Ontario Student Loan Debt Lawyers
A good education is a must nowadays. However, the cost of college tuition is always rising. Not everyone qualifies for grants or scholarships, so many students get loans. After graduation, though, many borrowers end up with tens of thousands or even hundreds of thousands of dollars in debt.
Many students are stuck with this debt for decades. They make monthly payments but cannot bring down the balance. Unfortunately, finding debt relief can be difficult. Bankruptcy is not typically an option for student loan debt.
However, that does not mean that there are no options available for you. The Ontario student loan debt lawyers from Wadhwani & Shanfeld can advise you on the right type of student loan debt relief.
What Should Student Loan Lawyers Know About?
If you are struggling with student loan debt, you have legal options available. A student loan lawyer has a wealth of knowledge about the various laws and programs to provide you with financial assistance. Student loan lawyers need to have knowledge of a variety of loan-related topics such as:
- Student loan regulations. Student loan lawyers should have a deep understanding of various state and federal laws such as the Higher Education Act, the Fair Debt Collection Practices Act, and the Truth in Lending Act.
- Private student loans. While federal loans are the most common type of loan, lawyers should be familiar with private student loans and the various elements involved, such as private loan contracts, repayment options, and negotiation strategies.
- Loan repayment options. Lawyers should be familiar with various repayment plans such as income-driven repayment plans and loan forgiveness programs.
- Loan servicing practices. Lawyers need to be familiar with the practices of loan servicers and debt collectors. This includes knowledge about how loan payments are processed and how interest accrues.
- Loan forgiveness programs. There are various loan forgiveness programs that can assist you with your loan debt, such as Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness. Lawyers should be familiar with the eligibility requirements and application procedures involved.
- Consumer protection laws. Borrowers have many protections under state and federal law. Lawyers should be aware of consumer protection laws such as the Fair Credit Reporting Act and the Fair Debt Collection Practices Act.
- Loan disputes and negotiations. Lawyers should know how to handle disputes regarding student loan debt. This can involve challenging incorrect billing, disputing loan terms or interest rates, and negotiating settlements.
Contact Wadhwani & Shanfeld Today
Student loan debt can easily get out of control. It may be a good idea to seek legal help to understand what options are available to get debt reduced.
Student loans can be very complex. What works for another person may not work for you. Let the team at Wadhwani & Shanfeld evaluate your case to find the right method of student loan debt management for you. To schedule a consultation with our knowledgeable Ontario student loan debt lawyers, call our office at (800) 996-9932.