Steps To Hiring a Lawyer For Student Loan Forgiveness

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For many people in the United States, student loans are a source of overwhelming financial stress. If you are struggling to repay your debt, a student loan attorney can help you – from reaching student loan forgiveness to lowering your monthly payments, a lawyer has the expertise needed to significantly reduce your financial burden.

However, if you are already struggling to make payments on your debt, the idea of spending even more money on a lawyer may feel overwhelming. To help you determine whether a student loan lawyer is right for you, here’s what you need to know about the costs (and savings) associated with student debt attorneys.

Why Hire a Student Loan Lawyer?

A student loan lawyer is a legal professional who specializes in the laws and regulations pertaining to student debt. They can provide guidance and representation to borrowers who are overwhelmed with their payments, facing predatory lending practices, or dealing with other debt-related problems. Student loan lawyers can help by:

  • Combatting predatory lenders: If you suspect you are the victim of predatory lending practices, an attorney can help hold your lender accountable. They know the ins and outs of consumer protection laws and can pursue remediation from unfair or illegal lending situations.
  • Negotiating settlements: An attorney can work with your lenders to make your debt more manageable. They may help lower interest rates, map out an achievable payment plan, and find other ways to help relieve the burden of your debt. 
  • Defending against lawsuits: In some circumstances, a private lender may take legal action against you. A student loan lawyer can help you navigate the situation and defend you in court for a more favorable outcome.
  • Navigating forgiveness programs: Many people don’t realize that they may qualify for a student loan forgiveness program. An attorney can examine your situation to help you find and qualify for student debt forgiveness.
  • Discharging student loans through bankruptcy: Depending on your situation, you may be able to discharge your student debt through bankruptcy. Thanks to new policy updates by the Department of Education, student loan forgiveness is more accessible using this approach than ever before.
  • Dealing with debt collectors: Debt collection agencies can be incredibly difficult to deal with. A lawyer will not only protect you against collector misconduct, but they can also handle communications to make your situation less stressful.

How Much Does it Cost to Hire a Student Loan Lawyer?

The cost of a student loan lawyer can vary significantly, often ranging between a few hundred dollars to a few thousand. How much you will pay typically depends on which fee structure the lawyer uses. The most common fee structures include:

  • Hourly rates: When you pay the lawyer an hourly rate, it can be challenging to predict exactly how much their services will cost in total.
  • Flat fees: This is when you pay the lawyer a set amount for their services, which can be helpful if you want to know exactly how much their services will cost before starting.
  • Contingencies: This is where the lawyer is only paid if they reach a desired result. It is most commonly used for class action lawsuits.
  • Hybrid plans: A lawyer may charge both a flat fee and a contingency. Similar to a regular contingency, this is most common in class action lawsuits.

Can Hiring a Student Loan Lawyer Save Me Money?

Though hiring a student loan lawyer may seem costly, doing so could save you thousands of dollars in the long run. By relieving some – or all – of your student loans, they can drastically lower your monthly payments, help you combat wage garnishment, and overall make your debt more manageable. The money you invest in a student loan attorney today can certainly save you a lot in the future.

Get a Free Legal Consultation

Considering investing in a student loan lawyer, but want to learn more about the process or costs? Get a free legal consultation from the experts at OlsenDaines! For over 40 years, we’ve been representing residents in Oregon with the goal of educating, informing, and empowering our clients. Your financial recovery is our top priority, which is why we offer affordable rates and disclose all of our fees from the very beginning. If you’re ready to learn more or get started, call us today to schedule your consultation.