Chicago Student Loan Debt Attorneys
Defending the Rights of Consumers in Illinois
In the United States, student loan debt has tripled over the last decade and now exceeds $1.5 trillion. This is more than both auto debt and credit card debt. According to data, more than 1 million student loan borrowers go into default each year. It is expected that nearly 40% of borrowers will default on their student loans by 2023.
If you are struggling to keep up with your student loan payments, you should speak to our lawyers to find out how we can help you get relief from your debts. At Edelman Combs Latturner & Goodwin LLC, we are committed to assisting clients with their student loan issues, and we will use our extensive resources and experience to protect your rights.
Reasons for Needing a Student Loan Debt Attorney in Chicago
You might need our Chicago student loan debt attorney for various reasons, particularly if you are facing overwhelming financial challenges related to your student loans. Our attorneys specialize in navigating the complex landscape of student loan laws, regulations, and repayment options, providing invaluable guidance and representation. If a borrower is struggling to make loan payments, facing potential default, or dealing with harassing debt collectors, a Chicago student loan debt lawyer can advocate on your behalf and explore options for loan forgiveness, discharge, or loan rehabilitation. Additionally, our attorneys can assist in negotiating manageable repayment plans, preventing wage garnishments or other adverse consequences.
How Our Student Loan Disputes Attorneys Can Help
At Edelman Combs Latturner & Goodwin LLC, our firm can assist with all types of student loan issues involving:
- Private Student Loans
- Servicing Errors on Federal Loans
Our Chicago student loan lawyer can help you in the following ways:
- They can provide you with legal advice and guidance regarding your rights and options.
- They can represent your interests in communications or negotiations with a student loan holder, student loan servicer, debt collection agency or administrative body.
- A lawyer can help you resolve delinquencies or defaults or apply for loan discharge.
- They can protect you from unfair or abusive conduct by debt collectors and other agencies.
- They can handle credit disputes.
- A lawyer can represent you in court if needed.
Federal Student Loans Lawsuits
If you are having issues with federal student loans you have taken out, our legal team can review your case and help you reach a fair resolution. Under the William D. Ford Direct Student Loan Program, the federal government started making “Direct Loans” directly to borrowers. Although these loans are funded by the Federal Government, they are serviced by private companies that have contracts with the Department of Education.
If you are being harassed or your account is being neglected by loan servicers, consult with our legal team to find out how we can protect your interest. Servicers have an incentive to delay repayment of loans because the longer it takes for borrowers to pay off their loan, the more income is received by the loan’s servicer. Loan servicers receive a monthly fee from the Department of Education for each loan they service. Delaying repayment or discharging loans increases the servicer’s fee income.
Navient Student Loans
Navient, the second-largest student loan servicer in the country, is currently being sued for failing to offer income-based repayment plans to eligible borrowers, ultimately adding $4 billion in interest to borrowers’ loans through the use of forbearance for people who qualify for income-based repayment plans.
If you think your servicer delayed your enrollment in an income-based repayment plan or canceled a timely renewal of your income-based repayment plan. Consultations with our student debt lawyers are free. Services are available in Spanish.
What Can I Do if I am Being Sued for Student Loans?
If you are being sued for not paying your student loans, there is hope. Below are some common defenses to student loan lawsuits. Keep in mind that only an experienced attorney can help you through your specific circumstances.
- You never agreed to pay the debt.
- If you are a victim of identity theft, it is possible the records are not correct and you never agreed to pay the debt. The debt is not actually yours.
- You have fulfilled the debt or you have a balance on your loan, but you are being sued for more than what you owe. The lender’s records are not up-to-date.
- Review all documents regarding your loan, payments, and credit reports for errors. If your records reflect your actual payments, then you have a defense.
- You filed for bankruptcy and the student loan was discharged.
- Your school was closed and you were unable to complete your educational program, therefore the loan should be canceled.
- This generally applies to federal student loans only. If you requested a cancellation and it was approved, gather all documents that support this. If the request is pending approval, you may need to request a forbearance.
- The lender waited too long to sue you.
- This only applies to private student loans. Federal student loans have no statute of limitations.
Speak to a Student Loan Attorney Today
Our legal team will review the details of your case and build a strong legal strategy that will ensure your rights and interests are fully protected. We have provided countless clients with skilled legal representation, and our student debt lawyers are here to guide you through every aspect of your case.