If you're struggling with student loan debt, you're not alone!
Just don't make the mistake of ignoring these debts, you could face
serious consequences such as lawsuits and wage garnishment. Rather, you
should work towards identifying your best resolution options and creating
a plan to rectify the balances.
Our law firm has helped many distressed borrowers find affordable solutions
to their student loans. Some of our biggest debt reductions were achieved
when negotiating settlements on private student loans owed to major lenders such as
United Guaranty, and many others. Many of these settlements were structured over long-terms,
with no additional interest, so that the payments would remain affordable.
There is no requirement for a lender to accept a reduced amount in full
satisfaction of the debt. However, many lenders will consider offering
a discount if it makes senses to them. One of the major factors is whether
the borrower has legitimate financial hardship. Under the right circumstances,
some accounts could be settled for substantially less then the outstanding balance.
Our Lawyers Help Settle Private Student Loan Debt
Call Today: (888) 301-0584
Student Loan Debt Is A Widespread Issue
The cost of attending college has grown exponentially over the past few
decades. From 2000 to 2011, the cost of a degree rose 70%, from an average
of $10,820 to $18,497. Today, there is more than $1.3 trillion in
student loan debt in the United States alone, spread out over 44 million borrowers. To attend
a 4-year college, the average borrower will accrue about $28,400 in debt,
which doesn’t include any extra the students or their families pay
on top of that. Only about 37% of students are actually able to pay down
their student loans, while the rest make do with what they can afford.
Many students have also moved back into their parents’ homes because
they can’t afford to pay rent on top of paying off the loans. In
addition, it’s no longer an option to avoid getting a college degree.
On average, someone with a completed high school degree will make $27,915
a year, while a college grade will make $51,206.
Private Student Loan Default
If you’ve just graduated, and you’re facing years of debt repayment,
or you’re behind on your payments, there are several options you
could take to settle your private student loans. While the federal government
will work with you to repay your loans by offering forbearance,
repayment plans, or deferment, a
private lender may not be as forgiving.
Private lenders will use a third-party debt collector to call you and send
you letters pursuing payment. However, they don’t have other avenues
of forcing involuntary repayment outside of court. In order to garnish
wages or freeze bank accounts, most private lenders would first need to bring a
student loan lawsuit and obtain a judgement.
When this happens, it’s important to consult our
New York debt relief attorneys. Simon Goldenberg is extremely familiar with helping people get back on
their feet. He can talk to you about several options for obtaining debt
relief, such as discharge, dismissal, or even cancellation of the loan.
We can help you identify all available resolutions that will best meet
your goals and make your future a priority.
Contact us at (888) 301-0584 or fill out our online form to schedule a
free initial case consultation today.
Results vary; prior results do not guarantee similar performance. Simon
Goldenberg is licensed to practice law in New York and New Jersey. This
page does not contain any legal advice.