Why Should I Hire a Lawyer to Settle Private Student Loan Debts?

Posted By Law Office of Simon Goldenberg, PLLC || 27-Jul-2017

As of 2017, more than 44 million Americans have student loan debts. Even after graduating college and starting a career, debt burdens can become overwhelming and hinder your ability to get on with your life. If you are struggling under the pressure of large student loans and have defaulted on your payments, you can seek to negotiate a settlement with lenders.

At the Law Office of Simon Goldenberg PLLC, our student loan attorneys have successfully negotiated with many of the major private lenders such as: Navient, National Collegiate Trust, Citibank, Discover, and Wells Fargo student loans. Many of our former client's have benefitted from substantial savings that were achieved as part of the settlement negotiations.

It is a good idea to hire legal counsel to settle private student loan debts. Here’s why:

  1. An attorney can negotiate with your lender. It is important to convince your lenders that settling for a lesser amount out of court is more beneficial than seeking full payment through litigation. Lending agents may offer temporary fixes or restructured rates, but an attorney can demonstrate your long-term financial situation and negotiate a settlement that benefits both you and your lender. You must prove that you have eliminated discretionary spending and have done all you can to pay the debts. With a lawyer representing your case, you can seek to negotiate a settlement and protect your interests.
  2. An attorney can help you understand the details. During the negotiation, it is important to pay attention to the details of the settlement. Lenders may try to impose fees, temporary interest rate adjustments, and counteroffers that may only hurt your situation in the long-term. A lawyer can identify key issues and minute details of your settlement, discuss them with you, and determine a course of action. It is also important to get the settlement in writing and signed by both parties, in case a lawsuit should arise in the future.
  3. An attorney can defend you from a lawsuit. In the event a lawsuit is brought against you to collect on an defaulted private student loan, an attorney licensed in the state of the lawsuit can help identify potential defenses and even work to negotiate a resolution in the midst of litigation. Avoiding entry of a judgment is paramount, and having a comptenent legal advocate can make a big difference in achieving an accetable compromise.

Call the Law Office of Simon Goldenberg, PLLC Today, Toll Free at (888) 301-0584

If your private student loan has defaulted, you can seek a settlement through negotiation. At the Law Office of Simon Goldenberg, PLLC, our New York and New Jersey student loan lawyers can tenaciously represent you to lenders in court and out of court. With the help of our firm, you can convince them that, due to your strained financial situation, negotiating a reasonable settlement is more beneficial than litigation. We can uphold your rights, discuss your options, and represent you every step of the way.

Contact our office today to schedule a free initial case evaluation, or call (877)717-0098.

Results vary. Contact us for an individual student loan evaluation.

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