what type of lawyer does student loan debt

What to know before hiring a student loan lawyer?

• They can provide you with legal advice and guidance regarding your rights and options.
• They can represent your interests in communications or negotiations with a student loan holder, student loan servicer, debt collection agency or administrative body.
• A lawyer can help you resolve delinquencies or defaults or apply for loan discharge.

More items...

Why should you hire a student loan lawyer?

You must hire a student loan lawyer if one of two things is correct: you are being sued for a student loan, or you are not sure about the mortgage loan problem you are facing, and you need help. Having said that, if you are sued, you may not need to hire a student loan attorney to protect you, but you should at least hire him for a consultation.

When is it time to hire a student loan lawyer?

You must hire a student loan lawyer if one of two things is correct: you are being sued for a student loan, or you are not sure about the mortgage loan problem you are facing, and you need help. Having said that, if you are sued, you may not need to hire a student loan attorney to protect you, but you should at least hire him for a consultation.

When to hire a student loan lawyer?

Interest rates for new federal student loans reset every July and rely on a formula set in law based on the 10-Year Treasury note. While interest rates on federal student loans remain close to ...

How can I legally get rid of student loans?

If you're wondering how to remove federal student loans from your credit report when they're in default, you may be able to get the notation removed by rehabilitating the loan. This process requires you to make nine reduced monthly payments over a 10-month period.

Can I sue my student loan company?

If your complaint is about a collection agency for federal student loans, you can file a complaint with the U.S. Department of Education's Default Resolution Group at 1-800-621-3115, who will direct you to the Special Assistance Unit for resolution of the problem.

Can student loan debt be settled?

Student loan settlement is possible, but you're at the mercy of your lender to accept less than you owe. Don't expect to negotiate a settlement unless: Your loans are in or near default. Your loan holder would make more money by settling than by pursuing the debt.

How do I fight a student loan collection?

If your account has already been sent to a debt collection agency, here are five steps you can take to get back on track:Dispute the debt.Settle your debt.Pay the amount owed.Consolidate or rehabilitate your loans.Declare bankruptcy.

Do student loans go away after 7 years?

Do student loans go away after 7 years? Student loans don't go away after seven years. There is no program for loan forgiveness or cancellation after seven years. But if you recently checked your credit report and are wondering, "why did my student loans disappear?" The answer is that you have defaulted student loans.

Is there a class action lawsuit against student loans?

A major settlement was announced on Thursday to resolve a long-standing lawsuit joined by 39 state attorneys general against Navient, one of the nation's largest student loan companies.

Are student loans forgiven after 10 years?

Under the 10-year Standard Repayment Plan, generally your loans will be paid in full once you have made the 120 qualifying PSLF payments and there will be no balance to forgive.

Can student loan interest negotiate?

If you have private student loans, you may be able to negotiate a lower interest rate with your lender. This is especially true if you're struggling to keep up with your monthly payments or if you plan to refinance and want to give your lender a chance to match.

Is the Navient lawsuit real?

The Navient student loan settlement is an agreement between Navient and attorneys general for 39 states and the District of Columbia to resolve lawsuits that accused Navient of: Giving high-interest loans to students who it knew likely could not repay the debt.

Will IRS take refund for student loans 2021?

However, the government halted all student loan collections on federal student loans at the start of the pandemic, and the relief currently lasts through May 1, 2022. This means that your tax return won't be taken to offset your outstanding federal student loan balance for the 2021 tax season.

What age does student loan stop?

If you have a Plan 2 loan, it will be written off 30 years after the first April on which you were due to repay it.

How long do student loans stay in collections?

seven yearsStudent loans that you have defaulted on or are delinquent on are going to stay on your credit report for seven years from the original delinquency date of the debt. Student loans are a type of installment loan, like an auto loan or a mortgage.

How to find out if my student loan is private or federal?

Visit the Federal Student Aid website at studentaid.gov and access the site with your FSA ID, which you used to apply for your Free Application for Federal Student Aid (FAFSA). This website has information on all federal student loans and will allow you to see your loan amount, outstanding balance, servicer, and other details. This is the easiest way to determine whether your student loan is federal or private. If you are unable to find your loan information on the studentaid.gov website, then you’ll know that your student loans must be private.

What is student loan consolidation?

Student loan consolidation: This is a government program that will combine multiple federal student loans into a single loan. You receive a new interest rate that is usually an average of all of the loan rates. Your monthly payment may decrease as a result of inheriting a longer-term, but you’ll end up paying more in interest over time. This is not an option for private student loans.

How Do You Know Whether You Have a Federal or Private Loan?

In order to know your student loan reduction options, you’ll need to know if your loans were borrowed through federal or private lenders.

Can a non-lawyer settle student loans?

