How Can I Get Help with Student Loan Debt?

Posted By Law Office of Simon Goldenberg, PLLC || 13-Jun-2018

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


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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:

  • Navient
  • National Collegiate Student Loan Trust
  • United Guaranty
  • Sallie Mae
  • Citibank
  • Student Loan Solutions
  • VL Funding LLC
  • Wells Fargo
  • And more...

Examples of law firms that collect student loan debts are:

  1. Schachter Portnoy LLC
  2. Rubin & Rothman LLP
  3. Forster & Garbus LLP
  4. 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 forgiveness program.
  • 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 Loan Lawyers in NJ & NY

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.

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