STUDENT LOAN DEBT

Student loan debt is one of the most pressing financial issues facing individuals in the United States and around the world. As the cost of education continues to rise, more and more students are taking out loans to finance their education. Student loans are specialized loans that are meant to finance higher education. There are generally two types of student loans: federal and private. Federal loans are funded by the government, and usually offer lower interest rates and more flexible repayment terms. Private loans are offered by private lenders often have terms that are less favorable than federal loans.

In the United States, student loan debt has surpassed $1.5 trillion, making it the second-highest consumer debt category, behind only mortgage debt. The average borrower in the class of 2019, for example, graduated with around $30,000 in student loan debt.

The impact of student loan debt on individuals is profound. Many individuals with significant student loan debt delay life milestones such as getting married, having children, or buying a home because they don't feel financially secure. Some graduates might feel compelled to take higher-paying jobs that they’re not interested in, just to pay off their student loans. For others, the stress of having a significant amount of debt can contribute to mental health issues like anxiety and depression. Regardless, it’s essential for individuals to educate themselves about the terms of their loans and to actively explore repayment and forgiveness options.

Snable Stevenson & Silva Can Help You to Recover

Snable Stevenson & Silva can provide invaluable assistance to clients burdened by student loan debt. Our experience and in-depth understanding of both federal and state laws can empower clients to effectively manage their debt.

• Navigating Forgiveness Programs

Attorneys at Snable Stevenson & Silva can assist clients in understanding and navigating various loan forgiveness programs. For example, Public Service Loan Forgiveness (PSLF) is an option for those working in qualifying public service jobs. Our firm can help clients ensure they meet the criteria, help with the paperwork, and guide them through the process. They can also assist in exploring Teacher Loan Forgiveness, and other occupation-specific programs.

• Negotiating and Settling Debts

Negotiating with lenders to lower interest rates, or even reduce the principal balance, is a daunting task for individuals. Our law firm can step in to negotiate on behalf of the client. We can often secure better terms or settlements than clients might obtain on their own, including loan modifications, reduced lump sum settlements, or more manageable repayment plans.

• Suing for Predatory Lending Practices or Consumer Law Violations

If a client was victimized by predatory lending practices or if the lender violated consumer protection laws, our law firm can file a lawsuit on the client's behalf. This includes cases where lenders engaged in deceptive practices, failed to provide necessary information, or violated terms of the loan agreement. Winning such a case can lead to debt cancellation, refunds, or damages for the client.

• Filing for Bankruptcy

Though student loans are generally not dischargeable in bankruptcy, there are exceptions. The Brunner Test, a legal test applied in some states, allows for the discharge of student loans if repaying them would truly cause "undue hardship." Snable Stevenson & Silva can help clients evaluate if bankruptcy is a viable option and guide them through the intricate process. Even if the student loans are not discharged, filing for bankruptcy can sometimes provide relief by discharging other debts, making it more feasible to repay student loans.

• Advising on Loan Repayment Plans

Our firm can also advise clients on choosing the best repayment plan that suits their financial situation. For federal loans, there are several options including income-based repayment plans. Our attorneys can help clients understand the pros and cons of different plans, and guide them in making informed decisions.

• Representing Clients in Disputes and Communication with Lenders

Our firm represents clients in disputes that may arise with lenders, and communicate with lenders on behalf of clients. This can be particularly helpful for clients who are overwhelmed or intimidated by the prospect of dealing with lenders.

Snable Stevenson & Silva can play a pivotal role in alleviating the burdens of student loan debt for clients through a comprehensive range of legal services including navigating forgiveness programs, debt negotiation and settlement, litigation for predatory lending practices, bankruptcy filings, and more. Through skilled legal representation and counseling, our firm supports clients in achieving financial stability and protecting their rights.

Contact our Birmingham, Alabama Consumer Advocacy Lawyers Today for Legal Help

Are you or your family overwhelmed with debt? Contact Snable Stevenson & Silva for immediate legal assistance and advice. You might be eligible for one or more bankruptcy options, or possibly for other forms of debt relief. Our qualified Alabama bankruptcy lawyers can help you determine the best course of legal action and help to get you on a path to financial recovery.

We offer a free case evaluation and consultation. Contact our bankruptcy law office in Birmingham, Alabama to schedule yours today. There’s often a limited amount of time to act, so give us a call to get started today.