As the cost of tuition has continued to grow, students have had to borrow more from private and federally backed student loans lenders in order to complete a college degree. And when those education loans enter repayment after a student leaves school, graduates often find they are unable to pay the amount required by their lender, or to keep up with payments due to unemployment, underemployment, or simply not earning the salary they expected for their chosen profession.
Many borrowers long out of school and deep into their careers are also frustrated by the fact they can never seem to make progress in paying off their student loans. Interest accrued on the funds they borrowed many years ago can add a decade or more of extra payments before a borrower is able to satisfy the debt, and pay off total amount they owe.
If you have student loans debt, consumer protection laws require that lenders and student loan servicers treat you in a fair and equitable manner, and offer repayment terms based on your ability to pay off the amount owed in a reasonable period of time. However the reality is that many lenders and loan servicers use a variety of tactics to avoid these responsibilities, and to extend the life of a loan to the point that a borrower may continue paying more and much longer than expected, even into his or her senior years.
Considering these circumstances, it’s no surprise that student loan default rates are skyrocketing. If you can’t make your full loan payment, or if your loan account is not current according to your lender or loan servicer, you may already be experiencing some of the consequences of student loan default:
Borrowers overwhelmed by student loans debt are often surprised to learn they may cannot seek relief through bankruptcy, as in most circumstances this type of debt will not be discharged under current bankruptcy law. There are other options for dealing with student loan delinquency and default however, and we are here to help.
If you are unable to pay your student loans, or already in default, you don’t have to deal with the situation alone. Our legal team will help you resolve your student loan issues, and work directly with your lender or loan servicer to negotiate a forbearance, deferment, or a payment plan that you can afford, restoring your loan account to good standing.
The J. Gannon Helstowski Law Firm can help you manage student loan debt by offering a variety of services tailored to your specific needs. Each student loan situation is different, but with the right support you can resolve your outstanding debt and better understand how to maintain good standing with your lender for the life of your loan.
Education – Our student loan experts will guide you through the process of resolving your debt by providing the tools and training you need to address the situation with your lender. Our one-to-one loan counseling will help you better understand how to deal with your student debt, including:
Negotiation – If you find you’re getting nowhere in dealing with your debt on your own, our legal team will step in and contact your lender directly, taking the burden off of you and putting it back where it belongs: with the lender or loan servicer who is obligated to provide payment options that will help you bring your account current.
We will negotiate a plan to restore your student loans account to good standing, and help resolve any issues with your lender that have led to default. As part of this process, we will make sure that:
Legal action – If you are making a good-faith effort to resolve your student loan issues but your lender or loan servicer continues to escalate its debt collection efforts, legal action may be necessary.
Filing a lawsuit should be the last resort, but could be appropriate if you have experienced any of the following in the course of trying to negotiate more favorable payment terms or restore your account to good standing after default:
Our legal team will hold lenders, loan servicers, and third-party debt collectors accountable for any unfair or illegal actions they have taken against you. We will fight for your right to fair treatment, reasonable loan terms, and a payment you can afford.