How Student Loan Debt Settlement Works
Under our student loan debt settlement program, a licensed lawyer get in touches with your student loan lenders and begins a negotiation process to significantly lower the interest and original balance the lender says is owed. At the end of a successful student loan settlement, the borrower ends up paying just a fraction of the original balance claimed by the lender. The remainder of the debt is forgiven by the lender and the settlement is a complete and final settlement of the debt, leaving the borrower without the burden of student loan debt moving forward. All of this is done without filing bankruptcy which can take a long time to recover from.
Why you need a student loan lawyer to fight for you
Here is the main reason you need a student loan lawyer to fight for you and defend you against student loan lenders, such as Navient, Discover, National Collegiate Trust, and so on-- there is a ton of money exchanging hands in the student lending industry. Whenever there is a lot of money exchanging hands in an industry, people tend to become greedy and break the rules. It is no secret that student lenders, servicers and debt collectors have a tendency to violate the rules.
The CFPB, the government's financial watchdog agency, lately reported that the federal government's very own student loan debt collectors are breaking the rules. According to the CFPB, "Some of the debt collectors, who work under contracts from the Education Department and weren't identified by the CFPB, threatened borrowers with lawsuits despite the fact that they had no intention of taking legal action. Some used call scripts and letters that misled borrowers about the benefits of paying back their defaulted federal student loans. Misleading debtors about their debts is generally prohibited under the Fair Debt Collection Practices Act."
There is a ton of rule breaking going on in the student lending industry, which is why you need a student loan lawyer to fight for you and protect your legal rights. These lenders and collectors will definitely have lawyers on their side. It is in your best interest to have a law team too.
Are there other options?
Some private student loan lenders will offer forbearance or deferment of private student loans, especially after graduation, in order for you to find a job. In some cases, if you are experiencing difficult times, you might be able to defer private student loans. But ultimately, the principal, interests and penalties will accumulate and you may find yourself with student loans you can not pay for. If you have private student loans, or are unsure of what kind of loans you have, please contact us for a free consultation.
For more information about a Student Debt Attorney in Tustin, California, contact Thomas K. McKnight LLP at (800) 466-7507 or visit our website at TKMLLP.Com for a free consultation!