The student loan debt industry is littered with non-lawyers that will offer to settle your debts. However, some major lenders won’t negotiate with non-lawyers attempting to settle a debt for someone else. As your lawyer, McCarthy Law is able to deal with any creditor to help settle your private student loans. Our team of expert debt attorneys has helped countless clients avoid bankruptcy and settle their debts for a fraction of what they owe.

Is it cheaper to hire a debt attorney or a non-lawyer?

Some people believe that hiring a debt attorney will cost them more than working with a non-lawyer debt settlement company, but that is not the case. Experienced debt settlement law firms like McCarthy Law generally cost less and offer actual legal protection should a lawsuit be filed. Our team of licensed student debt lawyers will end up saving you more money than they will cost you. Call (855) 976-5777 or complete an online contact form for a free debt consultation.

Can you reduce the principal on a student loan?

Neither of these options will actually reduce the principal amount owed, unfortunately. In order to reduce the principal on student loans, you’ll need to work with one of our skilled attorneys to obtain a student loan settlement or discharge.

Can you get student loan forgiveness from McCarthy?

If your loans are federal, unfortunately, McCarthy will not be able to help. However, you may be able to qualify for student loan forgiveness —meaning you would no longer be required to repay some, or all, of your federal student loans. Click here to see if you qualify. If you think you may be eligible for federal student loan forgiveness, contact your loan servicer to submit an application.

How Can You Find A Reputable Student Loan Debt Attorney?

So, if you think getting a lawyer is the best route for your student loan situation, how do you go about finding a reputable one? This can be especially challenging given that many borrowers aren't familiar with the law and how the process works.

How are attorneys different from student loan companies?

In other words, attorneys are accountable not just to you, but also to their state bar. This provides you with a lot of protections and recourse if you get mistreated or defrauded , as compared to unlicensed companies and organizations.

When Does It Make Sense To Find A Lawyer For Your Student Loan Problem?

It's important to remember that every situation is different, and whether you contact a student loan lawyer really depends on your unique situation.

What is the most common type of attorney-client fee arrangement?

2. Hourly Fee / Retainer: This is the most traditional type of attorney-client fee arrangement and involves paying for the attorney’s time at that attorney’s hourly rate. The client usually pays an initial “retainer” – also known as an advance fee deposit – to cover a certain amount of billable time up front (say $5,000 or $10,000). The attorney then draws from that retainer as he or she completes the relevant asks. If the retainer doesn’t get used up when the matter is completed, the balance gets returned to the client. If the retainer gets depleted, the client may have to replenish the retainer. The size of the retainer and the number of billable hours for a case really depends. For example, defending a collections lawsuit may take significantly more billable hours than assisting with a loan consolidation application.

What is flat fee for attorney?

3. Flat Fee: Some attorneys provide specific services for a set fee, no matter how long it takes the attorney to complete the service. This is also known as project-based work. This can provide some protections for the client, so that if something takes longer than expected, the client isn’t on the hook for additional fees. But the fee would likely only cover a specific task or set of tasks that the attorney has been hired to perform. A good example of this might be completing an income-driven repayment application.

What to do when overwhelmed by student loan?

If you're feeling overwhelmed by a student loan issue and want some guidance to make sense of it all. A good rule of thumb to follow is asking yourself whether you can do it yourself, or do you feel you need an advocate to work on your behalf to resolve the issue.

How to find out if an attorney has a record of public discipline?

Once you find an attorney you might want to work with, cross-reference the attorney with your state bar association to see if that attorney has any record of public discipline.

What to do if a debt collector is hounding you?

If a debt collector has been hounding you, to speak with a representative directly and immediately call 844-685-9200 for a free, no-obligation case evaluation. Our attorneys have experience in assisting those with student loans, fighting debt collectors, and standing up for consumers. If a debt buyer has violated the Fair Debt Collection Practices Act, you’re entitled to file suit in federal court and could be awarded up to $1,000 and other damages.

What to do if you have been served with a lawsuit?

Robyn Smith, an attorney at the National Consumer Law Center, recommended that if you’ve been served with a lawsuit, get an attorney who specializes in debt collection and credit reporting issues. Take the papers to a student loan attorney as soon as possible and before your scheduled court appearance. By ignoring the papers, you literally give the creditor a default judgment against you.

Can a school loan collector be exploited?

Borrowers should not be exploited by greedy or incompetent loan servicers or their debt collectors. The Federal Debt Collection Protection Act (FDCPA) applies to collectors of school loan debts. The FDCPA specifically forbids these collection activities:

What can a student loan attorney do?

After our student loan attorney reviews your full financial picture, he can make recommendations as to the best course of action. In some cases, that may be as simply as placing you in an income driven repayment plan which would lower your payment. In other cases, we may try to reduce or eliminate your student loans. Your student loan attorney will explain the best options for you.

What to discuss with a student loan lawyer?

When you meet with a student loan lawyer, you’ll start by reviewing your entire financial situation. This includes the types of student loans you have, the balances, the payments, and any other relevant facts such as when you went to school, your payment history, and your current employment.

