91 Loan 3: Date opened 2022 ; Fixed Interest Rate: 12.25% ; Balance: $75,695.14 She has a full time job in her career and needs to keep working there to get sponsored for a certification that would increase her title and hourly rate (school for it is 4 semesters). Our goal right now is to reduce the monthly payments so that she's at least able to pay for some of her daily life. After certification her salary cap will be max $72,800 leaving no room for upward growth unless she were to go to veterinarian school (which was her plan) and is now largely out of the picture until she gets this debt under control. And no bankruptcy is not an option as that would extinguish the ability to take on new educational debt for vet school. From the get go, I knew of this and I knew it would be an issue in the future that we would have to tackle together. However, I didn't anticipate it would be this soon after she graduated with a Bachelors (May) that she'd receive correspondence 2 days ago that her payments were due July 11th (next month), instead of the expected 6-month grace period. The **scheduled payment amount is $3,212.20** FAR abov