Private Student Loan Debt
Dealing with Private Student Loan Debt?
While working towards achieving a college degree is a noble goal, many institutions exploit student’ dreams by charging an excessive amount of tuition, and then offering them private student loans at high interest rates to pay for it. These predatory loans can put a heavy burden on the individual taking them out, often to the point where settling private student loan debt can be next to impossible. Just because you have possibly been taken advantage of though, does not mean you need to suffer for the rest of your life. Brownstone Law Group, PC is available to help you find private student loan debt relief.
Private Student Loans versus Federal Student Loans
Federal student loans are funded by the government. Typically they have lower interest rates than private loans, and have built in mechanisms to help borrowers when they run into financial difficulties like the option to postpone payments, or monthly bills based on income. Since these types of policies are already in place, they are difficult to renegotiate. If you are trying to find relief from a federal loan, you will have to work directly with your lender.
Don’t My Private Loans Have Repayment Guarantees?
Private student loans usually do not have the same guarantees and favorable terms as federal loans. Instead of being backed by the government, they are provided through banks, credit unions, or schools directly. The worst ones carry variable interest rates close to 20%, have early repayment fees, do not allow for deferment or forbearance, and can be unfairly pushed on students after maxing out their federal loan options. Moreover, many banks or schools can be unwilling to work with borrowers when they are struggling to pay their debts. Still, there is a lot of room to negotiate private loans. If you are having difficulties with yours, finding a private student loan debt lawyer might be helpful.
Private Student Loan Debt Consolidation
There are many strategies an individual can take when working towards getting private student loan debt settlements. One common approach is negotiating new terms through a lawyer who will act as a mediator between you and private student loan debt consolidation companies. Often, these companies can often offer lower interest rates on your outstanding balances, or even reduce the overall amount you owe. The main goal for consolidation is keeping you out of bankruptcy, so often lenders are willing to find a solution that fits your personal situation. That said, being allowed to consolidate your loans is not guaranteed, so it can help to have a professional work on your behalf.
Contact Us Today!
If you are in a difficult financial situation, or feel like you have been taken advantage of, we would like to hear from you. Through our intervention, we have helped alleviate debt for hundreds of clients across the country. Consultations are free, so there is no pressure to work with us. Our main goal is to make sure you know your options, and can find relief from your financial burdens. Get your FREE consultation to learn about your options, today: (888) 853-8871
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