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Are You Worried that Private Student Loan Default is Inevitable?

  • Apr 26 2021

If you took out private student loans prior to 2020, you may already have been experiencing discomfort over monthly payments, especially if they were for larger sums due to expensive graduate school tuition. For many students just entering college, it is easy enough to sign on the dotted line—and sign the future away. Without any real understanding of how difficult it can be to handle a household budget, and especially without significant income to begin with, many student loan borrowers are defeated before they even begin.

While you may have been worried about financial debt before the viral pandemic began wreaking havoc around the world, chances are that was nothing compared to what happened over the past year. With millions of US citizens losing their jobs and their health too, the devastation was unlike anything most of us could have dreamed of. You may never have thought you would consider defaulting on your private student loan prior to 2020, or any other debts for that matter.

If private student loan servicers are beginning to make threats despite all the challenges you have probably been through, at this point other creditors probably are too. While credit card companies and debt collection agencies were encouraged to halt action over much of 2020, that’s not the case now and for many, sympathy has run out. You may find yourself being served with legal documents informing you that you are being sued over credit card debt, auto debt, medical debt, and more; however, if you are being sued by a private student loan servicer, this is serious business!

Contact an attorney from Fitzgerald & Campbell, APLC as soon as possible if you are being chased by a private student loan servicer. While dealing with a credit card company is stressful enough, student loan servicers can be extremely aggressive. Defaulting on a federal student loan comes with many problems also, but with a private student loan servicer you may find that they act more like a mortgage company foreclosing on you—and leaving you vulnerable to wage garnishing, and levying of property and even taking over control of your financial 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? Call our office 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 (855) 709-5788, or email us at info@debtorprotectors.com.

 

Posted in: Student Loan Debt