How Student Loan Debt Settlement Works
Under our student loan debt settlement program, a qualified lawyer gets in touch with your student loan lenders and starts an arrangement process to considerably lower the interest 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 rest of the debt is forgiven by the lender and the settlement is a full and final settlement of the debt, leaving the borrower 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 debt attorney to fight for you
Here is the main reason you want a student loan attorney to fight for you and defend you against student loan lenders, like Navient, Discover, National Collegiate Trust, etc-- there is a lot of money exchanging hands in the student loan industry. Whenever there is a lot of money exchanging hands in a market, individuals often tend to become greedy and break the rules. It is no secret that student lenders, servicers and 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 violating the rules. According to the CFPB, "Some of the debt collectors that work under contracts from the Education Department and weren't identified by the CFPB, intimidated borrowers with lawsuits despite the fact that they had no intention of suing. Some used call scripts and letters that deceived borrowers about the benefits of repaying their defaulted federal student loans. Misleading borrowers about their debts is generally illegal under the Fair Debt Collection Practices Act."
There is a lot of rule breaking taking place in the student lending industry, which is why you want a student loan attorney to fight for you and protect your 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 options?
Some private student loan lenders will offer forbearance or deferment of private student loans, especially after graduation, in order for you to get a job. Sometimes, if you are going through hard times, you might have the ability to defer private student loans. However eventually, the principal, interests and fines will accumulate and you might 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.