Get started here if you’re looking for a student loan lawyer in Illinois. We can help connect you with an experienced lawyer who can help you understand your legal options and protect your rights.
Borrowers in Illinois owe an average balance of $36,531 on private and federal student loans, placing them sixth highest in the country and below the national average of $36,689.
The suspension of certain federal student loan payments has been extended until May 1, 2022, but that does not imply Illinois borrowers are off the hook.
Student loan borrowers in Illinois have many options when it comes to finding legal help. That’s where a student loan lawyer comes in.
Here are four situations in which a student loan lawyer in Illinois can assist you.
If you’re having problems repaying your student loans, whether it’s because you defaulted on a loan or had trouble making payments, student loan attorneys can help with the following:
Student loan wage garnishment
If you’re in debt on your student loans, your loan servicer might claim that they have the authority to take a portion of your pay to pay down the debt. While this may appear to be a smart option for catching up, it can actually end up costing you money in the long run if they take too much of your income.
Avoid getting your tax refund offset by student debt.
If you owe money on a federal student loan, the government can seize your tax refund to pay it off. This isn’t always the case since it may leave you with insufficient funds to meet all of your other expenses and responsibilities!
Negotiate a student loan settlement.
Student loan lawyers may assist you in negotiating student loan settlements, which might lower the amount of money you owe.
Student loan bankruptcy is a legal option
Filing for bankruptcy is difficult, but student loans are frequently canceled. This implies that the court would wipe away your responsibilities, leaving you debt-free.
A student loan lawyer in Illinois can assist you with any of these issues.
A student loan lawyer in Illinois can assist you with federal student loans.
You may have received a letter in the mail informing you that your federal student loans are in default and your income will be seized. They may send you a letter telling you that your tax refund will be offset because of student loans or that your private student loan has gone into default, and they’ll sue unless you make a hefty payment.
Don’t be concerned if any of these apply to you. You aren’t the only one.
Americans owe a collective $1.71 trillion in student loan debt, held by around 44.7 million borrowers.
Student loan lawyers can help you avoid student loan default, wage garnishment, and your funds being seized if you take action immediately. However, only if you act quickly.
Student loan lawyers can assist you with the following:
Pick the right income-based repayment plan
A student loan lawyer can assist you in determining your eligibility and selecting the best income-based repayment plan. You may be approved for one of the many income-based repayment plans, including Pay as You Earn (PAYE), Revised Pay as You Earn (REPAYE), or Income-Contingent Repayment (ICR).
Lower monthly payments
Student loan payments are often reduced to 10% of your disposable income. If you can’t make the current payment, consider ways to reduce your monthly installments.
Consolidate student loans
Consolidating student loans might be a smart option for individuals who only have to worry about one loan payment at a time. Students and their parents may qualify for direct consolidation loans from the government. You could also save money by combining your student loans with a private firm.
Student loans may only be settled if the borrower is in default.
If you’ve been in default on your student loans for six months, you have a second chance to get back on track. If you have a federal student loan in default, your lender might be willing to accept less than the full amount owing. You may qualify if you are unemployed or experiencing financial difficulty.
How can attorneys assist with private student loan problems?
With private student loans, They can help:
- Negotiate settlements
- Negotiate lower monthly payments
- Remove default status
- Remove cosigners and
- Evaluate refinance and consolidation options.
Contact a student loan lawyer in Illinois.
Working with the IRS or any other government agency may be difficult due to the amount of paperwork to complete and hoops to jump through. Of course, you might not be familiar with all of your choices. That’s where we can assist.
If you have student loans in default and are facing tax refund offset, our student loan lawyers can help. Make a free 10-minute phone call now by clicking the button below.
They’ll go over your options and assist you in determining which repayment strategy is best for your defaulted student loans before you lose any more money.