5 Reasons to Hire a Private Student Loan Lawyer

If you need help making sense of a complex student loan system, having an expert advocate in your corner may be worth the investment. Student debt lawyers specialize in federal and private student loans and understand the laws surrounding them.

They also know how to negotiate with loan servicers and debt collectors on your behalf. They can help you work through loan consolidation, apply for income-driven repayment plans or even forgive your loans.

They’re Experienced

Regarding student loans, lawyers specializing in the area deeply understand federal and private loan policies and programs. They also have experience dealing with loan servicers and collection agencies.

This can be especially important if you’re in collections, as debt collectors often try to set up payment plans or extract full repayment from borrowers, even using aggressive tactics. A lawyer at various law offices in Rockville Maryland, can help you negotiate with these entities to minimize the amount you pay and the impact on your credit score.

When confronted with collections lawsuits from a lender or debt collection agency, a private student loan lawyer can also represent you in civil court. Beware of debt relief firms that claim they can reduce your debt by negotiating directly with creditors. These companies are not attorneys and may be unable to provide the necessary protections.

They’re Local

Student loan lawyers are highly specialized and familiar with federal student loans and private student debt. They understand how to maneuver the system, getting borrowers out of default and onto affordable repayment plans. They also know how state laws and collections practices affect borrowers.

The National Association of Consumer Advocates offers a database of student loan attorneys. You can also check out the American Bar Association’s directory to find attorneys in your state.

Whether you’re dealing with an aggressive debt collector or seeking to prove undue hardship, a student loan lawyer can make all the difference. You can lower the money you pay for a settlement or reduce your interest rate. They may even assist you in filing for bankruptcy. Their services can also prevent you from being sued by a lender or debt collection agency.

They’re More Affordable

Private student loan lawyers offer a more affordable option than debt relief agencies, which charge an upfront fee for their services but don’t handle legal proceedings. The amount an attorney charges depends on the case’s complexity and the type of representation you require.

Whether you’re facing wage garnishment, a credit dispute, or a lawsuit from your lender or loan servicer, a reputable student loan debt attorney will cost more than a debt relief agency but can help reduce or eliminate the damage done to your income, credit score and financial future.

If you’re considering a student loan lawyer, look for one who specializes in your state and offers flat, hourly, or contingency fees. You’ll be able to make an accurate cost-benefit comparison and know what you can expect.

They’re More Knowledgeable

It would help if you chose an attorney familiar with student loan laws. Ask lawyers if they have any experience in your particular type of case and what their fees are.

If you are in bankruptcy and want to discharge your student loans, you will need a lawyer experienced with this type of case.

Private student loan issues are based on state and federal laws governing consumer lending and borrowing. Lawyers specializing in these areas can help borrowers make sense of this complex system and work with their loan servicers to explore options like deferment, forbearance and alternative repayment programs.

They’re More Efficient

If you are being harassed by debt collectors or served with a collection lawsuit related to delinquent student loans, consulting with a student loan lawyer makes sense. While hiring one may cost a bit, your attorney’s fees can pay for themselves if they help you stop the debt collector from garnishing wages or seizing property.

Student loan lawyers understand the ins and outs of federal and private student loans, all their differences, how to maneuver through the federal system, and how to use the law with or without a lawsuit to make it work for borrowers. They also know how to help borrowers get out of default and onto affordable repayment plans. Plus, they can help you avoid the traps of debt relief companies that promise to lower your payments for a fee.