Student Loan Lawyers - Helping Students Settle Their Student Loans
A student loan lawyer can be an important source of help if you are looking to reduce or eliminate your student loan debt. Consumer credit counseling and debt settlement are both other possible sources of aid. However, a student loan attorney has the advantage of having years of experience dealing with student loan debt and can refer you to a debt settlement firm that would handle the negotiations for you.
The first thing a student loan attorney at http://www.mccarthylawyer.com will do is consult with you about your current financial situation and how your student loan debt has affected your life. Your current employment status, the types of loans you have taken and the types of jobs you have completed are all important facts that need to be considered. Most student loan debt can be reduced by reducing interest rates, rolling over the balances or forbearance provisions, deferring payments or reducing the principal amount owed.
Once the basics of your situation have been established, the student loan debt lawyer will discuss your options with your creditors. If they are willing to talk, they may be able to reduce your interest rate to something comparable to what you were paying before. They might also be willing to forgive some or all of the balance due on your loans. This will make it easier for you to afford the monthly payments on the new student loan and the lower principle will help you to qualify for a better interest rate. You can reduce your payment by using a student loan consolidation program at https://www.mccarthylawyer.com/student-loan-consolidation/, refinancing your mortgage or a combination of the two.
If you cannot negotiate with your creditors on your own, you will need to contact a student loan lawyer who is familiar with your state's laws about interest rate reductions and federal programs designed to help students in similar situations. These programs may not be available in your area, but they should at least help to convince your creditors that it is in their best interests to reduce your interest rates and roll you over your balances. Some creditors might even be willing to roll your loans over to the next lower interest rate or even lower their fees. However, most lenders will only consider a student loan consolidation plan as long as you can prove to them that you will be able to pay your current loans. Be sure to check out this website at http://www.dictionary.com/browse/attorney for more info about lawyers
When negotiating with your creditors, it is important to keep your emotions under control and remember that the goal is to get your student loan debt reduced, not eliminated. Many times a student loan is required in order to get a higher education, so it is important to keep in mind that you are going to have to pay this back on your own. Even if you can't afford to pay off your loan in full now, there are still other alternatives like debt settlement or forbearance that you can pursue.
Remember that if you are unable to afford your loan or are not approved for any of the alternatives discussed above, the best thing to do is talk to your lender about loan consolidation. If they say yes, be sure to stick to the terms of the loan agreement and be prepared to pay it back in full.