New York City Student Loan Lawyer
Student Loan Debt Relief
Are you in need of relief from student loan debt? You may have realized that you cannot make your loan payments because of other bills, such as utilities and rent. With the rising price of tuition, high interest rates and a down economy, many graduates like you are unable to make payments on time. In some cases, individuals with student loan debts believed they had already paid off or settle the debt, only to later find themselves facing legal action over the same debts (a situation referred to as "zombie debt"). If you cannot find a suitable job to cover the cost of your loans after the grace period has concluded, speak with our New York City debt relief lawyers. We may be able to negotiate reduced payments, lowered interest, or even eliminate some debt for you.
Contact our student loan attorneys in NY for your free consultation.
Defaulting on Student Loans
In the United States, defaulting on a student loan can result in many adverse consequences. Defaulting means that you have failed to repay a loan according to the agreement stated in the promissory note. Legal action can be taken by the lender to obtain the money owed to them. Defaulting on a loan can negatively affect your credit score and your ability to secure loans in the future. Whether you are facing difficulty paying a federal or private loan, we can discuss the relief options that are available to you and help you take action to resolve the debt.
Private Student Loan Default
Debt from private student loans is the same as other unsecured debts in that the creditor has legal cause to take action against you if you default. Private student loans work in much the same way as credit card debt. Similar to credit card debt, defaulting on student loan payments is considered a breach of contract. Your lender has the right to sue you if you have not made your private student loan payments as agreed. Unlike credit card debt, however, private student loan debt is almost impossible to discharge in a bankruptcy filing.
Federal Student Loan Default
If you default on your federal student loans, the government can use their resources against you to pursue collection of the balance owed. You can potentially face many negative consequences if you default, such as wage garnishment, tax refund seizures, and having your federal benefits taken away. You can even be sued by the government. If you have defaulted on a federal loan, it is very difficult to defend yourself or get yourself back in good standing and out of default. With legal assistance from our NY student loan lawyers, we can prescribe a solution to solve the debt issue.
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