STUDENT LOAN DEBT SETTLEMENT
NEW YORK LAWYERS
Are you interested in settling your federal or private student loans for
a reduced amount?
Generally, an account must be in default status in order to possibly qualify for a
student loan settlement. There are big differences in the guidelines that are used by collectors
on federal student loans as opposed to the agencies that collect on private
Our lawyers have helped numerous client's in New York with resolving
their federal loan debts with the Department of Education, New York State
Higher Education, and their servicers such as
Enterprise Recovery Systems,
GC Services, Windham Professionals,
West Asset Management Inc, and other private collection agencies under contract with the DOE.
With respect to
private student loan settlement, the debt lawyers at our New York City office have been successful in
resolving and sometimes negotiating substantial settlements on private
loans such as
Wells Fargo, and
National Collegiate Trust with collectors at Navient and
Weltman Weinberg & Reis, and law firms such as
Forster & Garbus,
Roach & Murtha, and
Zwicker & Associates. Our attorneys have also been able to
settle student loan lawsuits and have many times achieved significant reductions.
Interested in a settlement for your student loans? Contact our lawyers!
OR CALL: (888) 301-0584
Example of a Sallie Mae Private Student Loan Settlement
In early 2014, the Law Office of Simon Goldenberg PLLC was retained to
assist an individual with respect to 7 defaulted private student loans
owed to Sallie Mae, with a total balance exceeding
$250,000. Due to underemployment, my client was earning inadequate income to make
the minimum payments that Sallie Mae demanded, and therefore, he defaulted
on his payment. The client was concerned about the possibility of a
student loan lawsuit and he was interested in reducing his obligations to Sallie Mae. He has
the ability to borrow funds from a family member in an effort to resolve
his private loan debt.
Nearly one year later, our lawyers were able to negotiate a settlement
in full in the amount of
$80,000, to be paid in two monthly payments. The negotiation on the Sallie Mae
accounts were performed with the debt collection agency of
Capital Management Services. This remarkable settlement helped the client
reduce his student loans by over $170,000, and he was able to avoid the accrual of future interest. His concerns
about a lawsuit being brought against him were eleviated, and he was able
to proceed with his life unencumbered by this massive private student
loan debt with Sallie Mae.
Example of a Key Bank Private Student Loan Settlement
In June 2014, a Client contacted our law firm for assistance with 5 private
student loans with Key Bank with an outstanding total balance of roughly
$75,000. She had fallen under hard times financially and consequently defaulted
on her loans. However, her financial circumstances improved, and she was
able to put some money in savings, and borrow some money from a friend
to try to address her student loan debt. She was concerned about a lawsuit
being brought against her and she was seeking help to resolve the loan
through debt settlement.
In just 5 months, our lawyers negotiated a settlement on the private loan
debt with the collectors for Key Bank, Allied International Credit, to
satisfy the full balance on all 5 accounts for
$25,000, to be paid in 3 payments. This settlement achieved a
reduction of nearly $50,000 and avoided concerns about the possibility of a lawsuit and becoming liable
for more interest.
Example of a Federal Student Loan Settlement with NYHESC
A client sought the assistance of our law office in reference to government-backed
student loan debt with
Access to Loans for Learn with
New York State Higher Education (NYHESC) for an outstanding loan with a balance of nearly $30,000. The client had
moved abroad and had not made payment on this loan for many years, which
caused a substantial amount of collection fees and interest to accrue.
For at least a period of time, NYHESC was charging a collection fee of 16.2%.
His family member offered to lend him money to resolve his loan with NYHESC,
and as such, he was interested in seeing if he could pay a reduced amount
to satisfy his oblication to New York State Higher Education. Our lawyers
requested documents substantiating his original promissory note and payment
history so that the client could verify that the debt was accurate before
we commence negotiations.
As part of the representation, our attorney drafted a hardship letter on
behalf of the client and sent it to the Department of Education along
with an offer. The account was ultimately settled for
$21,740, which helped the client eliminate a portion of the collection fees and
interest, and allowed the client to satisfy the debt while
saving about $8000. He no longer had to be concerned about more interest and collection fees
accruing and the risk of
wage garnishment or
tax offset in the event that he returns to the country and earns income.
Student Loan Settlement Lawyers in New York
The success stories listed above are not "typical". They are
merely examples of what our lawyers have been able to achieve on a private
loans. Each case and client is unique, and prior results are not indicative
of future performance. Many of our other client's have enjoyed private
loan settlements that oftentimes falls within a range of 50%-70% off the
total outstanding balance. Some client's also have greater and lesser
settlements then this range. A client's hardship, financial status,
and other factors can impact the nature of the debt negotiations. The
lender, creditor, status, and length of delinquency are also factors that
play a role in the settlements.
Our lawyers offer assistance to people in New York seeking to resolve their
private student loan debt. If you are seeking an evaluation to determine whether you may be a candidate
for a student loan settlement, contact our law firm today. We offer a
free initial phone consultation to determine how we may be of assistance
in your particular matter.