When consumers take on student loan debt, they do so with the expectation that the education they are pursuing will provide them with more career opportunities, higher earning capacity, and ultimately a better lifestyle. However, many find their expectations shattered upon graduation when they enter a job market with high unemployment rates, poor job opportunities, and reduced salaries. In fact, many find themselves employed in the same jobs they could have obtained without their expensive education and the crushing student loan debt that came with it.
Compounding the economic realities is the fact that private student loan payments kick in requiring payment of hundreds, if not thousands, of dollars each month on debts they cannot afford to pay to lenders who have no deferment, hardship, or income-based repayment options to help with the enormous financial burden. While student loan debt soars and education costs rise, federal government funding for college grants has slowed, placing further burden on families to fund education opportunities.
At Oppenheim Law, we help borrowers facing default on their student loan obligations to negotiate affordable repayment plans and defend debt collection actions brought by lenders or loan servicers. Many private student loan debts have been repackaged and sold several times, which gives rise to good defenses against the lenders. If asserted properly, these defenses could leave borrowers free of student loan debt.
If you have questions about your private student loan debt, please contact us for a legal consultation so we can assess your circumstances.