Is it time to call a student loan lawyer?

A student’s life is, without any doubt, exciting, but it can, in an equal manner, be dotted with a lot of obstacles.

The most obvious reason students often turn to loans is to fund their education. It is soothing to know that undergraduates are interested in their studies, but what happens if they cannot pay off the debt in time? It is definitely not fun to graduate with debt. And you would be surprised to find out how many students apply for a loan during college to attain a bachelor’s degree. According to Education Data, there are 43.3 million students who have federal student debt. Facts are shown in numbers; thus, student loan debt in the U.S. accounts for 1,762 trillion dollars.

When dealing with a student loan problem, you can talk to your lender and review loan repayment options, but there are cases where you will need expert legal advice. It is essential to know when your complications require professional help, so we have come up with helpful insights in this regard.

Read on to learn more about a student loan lawyer and whether it is worth seeking out one.

What is a student loan lawyer?

Before digging into this topic, it is necessary to clarify what a student loan does and does not. Thus, a student loan attorney is a licensed subject-matter expert who has focused their practice on giving legal advice on issues regarding student loans. It is well-known that there are various areas lawyers can specialize in, from intellectual property lawyers to tax attorneys, but student loans are definitely something else. It is great news for students handling challenges concerning educational debt. Whether you applied for a federal or private student loan, these legal practitioners can shed light on the tricky situations that might come up along the way and help you repay your debt.

In the worst cases, student loan lawyers can represent you in court if your debt collector files a lawsuit against you. We know that the last thing you want during your college years is to be involved in legal matters, but it is critical to know what steps you should take if such unfortunate events happen.

Legal and financial issues a student loan lawyer can cover

As we already mentioned, a student loan lawyer can help you in various ways, but first, you need to figure out the nature of your student loan problem. Here are some of the most common issues a student loan attorney can help you with, so keep reading.

Bankruptcy

Bankruptcy is not really what you may be thinking of. In law, it is the procedure started by an organization or individual that cannot pay their debts. In most cases, they ask their debts to be wiped out or reorganized by the court. But a bankruptcy case is not that easy to win. You need to prove your financial situation, which may not benefit you when you have a student loan. You may want to contact an attorney specializing in bankruptcy cases because navigating the complications of the bankruptcy court system can be quite overwhelming for a student.

Consumer lending

Consumer lending refers to that category of financing that covers personal loans. Individual and household consumers are the focal points when it comes to this kind of financing. Student, home, and auto loans are the most common loans people take for individual purposes. You wonder what is the problem here, right? Well, this type of loan is usually given by private lenders. So, if your lender asks you to pay the debt sooner than you set, ensure their requirements are according to the federal and state laws that govern the borrower’s obligations and rights. Whether it is about auto refinancing or tuition fee repayment, consider contacting a student loan lawyer to help you with all the legal procedures.

You have been defaulted on student loans

If you default on a loan, you fail to pay the interest or principal of a loan. In case you have taken a private student loan, things are even more complicated than in the event of you taking a federal loan. You have fewer options to pay off your debt in such a situation, and your loan servicer or lender can sue you. If this ever happens to you, it is critical to know what to do. One thing is for sure: you are unlikely to fight with your lender in court and defeat them. That is why it is advisable to seek help from a professional attorney who can handle your case properly, represent you in court, and protect your rights.

Your college has defrauded you

This sounds like a nightmare, but universities and colleges are not as saints as you may think about them. These can mislead you in various ways, making you pay for things you never asked for, such as job prospects after graduation. Thus, if you suspect that your college or university has defrauded you, do not hesitate to take action just because you do not want to get involved in legal matters. After all, it is about your money, and as a student, every cent is crucial. Consider contacting a student loan lawyer to ensure your hunches are correct. Such professionals can also give free legal advice and tell you if you are eligible for loan cancellation so that you will know what your next move is.

How much does a student loan lawyer cost?

Before starting this long run, it is normal to wonder how much it will cost you. Unfortunately, we do not have an exact answer in this regard because prices vary according to your type of case, attorney’s experience and expertise, economic conditions, and other influential factors. Expect to pay anywhere from $500 to a few thousand. So, we recommend determining whether these fees are worth it so that you would not find yourself more broke than before.

When hiring a student loan lawyer, we can only advise you to let your needs shape your choice. If you are dealing with a complex case, it is vital to have someone to protect your rights as a student loan borrower.