You can typically solve a student loan issue when you’re having trouble. But there are situations when hiring a pro makes sense.
A student loan attorney can help with various potential issues, but it’s crucial to understand how they can and cannot help in certain circumstances. Here’s how to decide if seeing a student loan attorney is the correct move for you.
You’ve Fallen behind on Your Student Loans
Unlike federal loans, fewer choices are available to borrowers who fail on private student loans. If your lender or loan servicer sues you, they may be able to seize your wages or other assets. By representing you in court, an attorney you hire can lessen or even stop such damages.
Your Account Is Being Collectible
If you owe money on student loans, a debt collector may approach you to set up a payment schedule or demand full repayment, often by employing forceful methods. You can reduce the amount you pay and the damaging impact on your credit score by negotiating with the debt collector with the aid of a student loan attorney.
You’re Deciding Whether to File for Bankruptcy
Student debt discharge through bankruptcy is a challenging and time-consuming process. Although it is highly uncommon, it is possible to discharge college loans in bankruptcy. Hiring a knowledgeable student loan collections lawyer might improve your chances of success or, at the very least, provide you with a realistic assessment of your options.
Your College swindled you.
A student loan attorney may be able to assist you in your efforts to have any outstanding debt discharged if you feel that your College or university deceived you. You can be qualified for loan cancellation, for instance, if your alma mater purposefully misled you on your chances of finding employment following graduation.
How to Find a Student Loan Lawyer
To navigate your student loan suit, you need to find a lawyer specializing in student loan difficulties because they can be challenging and constantly changing. Here are some useful sources to find a student loan collections lawyer:
- The National Association of Consumer Advocates: Look through this website’s database to find consumer attorneys specializing in student loan defense.
- The American Bar Association (ABA) keeps a list of state bar associations up to date. You can look up local attorneys by entering your state.
- Attorneys for Consumer Bankruptcy National Association: Find attorneys with this experience if you’re thinking about declaring bankruptcy and hoping to have your student loans discharged.
In general, student loan lawyers assist borrowers with issues related to their student debt, such as contesting loans from dishonest schools or settling accounts that have been turned over to collectors. Additionally, they can provide information on your legal rights and choices, which is helpful if a lender or debt collector uses unfair or abusive methods.
Worth noting is that while seeking the services of a student loan lawyer, be sure to ask about a sliding fee schedule if you are unable to pay the full fee. If it doesn’t work, contact local legal assistance offices.