GM Law Firm Helps Fight Private Student Loan Debt

GM Law Firm, LLC, announces a continued focus on helping individuals mired in overwhelming private student loans resolve their debt.

Student loan debt in the U.S. reached another all-time high of $1.4 trillion in the first quarter of 2019, according to Experian data. That’s an increase of 116% in just ten years and represents one of the country’s most significant and widespread financial burdens that often requires legal assistance to resolve.

“When private student loan debt becomes overwhelming, individuals should consider legal counsel to understand their rights and options to potentially dismiss the student loan,” asserts Chantel Grant, Esq., a GM Law Firm lawsuit debt specialist and Senior Partner. “Dealing with a difficult student loan situation can be tough as it’s both financially and emotionally draining, and oftentimes is further complicated if you have a cosigner who will be affected by delinquent student loan debt.” To combat a deep student loan debt, retaining a legal specialist can be the best route to help resolve an intimidating student loan situation and avoid a potential lawsuit.

Defining Private Student Loan Debt

Private student loans are those issued by well-known banks, like Citigroup or Chase, or entities such as Sallie Mae and Navient. These loans can often have high interest rates and penalties that – if the promise of a high-paying job after graduation doesn’t materialize – can follow you for the rest of your life. Within the private student loan industry, there is a tremendous amount of money exchanging hands which often lends itself to unscrupulous practices.

The Consumer Financial Protection Bureau, a government financial watchdog agency, recently reported that many student loan lenders, servicers and debt collectors are breaking the rules by threatening borrowers with lawsuits even though they have no intention of suing. Some lenders use call scripts and letters that mislead borrowers about the benefits of repaying their defaulted student loans which is generally illegal under the Fair Debt Collection Practices Act.

“If you are struggling with your private student loan, do not ignore it or make financial mistakes such as only making a minimum payment to stop the debt collectors,” GM Law Firm’s Chantel Grant advises. “This is a serious legal issue that often requires an attorney-negotiated, student loan debt resolution strategy.” Visit GM Law Firm’s website to understand your rights and fight for swift student loan resolution.

About GM Law Firm, LLC

GM Law Firm is a consumer advocacy law firm based in Boca Raton, Florida, that empowers clients battling credit card, private student loan and medical debt to fight for their rights and help negotiate a satisfactory debt resolution. The experienced attorneys from the GM Law Firm also legally protect clients against harassing debt collectors and provide a customized strategy for debt defense. Contact GM Law Firm (www.gmlawfirmllc.com) for a consultation.