Student Loan Debt Attorney

student upset about loan debt

The ever-increasing costs of higher education mean that more students have to take out larger and larger student loans to complete their studies. As a result, many students incur thousands of dollars in debt before ever starting their careers.

This imposes a financial burden that turns out to be difficult for many graduates to overcome, especially given the likelihood employment, financial, health, or other personal challenges.

If you are struggling to make your student loan payments, you should discuss your options with an experienced Fort Lauderdale student loan debt attorney. At Loan Lawyers, we understand the stress and the negative impacts on your quality of life that crushing student loan debt can impose. Our legal team will work with you to explore your options for relief from your student loan debt and develop a strategy to put you on the path to financial independence.

A college education should not ruin your financial future. Let us work tirelessly to find a way out from under the difficulties of overwhelming student debt. Call Loan Lawyers or reach out to us online and request a free case evaluation to learn more about your options.

Student Loan Payment Options

If you find yourself unable to make the monthly payments specified by your creditor or loan servicing company, you may be eligible for other student loan payment options, depending on the type of student loan you took out.

Some of the common student loan payment options include:

  • Income-based repayment – This allows you to pay a monthly amount based on your earnings from your job.
  • Income-contingent repayment – Similar to income-based repayment, this option allows you to set your monthly payment according to your outstanding loan balance along with your monthly income. Borrowers who live at or below the poverty line could see their monthly payments reduced to zero (although the student loan will continue to accrue interest).
  • Perkins loans repayment plans – Because Perkins loans require minimum monthly payments, the program provides special options for alternative payments.
  • Graduated and extended repayment plans – Graduated payment plans start with low monthly payments that gradually increase over the term of the loan. An extended payment plan increases the payment length and is generally available only for loans with a balance greater than $30,000.

Unfortunately, these loan payment options are typically limited to public loans, such as state- or federal-backed or issued instruments. If you took out a private student loan, the issuer may not make alternative loan payment options available or may be unwilling to arrange an alternative payment plan. Our attorneys can help you by negotiating with the private student loan issuer to set up payment options that work within your financial means.