How can I lower my student loan payment?

Federal student loans have an advantage when it comes to lowering monthly payments because there are repayment plans available and other programs to help with monthly payments.

Why are student loans better than other loans?

Federal student loans have an advantage when it comes to lowering monthly payments because there are repayment plans available and other programs to help with monthly payments. The income-driven repayment plans offered by the federal government allow individuals to base their monthly payments on their income.

What is an ARM lawyer?

At ARM Lawyers, our student loan attorneys are in a unique position in that we have the extensive knowledge necessary to handle student loan cases and, if necessary, bankruptcy cases. Our student loan attorney handles student loan bankruptcy /adversarial proceedings in Pennsylvania, Maryland, New Jersey, and New York and has offices in each of these states.

What is the essential student loan survival guide?

Written by our student loan lawyers, this guide aims to help you better understand your student debt situation and navigate the potential solutions for said debt including the process for implementing the solutions.

How long can you default on a student loan?

Defaulting on student loans, whether federal or private, can have huge repercussions on your loans. Once one payment on a federal loan is late for more than 270 days, your loan balance is subject to a 24.5% addition to the balance of the loan and you can default multiple times.

Why do you need a student loan lawyer?

Here is the main reason you need a student loan lawyer to fight for you and protect you against student loan lenders , such as Navient, Discover, National Collegiate Trust, etc. — there is A LOT of money exchanging hands in the student lending market.

What are the two main types of student loans?

There are two main categories of student loans: federal and private. Federal student loans, such as Stafford Loans are backed by the federal government and are highly regulated. We do not work with federal student loans. On the contrary, private student loans may be issued by well known banks, like Citigroup or Chase Bank.

What is a student loan settlement?

Under our student loan debt settlement program, a licensed attorney contacts your student loan lenders and begins a negotiation process to significantly reduce the interest AND principal the lender claims is owed. At the end of a successful student loan settlement, the borrower ends up paying only a fraction of the original balance claimed by the lender. The rest of the debt is forgiven by the lender and the settlement is a full and final settlement of the debt, leaving the borrower without the burden of student loan debt going forward. All of this is done without filing bankruptcy.

Why do people get student loans?

When you enrolled in college, you probably thought you were making an investment in your future, and you were. What you hadn’t planned on was that the economy would tank, jobs would disappear and your student loans would become a huge burden following you around for the rest of your working life. Unfortunately, that is the reality many find themselves in today. With the economic downturn and recessions of the 2000’s and 2010’s, many went to college or pursued higher education to help their chances of landing a good paying job. Consequently, student loan debt has soared, higher than ever before. In particular, many were forced to take out higher interest rate private student loans, not backed by the federal government. Some less scrupulous schools lured people into education programs with promises of high paying jobs that never materialized. With tuition costs also soaring, private student loan debt has ballooned to crisis levels in this country. If you find yourself with less income than you anticipated and unable to keep up with student loan payments, there is help with an attorney negotiated student loan debt settlement.

Is student loan debt higher than ever before?

Consequently, student loan debt has soared, higher than ever before. In particular, many were forced to take out higher interest rate private student loans, not backed by the federal government. Some less scrupulous schools lured people into education programs with promises of high paying jobs that never materialized.

Can you file for bankruptcy with a student loan?

In most situations, neither federal student loans nor private student loans are eligible to be discharged in bankruptcy. However, in some cases, you can have a federal student loan discharged if you experienced serious problems with your school, worked in public service, or have a severe disability.

Is a private student loan a government loan?

Interest rates for private loans are generally higher, cannot be forgiven, and are never subsidized. However, private student loans are not need-based so you can qualify for a higher loan amount if you have good credit.

What does "education mortgage" mean?

That may mean taking on six figures of debt to attend a top-tier law school. Hanson refers to this as your "education mortgage," and you'll need to be prepared for this investment to affect you in the long run.

Is law school debt worth it?

The average law school debt of $145,500 is a heavy burden. But it may be worth it to you — if you get the post-law school salary and job you want.

What is the American Bar Association's program for student loans?

This program offers assistance with repayment of a professional’s student loans.

What are the challenges of being a lawyer?

Lawyers who are entering the profession are now faced with unanticipated challenges upon entry. Along with the challenge of licensure with a delayed bar exam in most jurisdictions, there is also the changing landscape of legal employment combined with the pressures of paying student loans.

What is YLD in law?

The YLD's online publication for young lawyers guides new lawyers through the early stages of their legal careers. Find key strategies on managing your student loans, planning for retirement, saving for your goals and more.

Is student loan debt a problem in law school?

With few exceptions, all law school graduates are impacted by student loan debt. And for many, that debt continues to grow after graduation, impacting personal lives, career paths, and mental health. The 2020 ABA YLD Law School Student Loan Debt Survey Report examines the issues at the heart of the student loan crisis, and offers recommendations.