How to Decide When You Need a Student Debt Lawyer

Today, 44 million graduates are burdened with student loan debt. Student loan debt is one of the most common sources of stress and anxiety for young people, and for many graduates, it completely consumes their finances. If you are stuck in a crippling student loan debt cycle, you should contact a student loan attorney and discuss your options. Hiring a professional to help you regain your financial freedom is an investment, so it’s important to take several factors into consideration before deciding to hire a lawyer. Outlined below is some helpful information to help you decide if you should pursue legal help and how to do so.

What Is a Student Loan Lawyer?

A student loan lawyer is a legal professional that is well versed in the area of student loans. Student loan lawyers deeply understand the ins and outs of federal and private student loans and the best ways to navigate the system when student loan payments become burdensome. Navigating student loans is a complicated process, and student loan lawyers can provide valuable insight into complex loan situations.

How a Student Loan Lawyer Can Help You

When you meet with a student loan lawyer, the first thing they’ll do is analyze your debt and figure out the best strategy for moving forward and obtain an affordable payment plan. A few steps a student loan lawyer may take to help you resolve your issues include:

  • Counseling and educating you on your legal rights and options
  • Defending you against debt collectors or lenders
  • Helping you navigate the complexities of federal and private loan structures
  • Resolving any of your legal disputes

These are just a few of the ways a student loan lawyer can help you tackle your debt. How a lawyer helps you with your debt will depend on the specifics of your situation.

How to Decide When You Need a Student Debt Lawyer

If you are even mildly suspicious that you are the victim of wrongdoing by a lender or feeling like you cannot keep up with monthly payments, it is probably best to consult a student loan lawyer. While there are a variety of student loan situations, some of the most common scenarios where a student debt lawyer can help include:

  • Falling behind on monthly payments. If a student loan borrower is close to missing a monthly payment or already behind on monthly payments, call a student loan lawyer.
  • False representations of your loans. If a student loan lender or debt collector misrepresented your loan, you could file a lawsuit. In this case, only a lawyer could review the case and assist you with legal action.
  • Fraudulent loans. It is nearly unheard of for fraudulent loans to be resolved without a lawsuit. Therefore, if your student loan is fraudulent, it is best to consult a lawyer.
  • Incorrect procedures in student loan rehabilitation. If there were errors in your loan’s rehabilitation, declaring bankruptcy may be needed to resolve the issue. If this is the case, you’ll definitely want a lawyer on your side.

These are a few common student loan scenarios where hiring a lawyer is a must. However, every student loan situation is unique and will require individualized strategies. Before hiring a lawyer, talk to your student loan lender and keep records of all your interactions. This way, you’ll be best prepared should you choose to pursue legal action.

Contact a Skilled Student Loan Lawyer

Many students enroll in college with the intention of investing in their future. However, the past decade has been plagued by recessions and financial turbulence, and as a result, many graduates have entered insecure job markets that lack the lucrative salaries they had planned for. If you are struggling with student debt, the attorneys at McCarthy Law are here to help.

Our team is dedicated to helping students reduce the principal and interest on their student loans. Under our student loan debt settlement program, our licensed attorneys negotiate with lenders to ensure our clients pay only a fraction of their original loan balance. To schedule a consultation with one of our skilled student loan settlement paralegals, call our office at (855) 976-5777 or fill out our online contact form.

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Garrett F. Charity

Garrett F. Charity is Lead Attorney in the McCarthy Law PLC Los Angeles, California office and a member of the California Bar. He received his Bachelor of Arts Degree in Art History from Princeton University and his Juris Doctor Degree from Southwestern University School of Law where he was a recipient of the Schumacher Scholarship.