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Large Private Student Loan Debts Leave Borrowers with Unfulfilled Dreams & Resentments

private student loans
  • Apr 18 2019

An education is supposed to make your life so much better, with most students envisioning themselves as graduating, landing a dream job, bringing in a good income, and hitting all those typical markers we are programmed to see as achieving success—from buying a home to starting a family. Unfortunately, student loans are doing just the opposite for many; in fact they are making far too many borrowers completely miserable as they are so burdened they cannot live a normal live and may quickly be forced in filing bankruptcy (where ironically, it is extremely difficult to have the student loans themselves discharged) or left dealing with collections lawsuits from private student loan servicers and the often inevitable default judgments.

Now, with over 44 million borrowers in over $1.5 trillion of cumulative debt many private student loan borrowers are going into various stages of delinquency or outright default. And as the stress builds, borrowers have a wide range of emotions regarding the issue—most of them not positive. This goes for students who may have taken on private student loans for community colleges or trade schools, traditional four-year degrees, or pricey graduate schools yielding master’s or PhD degrees to help graduates compete in a fiercely competitive market.

Recent news points out continued trends for delinquency and default, with many borrowers feeling judged by others who may not understand the substantial burden these loans can carry on a monthly basis—all in the name of getting a good education. Many have not been able to get the types of jobs they felt like they were promised, and life can get very dark when bogged down with overwhelming bills and a complete sense of hopelessness. And as should be continually pointed out, yes there is a staggering amount due overall, but on the independent level it can be catastrophic. Federal student loans offer a variety of ways to see such debts forgiven or canceled altogether, along with different programs for alternative methods of repayment.

Private student loans, however, may be much less flexible once you run into trouble. This means if you are in danger of default, your student loan servicer may begin aggressively trying to collect on the debt, including suing you, gaining a default judgment if possible, and then moving forward to have your pay garnished, property seized, and bank accounts frozen.

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, APLCnow 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! Call us today for a free consultation at (855) 709-5788 or email us at info@debtorprotectors.com.  

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Posted in: Student Loan Debt