Student Loan Debt Weighing You Down?
Student loan debt is becoming more and more of a crisis in America. The Institute for College Access and Success found that 69% of college graduates have student loans, with an average balance of $29,650.
That’s a pretty damaging number, considering many students can find themselves struggling to find work or are unable to find helpful financial guidance post-college
Dealing with student loans can make it harder to buy a house, save for retirement, and even get by with your other necessary expenses. If you’re struggling with student loans, there are quite a few steps you can take, but it’s important to understand your situation and your options to make sure you find the right path for you.
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How to Get Student Loan Debt Help
Depending on the type of student loans you have, here’s a quick summary of some potential ways you can get help with your student loan payments:
- Income-driven repayment: Federal student loan borrowers can apply for an income-driven repayment plan, which can drop your monthly payment to just 10% to 20% of your discretionary income. They also extend your term to 20 to 25 years, after which your remaining balance (if any) will be forgiven.
- Student loan forgiveness: The federal student loan program offers a couple of loan forgiveness programs beyond the cancellation you can get with an income-driven repayment plan. You may qualify if you work for a government agency or eligible not-for-profit organization or if you’re a teacher in a school that serves low-income students. You may also qualify for student loan cancellation if you’re permanently disabled.
- Student loan repayment assistance programs: If you have federal loans, you may qualify for one or more of these programs, which are often offered by states, military branches, and other government agencies. Some private employers also offer repayment assistance as an employee benefit, and it doesn’t matter if you have federal or private loans.
- Student loan refinancing: Refinancing student loans with a private lender isn’t really an option unless you have a strong credit history and relatively high income (or a cosigner with those attributes). If you do qualify, though, you may be able to get a lower interest rate and monthly payment than what you have now.
- Debt settlement: If you’re struggling to the point where you’ve defaulted on your student loan debt, it is possible to resolve the situation through settlement. Tayne Law Group has experience working with student loan servicers to settle student loan debt for less than what our clients owe.
With so many options available for student loan debt help, it’s important to carefully consider your situation to find the right one for you.
For example, debt settlement typically isn’t a good idea unless you’re already in default or struggling to make the payments to your creditors. But getting to the default stage can damage your credit score, so it’s generally not a good idea to stop making payments unless you legitimately can’t afford them. Debt settlement though could actually help improve your credit and help you resolve the debt in an affordable way.
Also, refinancing federal student loans with a private lender may not be a good idea if you’re working toward loan forgiveness or repayment assistance in a program that requires you to have federal loans. You could lose Federal protections under certain refinancing options.
How Tayne Law Group Can Help
Tayne Law Group can provide you with valuable information to ease the burden of your student loans. Our student loan debt help service can provide you with a comprehensive break-down of your student loan situation, which relief options are available to you, and how you can get yourself on the right track to financial freedom.
You’ll receive up-to-date information regarding your student loans, get to spend time face-to-face with a real attorney, and be informed on what options are available to you and given the best strategy to improve your situation.
A Debt Relief Law Firm You Can Trust
Because we’re a law firm, we’re held to a higher ethical standard, so you can rest easy knowing the information you receive is accurate.
Tayne Law Group is accredited by the Better Business Bureau and is consistently praised for their transparency and commitment to clients. Our debt attorneys and settlement coordinators will always take the time to make sure you completely understand the status of your file and are comfortable with the process.
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Ready to Get Started?
Send us a message or give us a call to learn more about our student loan debt help service and how we can assist you!
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We Negotiate Student Loan debt with Navient
In 2014, when Sallie Mae branched off its federal education loan servicing into a separate company, Navient, many clients came to us overwhelmed by their student loan debt with Navient, and in return, we worked with Navient to resolve those student loans.
Tayne Law is experienced in these situations and can advise you on the best strategy with a simple and easy consultation on your student loan debt. We will work with you to help not only put your mind at ease but make what seems to be an overwhelming situation more clear for you.
It’s possible to settle your student loan debt on your own, but because there are so many nuances in the process, it could potentially do more harm than good.
As a result, we highly recommend considering an experienced law firm to protect your rights, credit, and financial future. A debt resolution law firm like Tayne Law Group can help you better understand your options. You don’t have to face this student loan servicer giant, Navient, alone.
We know that the debt settlement process can be a stressful and intimidating experience if faced alone. Allow Tayne Law Group to take care of your student loan financial burden.
If you have debt relief questions about your own or a loved one’s student loans with Navient, Sallie Mae or a private student loan lender or are in need of other debt help, contact Tayne Law Group today for a free debt relief consultation at 866.890.7337.