Skip to Content

Private Student Loan Borrowers May Feel Understandably Hopeless

woman leaning over books in library

With over $1.74 trillion owed by more than 45 million student loan borrowers in the US, a big question mark continues to loom for private borrowers—and especially in times of COVID. While it may have seemed that the economy was getting back on track, as variants have continued to gain strength and cause ongoing limitations on the workplace, retail businesses and restaurants, schools, and more, student loan borrowers responsible for paying back large sums are understandably concerned. Many are also further understandable worried—and disturbed—over the deferments being offered to millions of federal borrowers with absolutely nothing being offered for private student loan borrowers, and no apparent plans on the horizon.

The student loan debt crisis affects US citizens of all ages. Since spring of 2020, however, federal student loan borrowers have been off the hook, with deferments spanning until February of 2022 (at the time of writing). Generously allotted many months to save what can be sizeable monthly payments, private student loan borrowers are left out in the cold with many wondering what options are left aside from continuing on in delinquency or just defaulting on student loan debt outright.

Millions of borrowers also have combination loans, meaning that while some of their federal loans may be in deferment, they are still paying on the private loans—generally larger in amounts because they are for more expensive tuition than is covered by the government, for higher-priced schools or in many instances, graduate schools. While delinquencies may be on the increase and countless numbers of borrowers may be considering the reality of living with a default on their credit, that can still lead to great difficulties later.

If you are currently being sued by a private student loan servicer, seek legal help immediately. This is critical so that you answer the lawsuit on time (generally 20 to 30 days are allotted) and work with your attorney on a suitable defense. Without any attention to the matter, a default judgment could be granted against you—leaving you open to financial vulnerability for up to 20 years! You may not have much to lose right now, but consider the future, and avoid further issues like wage garnishing, property seizure, and loss of control over checking accounts.

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 issuesbankruptcy, 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

Share To: