Student Debt Attorneys, Explained
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What Are Student Debt Attorneys?
How Do Student Debt Attorneys Work?
What Student Loan Lawyers Can and Can’t Do
Negotiate with debt collectors. Some debt collectors will accept a smaller lump-sum payment in a process known as debt settlement Represent your interests when communicating with loan servicers or collections agencies Help you apply for “borrower defense to repayment,” a program that cancels student loans for borrowers who were defrauded by their schools Guide you through applying for student loan bankruptcy and/or represent you in court Assist you if your loans are in default Provide you with legal advice about your rights and options Guarantee that your student loans will be discharged in bankruptcy. In fact, getting student loans wiped away in bankruptcy is difficult. Get your student loans discharged without a valid reason, such as a total and permanent disability Instantly get your student loans out of default. This process usually takes some time and may require you to apply for loan consolidation or rehabilitation.
How Much Student Loan Lawyers Charge
Pros and Cons of Hiring a Student Loan Lawyer
Pros of Hiring a Student Loan Lawyer
A knowledgeable professional can provide you with legal advice about your rights and options as a borrower. Your lawyer can communicate and negotiate with loan servicers and debt collectors on your behalf. Your attorney may be able to represent you in court if you’re being sued or trying to discharge your loans in bankruptcy. Your lawyer might be able to help you navigate different student loan repayment plans and loan discharge programs so you can find options that are the right fit for your situation.
Cons of Hiring a Student Loan Lawyer
The costs of attorneys for student loans can add up, which may not be worth it if you’re already experiencing financial distress. You can find lots of free resources and information from trusted sources online, including the Federal Student Aid website. You don’t necessarily need a lawyer to represent you in court proceedings, depending on the situation. You may be able to resolve many student loan issues on your own for free. For example, it doesn’t cost anything to apply for an alternative repayment plan, loan consolidation, or loan rehabilitation. You may even want to consider refinancing your student loans. But first, make sure you understand the refinancing a student loan pros and cons.
Finding and Vetting a Student Loan Lawyer
National Association of Consumer Advocates American Bar Association National Association of Consumer Bankruptcy Attorneys (if you’re thinking about filing for bankruptcy)
3 Student Loan Tips
Refinancing your student loan can lower your monthly payments and help you adjust your loan term. Compare student loan refinancing rates to find a loan that works for you. One pain-free way to pay down your student loan sooner: send in your tax refund to put against the principal balance. Since it’s money that has already been taken out of your pay, you won’t miss it. If you teach full-time for five complete and consecutive academic years in a low-income school, you may be eligible for federal student loan forgiveness.
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