How Student Loan Debt Settlement Works
Under our student loan debt settlement program, a licensed attorney contacts your student loan lenders and begins a negotiation process to significantly reduce the interest rate and original balance the lender says is owed. At the end of a successful student loan settlement, the borrower ends up paying just a portion of the original amount claimed by the lender. The remainder of the debt is forgiven by the lender and the settlement is a full and final settlement of the debt, leaving the debtor without the burden of student loan debt moving forward. All of this is done without filing bankruptcy which can take a very long time to recover from.
Why you need a student loan attorney to fight for you
Here is the main reason you want a student loan attorney to fight for you and protect you against student loan lenders, like Navient, Discover, National Collegiate Trust, etc-- there is a lot of money exchanging hands in the student lending market. Whenever there is a lot of money exchanging hands in an industry, people tend to get greedy and violate the rules. It is no secret that student lenders, servicers and debt collectors often tend to break the rules.
The CFPB, the government's financial watchdog agency, recently reported that the federal government's very own student loan debt collectors are breaking the rules. According to the CFPB, "Some of the debt collectors, who work under contracts from the Education Department and weren't identified by the CFPB, intimidated debtors with lawsuits even though they had no intention of taking legal action. Some used call scripts and letters that misled debtors regarding the benefits of paying back their defaulted federal student loans. Deceiving borrowers about their debts is typically illegal under the Fair Debt Collection Practices Act."
There is a ton of rule breaking going on in the student lending market, which is why you need a student loan lawyer to fight for you and defend your legal rights. These lenders and debt collectors will definitely have lawyers on their side. It is in your best interest to have a law team too.
Are there other alternatives?
Some private student loan lenders will provide forbearance or deferment of private student loans, especially after graduation, in order for you to find a job. In some cases, if you are going through tough times, you may have the ability to defer private student loans. But eventually, the principal, interests and fines will accumulate and you may find yourself with student loans you can not pay for. If you have private student loans, or are unsure of what kind of loans you have, please contact us for a free consultation.
For more information about a Student Debt Attorney in Anaheim, California, contact Thomas K. McKnight LLP at (800) 466-7507 or visit our website at TKMLLP.Com for a free consultation!