Student loan debt haunts countless individuals, often making them feel
trapped. Many are generally unaware that there are actually ways for some
of these debts to be settled, canceled, or discharged, which can ultimately
provide the financial relief they need.
At the Law Office of Simon Goldenberg PLLC, we defend people from
student loan lawsuits and help them find solutions that best fit their circumstances. If you're
looking for help with
reducing your student debt, call us to learn what we can do for you. We are BBB accredited, and our
principal attorney has a distinguidhed "10.0" Avvo.com rating
and has been selected by Superlawyers.com as a "Rising Star"
for 4 consecutive years. Count on us to guide you towards the right solution.
Student Loan Debt Relief Lawyers
Or Call Today: (888) 301-0584
Private Student Loans
Lenders of private loans are not subject to the same guidelines as loans
that are federally guaranteed, as a such, most don't offer income
sensitive repayment plans. Most private lenders will calculate repayment
plans strictly based on the balance of the loan, irrespective of the client's
income or other circumstances. This can make repayment prohibitively difficult
for a borrower experiencing financial distress.
Although a borrower can apply for forebearances and deferments to delay
payment during times of hardship, these programs only provide temporary
relief. Ultimately, if a person is unable to make payments, their private
student loans will eventually default. However, that doesn't mean
that a resolution isn't possible.
A debt relief attorney can help present a debtors hardship in a light condusive
to negotiating a settlement reduction with student loan lenders. Sometimes
debts can be reduced substantially, while allowing affordable monthly
payments, with no additional interest. This can help a distressed borrower
resolve their debts for less then their full balance and quicker then
their original payment plan. Contact our
student loan lawyers to learn how we can help you.
Examples of private student loan lenders, debt buyers, and guarantors:
- National Collegiate Student Loan Trust
- United Guaranty
- Sallie Mae
- Student Loan Solutions
- VL Funding LLC
- Wells Fargo
- And more...
Examples of law firms that collect student loan debts are:
- Schachter Portnoy LLC
- Rubin & Rothman LLP
- Forster & Garbus LLP
- Weltman Law Firm
For those who borrowed from private student loan companies, loan cancellation
is oftentimes not an option since they are not legally obligated to participate
in loan cancelation programs. In most circumstances, private lenders have
limited loan discharges. For example, if a borrower dies or becomes totally
and permanently disabled, the terms of the particular loan would determine
if discharge is possible.
Federal Student Loans
Below are some of the circumstances in which you can qualify for having
some or all of your federal student loans discharged, so you can move
forward with your life without the stress of these debts looming over you:
Permanent total disability: If a borrower becomes totally and permanently disabled, the student loan
can be canceled. To achieve this, one must prove the disability to the
U.S. Department of Education.
Public service employment: If a borrower made 120 on-time, monthly payments while working at a public
service job, he or she might also be able to have any federal direct loans
canceled. Military service, for example, is covered by the student loan
Teaching low-income students: A borrower might be able to cancel some or all of his or her student loans
if he or she taught full-time in a low-income elementary school, secondary
school, or educational service agency for at least 5 years.
Closed school: If a school closes while a borrower is enrolled or within 90 days after
the borrower withdraws, it is possible to have any student loans canceled.
However, one will only qualify if he or she was unable to complete the
educational program as a result of the school’s closure.
State tuition recovery funds: Many states have tuition recovery funds available to help students who
were enrolled at fraudulent schools. If a borrower was enrolled in a fraudulent
school and never received reimbursement for enrollment costs, it is important
to contact the New Jersey Department of Law and Public Safety Division
of Consumer Affairs.
Student loans might seem impossible to overcome, but there are several
circumstances that allow individuals to have these debts reduced or discharged.
At the Law Office of Simon Goldenberg, PLLC, our legal team is here to
provide you with exceptional legal assistance to help you understand the
options available to you during this undoubtedly financially difficult
time. We service most areas of New York and New Jersey. Allow our experienced
attorneys to protect your interests and guide you towards a resolution
that works for your situation.
If you'd like to
settle a student loan, give our law office a call at
(347) 389-0245 to schedule your free case evaluation.