Private Student Loan Debt Settlement | McCarthy Law PLC
October 22, 2014

Private Student Loan Debt Settlement

Get Student Loan Debt Relief with an Attorney Negotiated Settlement

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.

Get Student Loan Debt Forgiveness by Settling Your Private Student Loans

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.

Only Private Student Loans Qualify for Our Debt Settlement Program

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. These loans may have higher interest rates than federally backed loans. Our student loan debt negotiation program is for privately issued student loans only. If you are unsure of what type of loans you have, you can contact us for a free evaluation.

Have You Tried Forbearance or Deferment Already?

Some private student loan lenders will offer forbearance or deferment of student loans, especially after graduation, in order for you to find a job. In some cases, if you are going through difficult times, you may be able to defer private student loans. But ultimately, the principal, interests and penalties will add up and you may find yourself with student loans you cannot afford.

Move Forward in Life Without Student Loan Debt

If you have private student loans, or are unsure of what type of loans you have, please contact us for a free consultation with a student loan attorney. We will provide a free case evaluation to see if you qualify for our student loan debt settlement program.

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