Private student loans, and the inability of millions to pay them back, has been a topic in the news for years, with the cumulative debt just continuing to grow. Fingers have been pointed at the limited number of sources.
Rising college tuition is one argument for rising student loan debt that certainly cannot be disputed, on nearly every level—whether students are attending Ivy League schools or even community colleges. A lack of counseling is another valid problem. Although it is usually required upon entry and exit of school when a loan is being taken out, the amount of counseling given is minimal, and in most cases, certainly not enough to prepare a young student loan borrower for the difficulties that could lie ahead in trying to juggle an adult household budget, and the possibility of paying $400 a month to a loan servicer on average.
The cumulative debt owed by over 45 million borrowers is now hovering at $1.71 trillion, with huge uncertainty as to how the situation will ever be resolved. Out of that amount, a still whopping $132 billion is owed to private student loan servicers. And although defaulting on a federal student loan is bad enough, dealing with private student loan servicers can be much more problematic due to the potential for collection lawsuits; in fact, dealing with a private student loan servicer can be like dealing with a mortgage company.
If you have not been able to pay your private student loan and are being sued over a default, it is critical to get legal help from an experienced student loan debt attorney from a firm like Fitzgerald & Campbell, APLC as soon as possible. Procrastinating or refusing to act in taking of a collection lawsuit from a private student loan servicer could result in much more dire circumstances, to include loss of wages up to 25 percent of your disposable income in California. Along with that, there is the possibility of your personal checking account being frozen just when you least expect it, along with seizure of personal property by local law enforcement (to be sold at public auction).
Have you experienced problems with your loan service provider or student loan program, or are you in danger of defaulting on your student loan? Speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible to examine your options. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy, and other debt management processes. We are here to help! Click here to schedule a free 30-minute consultation, call us at (844) 431-3851, or email us at firstname.lastname@example.org.