A Federal Student loan is funded by the federal government ( U.S. Department of Education) to help pay for your education. A federal student loan is borrowed money you must repay with interest.
For Student Loan Help with Federal loans we start with a careful review and analysis. After review, our first objective is to make sure you are in the correct plan. Changing plans can help reduce the amount of payment , length of payment, or both. We can see if you qualify for any student loan forgiveness options.
We will review all your options for student loan help to cure a defaulted loan. In some cases we will remove some collection costs. Further we will look at how to remove some of the negative information on your credit placed by the Federal student Loan servicing company after your loan went into default.
Finally we can even help those facing student loan wage garnishment or student loan tax refund offset, when your Federal income tax refund is seized to pay your student loan.
Federal student loans can not normally be “settled” but we have many clients paying only $5.00 or $10:00 per month.
Unlike federal student loans, private loans are offered by individual lenders with their own interest rates, terms, and eligibility requirements. After you’ve exhausted all the scholarships, grants, and federal student loan options out there, you might still need some help covering the cost of college. That’s where private student loans can help. If you need to borrow money for school, a private student loan can help close the gap and get you the funds you need to earn your degree.
However these loans do not provide the benefits of Federal Student Loans. Many private student loans require payments while you are still in school. Private student loans can have variable interest rates, some greater than 18%. A variable rate may substantially increase the total amount you repay. Private student loans may not offer forbearance or deferment options and it is It is unlikely that your lender will offer a loan forgiveness program.
However Galler Law has also become very effective at providing student Loan help for Private loans. Our defense is based on many factors, including age of the loan, number of lenders involved, and how long the loan has been in default. Again we start with a careful review and analysis of your loan. The next step ( Phase one) is to contact your current lender and request detailed information about your loan. Once the lender replies we carefully review all the information provided.
In most cases we can find some errors in the paperwork. This is followed by Phase two where we send a very detailed letter to your lender explaining all the problems we see in the paperwork. These first two steps can provide us with strong leverage to work out a settlement, or that the very least discourage the lender from filing a lawsuit. Over the years we been able to settle Private student loans for an average of 30 to 40 cents on the dollar.