STUDENT LOAN ATTORNEYS HELPING CONSUMERS WITH STUDENT LOAN DEBT
It’s almost impossible to attend a college or university without receiving some kind of financial assistance. The two main sources of student loans are private lenders and the federal government. Most students who apply for financial assistance are offered federal loans.
But if you have good credit, you may be able to obtain a private student loan. Private loans are approved by banks and other lenders based on the applicant’s credit record. Approval for most federal student loans, however, is not based on the applicant’s credit history.
AVOIDING STUDENT LOAN DEFAULT
When the time finally comes to begin making payments on a student loan, you can’t allow the loan to enter default status. A student loan lawyer can advise you on how to avoid default and how to negotiate for a better payment plan.
If your student loan is already in default, a student loan lawyer can help determine which of the many available repayment programs is best for you and help you get the loan out of default and reduce or eliminate the collection fees that can be about 20% of each loan payment or increase the balance by up to 40%.
If your federal student loan goes into default, the Department of Education can garnish your wages without having to go to court or obtain a court order. But if your student loan is from a private source and goes into default, you could face a lawsuit from the lender (or the party that now owns the debt).
IF YOU ARE SUED FOR STUDENT LOAN DEBT
At the Chicago Consumer Law Center, we protect borrowers and their rights. If you are trying to pay off a student loan – or if that loan is in default – we can help you get the loan out of default, negotiate a loan optimization, or if necessary, defend you against a student loan debt lawsuit.
Why do private student loans generate so many lawsuits? Private student loan debt is often sold to debt-buying companies, and debt-buying companies file a lot of student loan-related lawsuits. More than a hundred such lawsuits are filed every month in Cook County alone.
Additionally, if a private debt collector violates your rights under the Fair Debt Collection Practices Act, in some cases we may be able to sue that debt collector or their law firm on your behalf, and if you’ve been harmed in any way, you could receive compensation.
WE TAKE THE APPROPRIATE LEGAL STEPS ON YOUR BEHALF
Federal student loan debt, on the other hand, probably will not lead to a lawsuit, but if you can’t make the payments, your wages may be garnished, your tax refunds may be seized, and your credit score will probably plummet.
Don’t let that happen. We can usually develop a student loan optimization plan that lets you make affordable payments that won’t destroy your finances and your future.
An attorney will work with you personally, review your financial situation, explain your options, guide you through the process, and take any other legal measures that are appropriate for you.
We are the consumer protection attorneys that Chicago area consumers trust. We’ve built a reputation for excellent client service, and our former clients give us the highest ratings and reviews.
If you are ready to deal with those overwhelming student loan payments that are holding you back, we’ll help. To learn more, make the call to the Chicago Consumer Law Center – (312) 858-3240 – and let’s get started.