It’s no secret that private student loan borrowers have been left out in the cold for much of the past year, with COVID-19 wreaking havoc on the health and finances of millions of Americans. If you have a private student loan, you may have been wondering when your time would come after spending a year watching so many federal borrowers enjoy deferments through the CARES Act.
Now, the government is helping over one million private student loan borrowers who are in default, including a large percentage of individuals who were facing the potential of losing their tax refunds.
“Our goal is to enable these borrowers who are struggling in default to get the same protections previously made available to tens of millions of other borrowers to help weather the uncertainty of the pandemic,” said Education Secretary Miguel Cardona in a recent statement.
If you have been affected during the pandemic and are worried about defaulting on your private student loans, speak with an experienced attorney from Fitzgerald & Campbell, APLC as soon as possible. While you may be surprised to find out that sometimes defaulting is the best way to go (with good legal support behind you), it is critical to reach out for help, rather than ignoring the problem and finding yourself mired in a nightmarish lawsuit that you have not responded to.
Private student loan servicers can put a great deal more pressure on you (similar to a mortgage lender) in terms of aggressive collections activity, and the repercussions can be severe if you do not have legal representation. Don’t make yourself vulnerable to wage garnishment, levying of property, or loss of control over your checking account.
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.