Student loans are a hot point, to say the least. With over $1.74 trillion owed cumulatively by over 45 million borrowers, there is so much money at stake—it’s easy to see why the conversation continually becomes heated. Apparently it took a viral pandemic to iron some of the situation out for federal borrowers. Since the beginning of the pandemic, millions of eligible borrowers have been receiving deferments; in fact, at the time of writing they have continued into 2022.
For private student loan borrowers the writing on the wall has been apparent from the beginning: consider yourselves lucky if you had loans of both types, and that way you might indeed see some relief. With the federal government owning 92 percent of the student loans overall, and private student loans being complex to negotiate, private student loan borrowers should be accepting the fact that they will have to hope for whatever types of alternative options their servicers generously agree to, should they be in need.
“As a result, private student debt has been largely excluded from federal student loan relief. Sen. Bernie Sanders (I-VT) has proposed to cancel all private and federal student loans, although his proposal hasn’t gained traction in Congress,” stated recent news in an article by Forbes.
“For student loan borrowers with private student debt who have struggled financially during the Covid-19 pandemic, options have been limited. These student loan borrowers either sought a deferment from their student loan servicer or turned to bankruptcy as a final effort to discharge their student loans.”
Speak with an experienced attorney from Fitzgerald & Campbell, APLC as soon as possible if you are worried about the possibility of delinquencies or even a default on your private student loan.
Have you experienced problems with your loan service provider or student loan program, or are you in danger of defaulting on your student loan? Contact Fitzgerald & Campbell, APLC now so one of our experienced student loan debt attorneys can review your case and discuss all the available options with you. 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.