Student loan debt can be a significant burden for many borrowers, particularly those with private loans. Private student loans, like those offered by Navient, often feature higher interest rates and less flexible repayment options than federal loans. For borrowers struggling to keep up with payments, speaking with a lawyer for private student loans may result in a reduction of the amount owed and an arrangement for monthly payments that are more manageable. The Law Office of Simon Goldenberg, PLLC assists borrowers by helping to settle Navient student loans for those who have fallen into default due to hardship.
Significant Interest Rates
Private student loans, such as those provided by Navient, typically have fixed interest rates that can range from 5% to 14%, depending on when they were issued, the borrower's credit rating, and other details. Unlike federal loan providers, which offer a range of repayment plans based on income and other factors, private lenders often have limited options for repayment. Borrowers may be able to make interest-only payments, defer payments for a certain period, or enter into a forbearance agreement. Unfortunately, though, these options may result in additional fees and might not address the underlying issue of unaffordable monthly payments.
Penalties, Fees, And Other Consequences
When borrowers fall behind on their private student loan payments, they may face late fees, penalties, interest rate spikes, and even default. Defaulting on a private student loan can result in serious consequences, including damage to the borrower's credit score, wage garnishment, aggressive collection actions, and even a legal case filed against you by the lender. It is important for borrowers to take action as soon as they realize they are having trouble making payments on their private student loans so they can find options to settle Navient loans without getting deeper into debt they can’t afford.
Get Help From A Lawyer For Private Student Loans
One good option for borrowers who are struggling with private student loan debt is to work with a lawyer who understands the laws concerning private student loans. A debt settlement lawyer for private student loans can negotiate with the lender on behalf of the borrower to potentially reduce the amount owed and establish a new payment plan that is more affordable. Debt settlement lawyers are experienced in dealing with creditors and may be able to secure a better outcome for you than if you were to attempt to negotiate on your own. A debt settlement lawyer for private student loans can also help you to defend against legal action and will communicate on your behalf with the lender, taking the pressure off you to stay in contact with collections agents and attorneys who are trying to get money from you.
Debt Settlement Negotiations
When working with a debt settlement lawyer, you should be prepared to provide documentation of your income, expenses, and debt. If debt settlement is the best way forward for your situation, our team will use this information to negotiate with the lender and work to establish a new payment plan that takes into account your unique financial situation. You may be asked to make regular payments to a third-party account that will be used to pay off the debt over time. It is critical to make these payments on time and in full to avoid default and additional fees.
It is crucial to note that working with a debt settlement lawyer does not guarantee that your debt will be reduced or that a new payment plan will be established. Lenders are not required to work with debt settlement lawyers, and some may be unwilling to negotiate. Additionally, debt settlement can have a temporarily negative impact on your credit score, as it involves settling the debt for less than the full amount owed. Borrowers should carefully consider the potential consequences and discuss their options with an experienced debt resolution lawyer for private student loans before committing to pursue debt settlement.
Options From Consolidation To Forgiveness
There are also other options available for borrowers who are struggling with private student loan debt. Refinancing a loan at a lower interest rate or securing a longer repayment term can help reduce monthly payments and make the loan more affordable. However, refinancing may not be an option for borrowers with poor credit or a high debt-to-income ratio.
Some borrowers may be able to consolidate their loans, which is a process that combines multiple loans into a single account, managed by making one payment monthly until the full balance is resolved. This approach can simplify repayment and may also result in a lower interest rate. In some cases, borrowers may be eligible for loan forgiveness or discharge. For example, borrowers who work in certain public service jobs may be eligible for student loan forgiveness after a certain number of years of service. Borrowers who experience permanent disability or attend a school that closes while they are enrolled may also be eligible for loan discharge.
Qualified Legal Help On Your Side
In conclusion, student loan debt can be a significant burden for many borrowers, particularly private loans with high interest rates and limited repayment options. Finding a way to settle Navient loans on your own can be challenging and overwhelming. Working with a debt settlement lawyer for private student loans can potentially help to reduce the amount you owe and establish a new payment plan that is more manageable.
Borrowers should carefully weigh the potential consequences and explore all available options before deciding to pursue debt settlement or any other debt relief or debt management solution. The Law Offices of Simon Goldenberg, PLLC offers free legal consultations. You can call (888) 301-0584 at any time to explore your options. By taking action early and exploring all available options, borrowers can take back control of their student loan debt and potentially avoid the negative consequences associated with default.
Case Highlights
Kate Resolves Navient Student Loan Crisis With Help From Law Office of Simon Goldenberg, PLLC
Kate contacted us when she fell a few months behind with her Navient private student loan. She was in between jobs and couldn't keep up with the payments. Her situation is not unique—with rising inflation and wages that haven’t increased to keep up with the costs of rent and necessities, many people find themselves struggling to make payments that they had been able to afford previously.
When she contacted Navient to try to resolve the situation, the company was unwilling to work with her to come to an affordable resolution. Unfortunately, this is also a common experience among borrowers with loans from private student loan lenders like Navient. They are aware that they have borrowers committed to full repayment, and they pile on the pressure to keep the borrower making payments on the obligation, even as other pressures stack up in people’s financial lives.
Kate knew she needed solid legal advice, so she contacted the private student loan lawyers at the Law Office of Simon Goldenberg, PLLC. Our experienced debt resolution lawyers got to work building a strong case for why Navient should work with her to get the debt resolved on terms she could handle. Ultimately, our team settled her balance of nearly $58,000 for $20,100. She was able to eliminate the tremendous burden this loan was causing her.
Individual results always vary, as each borrower’s case is unique, but our experienced private student loan lawyers have experience with many different kinds of circumstances and have found ways to help borrowers secure favorable resolutions time and again. If you have a private student loan that you can’t keep up with, contact us at the Law Office of Simon Goldenberg, PLLC to discuss your case and allow us to help you find a way to settle your Navient loan.
Law Office of Simon Goldenberg, PLLC Student Loan Resolution Lawyers Save The Day For Steve
Many borrowers face challenges when trying to settle Navient loans. Private lenders like Navient and others don’t follow the same rules as federal lenders, and they may have higher interest and stricter repayment requirements. Steve was struggling to keep up with payments, so had enrolled in Navient's temporary reduction program twice. He came to the realization that despite the payments he was able to make, there was no end in sight. Knowing he needed help right away, he gave us a call at the Law Office of Simon Goldenberg, PLLC. Our capable student debt resolution lawyers gathered the important details of his case and got to work convincing Navient to offer him a solution he could afford.
Cases like Steve’s are not uncommon. Many borrowers with private student loans from Navient and other private lenders find that they struggle to meet their original repayment terms. Even after working with the company to get a temporary reduction or new repayment terms, they find themselves falling behind as the pressures of rising consumer costs hit them hard in all areas of their financial lives.
You should know, though, that there is help available. At the Law Office of Simon Goldenberg, PLLC, we have extensive experience managing private student loan resolution scenarios. As a result of our negotiations in Steve’s case, his $62,000 debt was settled for just about $23,000. Since he wasn't able to come up with the funds in a single lump sum, we structured his repayment with a down payment and the remainder spread over 48 months. Not only was his debt reduced substantially, but he also has a very affordable payment plan, with no further interest.
Every case is unique and as private student loan lawyers, we know how to talk to lenders and explain each borrower’s unique situation in order to negotiate effective settlements that everybody can live with.
If you have tried to settle your Navient loan and faced frustration and failure, contact us to speak with experienced debt resolution lawyers who handle private student loan resolution concerns. We’ll communicate with the loan company for you and handle legal claims against you as we work toward solving your financial challenges so that your financial foundation again feels like solid ground.