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Debt Settlement Attorney Near Me: Federal Student Loan Debt
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Debt Settlement Options for Federal Student Loans
Debt Settlement Attorney Near Me
If you’re like many Americans, being in debt from federal student loans is a familiar nightmare. The constant threat from collections to garnish wages and taxes is quite burdensome, feeling like there is no end. Thankfully, there are professionals that can help to manage these types of situations by working with the Department of Education on your behalf to agree to a settlement.
Debt Settlement Options
If settling your student loan debt is something you’re interested in, note that there are three common options that are typically given to borrowers:
- Waiver of collection charges. This option means that you would be responsible for the amount of your loans, in addition to the amount of interest that has added up. The lender will excuse the collection charges which are typically deducted before the payment amount is applied to the amount of the loan. A collection charge is an additional fee charged by the lender, and its application makes loan payoff take longer.
- Current principal balance plus half of the accrued but unpaid interest. If a settlement is agreed on under this option, the borrower is responsible for paying the amount of the loan, collection charges, but only half of the interest that has accrued at the time of the settlement.
- At least 90% of the current principal amount and interest balance. This settlement option means the borrower will pay a large portion of the original loan amount and interest but will receive a 10% discount.
As with all of these options, it is important to note that lenders expect payment within 90 days of the agreement. Once the agreement is made, you should be ready to have the amount of cash on hand during this time frame.
Starting the Process
With debt settlements, it is best to have an attorney working on your behalf as they are more likely to be able to negotiate options that serve your best interest. Often time, individuals have a difficult time obtaining settlement agreements on their own with the Department of Education. An attorney, being familiar with laws and legal actions, will initiate the process and ensure that you are well-represented. An attorney will also be sure to get the agreement in writing so that the terms are clear and agreed to by all parties.
Why Choose Us
As experienced professionals, our goal is to help as many people as possible manage debt so that they endure less financial stress. We strive to find solutions for everyone we work with and will consider all available options for our clients.
If you would like to begin taking steps toward alleviating your financial burdens, please contact us for a consultation. We are very happy to answer your debt settlement questions.
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