FEDERAL STUDENT LOAN OPTIMIZATION LAWYERS HELPING PEOPLE WITH STUDENT LOAN DEBT
The average student loan borrower in the Chicago area owes nearly $30,000. Almost everyone who is paying off a student loan is struggling. Is there a repayment plan that not only works for you but also satisfies your student loan obligation?
When you’re trying to pay off a student loan, it may seem like nobody can help. Very few attorneys handle student loan repayment services, but in the Chicago area, there’s help.
If making your monthly student loan payments is becoming difficult – or impossible – a student loan optimization attorney at the Chicago Consumer Law Center can offer you some practical advice and options.
IS STUDENT LOAN OPTIMIZATION RIGHT FOR YOU?
The people who seek our help often tell us that they weren’t given enough information about the best ways to repay a student loan, but we can help you find a repayment option that satisfies your debt obligation without destroying your finances and your future.
Navigating through the process of optimizing your student loans is confusing and difficult. Most people don’t know all the options that are available to them and pay high monthly payments that force them to just scrape by.
Everyone has different resources, incomes, and obligations. We’ll design a repayment plan that’s right for you. Optimizing a federal student loan payment plan can substantially reduce your monthly payments, and in many cases, optimization may also:
- reduce your interest rate
- improve your repayment terms
- consolidate several loans into a single, reduced monthly payment
- get you out of default status so you become eligible for affordable options
- improve your credit rating
HOW WE HELP STUDENT LOAN BORROWERS
We start with a report on the status of your student loans and see which loan repayment options you’re eligible for. If you have a default status for any loan we’ll put together a plan to get you out of default status so you can be eligible for various repayment programs. We may also be able to have collections fees, which can be substantial, deleted.
Next, we match borrowers with programs that consolidate, reduce, or even eliminate their federal student loan debt. A student loan optimization attorney can work with you to determine your best option and walk you through the process from start to finish. We’ll help you prepare the paperwork required by the Department of Education.
Loan consolidation is an option that combines several loans together for one monthly payment. Most federal student loans may be consolidated into what is called a Direct Consolidation Loan, which gives the borrower an extended repayment period.
But what if you already have a consolidated student loan, and you’re still having trouble making the payments? A student loan attorney may be able to undo the earlier consolidation and get better payment terms for you.
When a student loan is delinquent, and the payments that are due have not been made for 270 days, it is in default. A defaulted student loan hurts your credit rating and allows the government to withhold your tax refunds and garnish your wages. It also reduces your options for repayment.
If the government sent it to a debt collector, the collector is allowed to charge over 25% of the balance, making it impossible for most people to ever repay.
If your federal student loan is in default, we can develop a plan to cure the default and make you eligible for loan optimization. We may also be able to have the collection fees wiped out. We’ll advise and guide you – painlessly – through the steps that you’ll need to take.
CONTACT US FOR THE HELP YOU NEED
We know how to find the best payment plan for you. The Chicago Consumer Law Center can optimize federal student loan repayment plans.
It’s one of the many services we provide to consumers in the Chicago area. To learn more. Call us at (312) 858-3240, and take the first step towards optimizing your student loan payments.