If you are one of the many unfortunate students who recently graduated and have a lot of student debt, it can feel completely overwhelming. You may even be wondering how the hell you are going to afford to pay those absurd amounts for the rest of your life. And that is the whole reason hiring a student loan lawyer can be so beneficial. This way you can better understand your options and know exactly which direction to head along with on your path to financial freedom…
Hiring a Student Loan Lawyer
You might be looking at your debt and wondering if now is a good time to get a lawyer involved. The truth is that the sooner you can get a college lawyer involved on your case, the more options you will have. They can help you navigate the courts and review all of your options so that you are never left in the dark.
Knowing Your Options
The entity or loan servicer that loaned you the money in the first place, like myfedloan for example, might want to make you think you don’t have many options. They might even layout a timeline and insist that you stick to it even if your financially unable to. However, this is not always the case. Often, you can get the timeline reduced or extended to better meet your financial needs.
Payment Amounts VS. Debts Owed
Many students or former students are tens or even hundreds of thousands of dollars in debt. It is not true that you always have to pay back every penny. There are many circumstances where you can reduce the payment amount to make it more manageable. Other times, you can completely wipe out a significant portion of what you owe due to economic or other circumstances by taking advantage of whats widely know as the Obama Student Loan Forgiveness Program.
Avoid Signing More Legal Contracts
Having debt on your record can tie up your credit in a negative way. Before going out and borrowing more money to pay for your daily bills or lifestyle, consider pausing for a moment. Getting a student loan lawyer will illuminate how much standing up for your rights to reduce or eliminate your debt payments can free up your credit. The sooner you do this, the more likely you are to build up your credit faster. Plus, they can also help fix your debt to income ratio, making it easier to buy that new car or house that you have always wanted.
Unfortunately, with federal college debt, you cannot just go into bankruptcy and sign away the debt. It’s convenient how the college system has trapped millions of students in debt that is almost near impossible to pay off. However, if you get a student debt lawyer involved right from the start, you can greatly improve your situation.
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