Reasons Why You Need A Student Loan Lawyer
If you have had a chance to go through college, then there are high chances that you did so with the help of student loans. There is a high number of college graduates who are unable to make timely payments of their debt due to various issues, the most common being unemployment and the struggle to make ends meet. Making late payments or failing to make any payments at all on your student loan will land you in a lot of trouble with your lender regardless of your reasons for not paying up. A lot of loan companies decide to file cases against students whose loans are in default or delinquent state.
It is important that you hire a student loan attorney if your loan company has taken action against you in court for failing to make repayments or making late payments. A student loan lawyer is an attorney who helps former students deal with cases filed against them because of their student loans. Student loan lawyers majorly deal with loans from private student loan companies or those education loans that do not have the backing of the Government. They negotiate for the lowering of the amount owed and extension of payment periods for students facing difficulty. Discussed in this article are the benefits of hiring a student loan lawyer.
Firstly, a student loan lawyer will help you deal with aggressive phone calls and messages from private lenders. He or she will help you deal with this by scheduling a meeting with the lender and negotiating on a favourable agreement for both parties involved.
Student loan attorneys are also important because they help defend individuals who have been served with lawsuits. If the lending company wins the suit against you, they will have the power to garnish your wages or place lien on your property, none of which is a favourable outcome for a defaulter. You only stand a chance of winning a case with a lending company if you have a legitimate reason for your default and a good attorney by your side.
Student loan lawyers are able to help graduates sign up for different federal loan repayment programs. A student loan lawyer can deal with a federal loan easily because federal loans offer different payment options for individuals who are unable to make regular payments.
Working with a student loan attorney is also recommended if you want to dispute the amount your lending company claims you owe. Errors are bound to be there because these lenders handle a lot of paperwork and so you should not shy away from taking action if you feel as though there is a mistake in the amount, they claim you owe.