When you take out student loans, you expect to be working in the field you have selected utilizing your degree to help you make money. Unfortunately, the reality for many people is quite different. Upon getting their degree, some people are unable to secure employment in their desired field or are unable to obtain a job that pays high enough to cover their cost of living plus their student loan debt. At this point, student loans become more than just a debt that is owed; they can become a burden that is hard to recover from. If you are struggling to pay your student loan debt or are unable to pay and receiving threatening phone calls or letters, you may be wondering if you need a lawyer for student loan debt.
Do You Need a Lawyer to Help You With Student Loan Debt?
You can attempt to handle the debt on your own. However, there are a number of benefits associated with hiring a lawyer who specializes in handling student loan debt to help you. A lawyer knows the laws in regard to student loan debt, including what can be forgiven, and legal debt collection methods. A lawyer can help you in many ways, including potentially settling the debt, getting the debt forgiven, potentially discharging the debt in bankruptcy court or restructuring the debt. A lawyer typically has a better chance of restructuring the debt or settling the debt, as debt companies take lawyers more seriously than they take regular people.
When Should You Consider Hiring a Lawyer to Help With Student Loan Debt?
One of the decisions that you need to make in regard to hiring a lawyer to help you with your student loan debt is deciding when to hire a lawyer. Oftentimes, people struggle for months or even years attempting to pay down their debt before they finally realize they cannot do so on their own and hire an attorney. In hindsight, many people wish they would have hired an attorney to help with their student loan debts sooner. Some of the signs that it may be time for you to hire an attorney to help you with your student loans include:
- Being unable to secure a job in your field of study within six to 12 months of graduating
- Receiving phone calls or letters from debt collectors in regard to your student loan debt
- Struggling to afford your student loan debts despite working
- Defaulting on your student loans
- Receiving notice that you are going to be sued or have your bank accounts garnished to collect student loan debt
What is the Difference Between a Student Loan Lawyer and Student Loan Debt Relief Services?
If you are struggling to pay your student loans, you may be searching the Internet or talking to friends and family about various options that may be available to you. You may find debt relief services that offer to help with student loans, and you may wonder how those vary from the services that a student loan lawyer can offer you. Debt relief services typically involve consolidation loans, restructuring your loans, or reducing the interest rate on your loans. Debt relief services usually help to lower your monthly payments, which may be beneficial to those who just need a little bit of help to afford their loans. Debt relief services typically do not help you with things such as settling your loans, getting the loans forgiven or helping you decide if bankruptcy may be an option for you. For those who are behind on their loans, are not currently working, or who make nowhere near the amount of money they would need to live an independent life and pay off their loans, an attorney is the better option.
What Should You Look For When Hiring an Attorney to Help With Student Loan Debt?
When you are looking to hire an attorney to help you with your student loan debt, it is important that you take the time to consider a number of different factors. Considering these factors will help you select the law firm that is best suited to help you with your debt. Some of the key questions you should ask include:
- What Types of Student Loan Debt Do You Help With?
There are different types of student loan debt, including federally-backed loans and private loans. Most attorneys will handle private loans, not federal loans. You need to know what types of debt an attorney will handle and what types of debt you have to find the right attorney for your task.
- What Do You Think Is a Reasonable Outcome For My Debt?
In a perfect world, everyone would love to have their student debt discharged. However, you want an attorney who can tell you what they expect to reasonably happen with your debt and why they think that way.
- What Experience Do You Have With Student Loan Debt Cases?
Pay close attention to what an attorney’s experience is. Do they primarily settle debt or do they file bankruptcy on debt. You want to ensure they have the skill set to handle your debt in the best way possible.
How Can Debt Legal Defense Help With Student Loan Debt?
Here at Debt Legal Defense, our attorneys can help you with your student loan debt. Our attorneys are experienced in evaluating your financial situation and determining what the best course of action is for your student loan debt. If that involves filing bankruptcy, filling out the paperwork to get the student loans forgiven, restructuring or refinancing your student loans or settling your debts for less than you owe, we can help.
For some people, student loans are a way to make dreams come true. For other people, student loans become a nightmare that they can not recover from. If you have student loan debt that you are unable to pay back and you need student loan debt lawsuit defense, we can help. Reach out to us today at (210) 468-1008 to schedule a free consultation and let us put an end to harassing debt collection calls and letters, and help you to get your life back on track.