Student Loan Debt Relief
Im sure you or your parents thought once you enrolled in college, you were making an investment in your future, and you were. However what wasn’t planned was that the economy would tank, available jobs would disappear and your student loans would become due and be a huge burden following you around for the rest of your working life. Unfortunately, that is the reality today as with the economic downturn and recessions many went to college or pursued higher education to help their chances of landing a good paying job. Consequently, student loan debt has soared, and many were forced to take out higher interest rate private student loans, not backed by the federal government.
Some less scrupulous schools popped up and lured people into expensive education programs with promises of high paying jobs that never materialized. Private student loan debt has ballooned to crisis levels in this country. If you find yourself with less income than you anticipated and unable to keep up with student loan debt, there is help with an attorney negotiated student loan debt settlement.
Student Loan Debt Forgiveness
When you engage our law firm and begin our student loan debt settlement program, a licensed attorney contacts your student loan lenders and begins a negotiation process to significantly reduce the interest AND principal the lender claims that is owed. After this process and at the end of a successful student loan settlement, you end up paying only a fraction of the original balance with the remaining debt forgiven by the lender. All of this is done without having to worry about filing bankruptcy.
Private vs Federal Student Loans
There are two main categories of student loans: federal and private. Federal student loans, such as Stafford Loans are backed by the federal government and are highly regulated. We are unable to work with federal student loans. On the contrary, private student loans may be issued by well known banks, like Citigroup or Chase Bank. These loans may have higher interest rates than federally backed loans. If you are unsure of what type of loans you have, you can contact us for a free evaluation.
Some private student loan lenders will offer forbearance or deferment of student loans, especially after graduation, in order for you to have time to find a job. In some cases, if you are going through difficult times, you may be able to temporarily defer your private student loans.however, the principal, interests and penalties will add up and you may find yourself with student loans you cannot afford. If you have private student loans please contact us for a free consultation with a student loan attorney. We will provide a free case evaluation to see if you qualify for our student loan debt settlement program.