Are you facing overwhelming student loan debt? The average American household with student loan debt is facing about $50,000, with debt for graduate students reaching just under or well over $100,000 depending on the type of degree. With those kinds of numbers, you could expect to be paying for your education for the rest of your life. A student loan payment is like another mortgage or rent payment for some people.
When you can’t afford to make your student loan payments for 90 days, your loan will be considered delinquent. If enough time goes by without payment, the original lender may sue you or sell your loan to a debt collection agency who may also sue you. If this is the situation you are facing, you can benefit from the help of a student loan defense attorney.
Federal vs Private Student Loans
How your student loan debt would be best handled depends on the type of student loan you have. The law regarding federal student loans is different from the law regarding private student loans, which is why you need the help of an experienced student loan debt attorney.
- Federal Student Loans usually require rehabilitation or consolidation to resolve issues with lack of payment toward the loan.
- Private Student Loans can sometimes be settled, meaning you may be able to pay less than what you currently owe.
A student loan debt attorney can help you with either type of loan. The outcome may just be different in terms of the amount of your payments going forward.
Debt Defense Attorneys vs Debt Consolidation Companies
A debt defense attorney is not a debt consolidation company. A debt consolidation company is a financial institution that will consolidate your debt by paying off your student loans and any other debt you have and rolling it all into one lump sum that you will now owe them. They claim to lower your payments and your interest rate in exchange for a fee you pay to them. These companies appear to be on your side, but are really looking out for their own financial interest, not yours.
A debt defense attorney helps to ensure that you are being treated fairly and that your rights are being upheld in your student loan debt negotiations. Your attorney will work in your defense if you are being sued by your student loan lender to negotiate a settlement or agreement of some kind that can lower your payments and possibly reduce the total amount you owe, without having to file for bankruptcy. Your attorney can also put a stop to harassment from collection agencies.
While both charge fees, the debt defense attorney offers you a better chance of reducing your debt and payments. Lawyer fees can also be paid gradually in affordable installments.
What to Do if You’re Being Sued By Your Student Loan Lender
If you’ve received notice of a lawsuit against you regarding your student loan debt, contact an experienced student loan debt attorney immediately. Failing to respond can lead to a judgement against you that can include wage garnishment. A judgement, once placed, is difficult to reverse. Your best option is a strong defense from the start. You don’t have to live in fear or anxiety under the weight of your debt. You have rights and a lawyer can help you uphold them.
Are You Facing a Student Loan Lawsuit? Debt Legal Defense Can Help
Benjamin Trotter, Attorney at Law, P.C. specializes in student loan debt defense in San Antonio, TX and the surrounding area. If you’ve been served with a student loan lawsuit, contact us right away so that we can get started on your case with the best chance of a positive outcome. We fight for our clients’ rights, helping you avoid the negative consequences of a debt lawsuit and doing our best to reduce your debt and lower your payments.
Call (210) 468-1008 today to schedule a consultation or request an appointment. We look forward to helping you get relief from the burden of student loan debt.