As any recent college student knows, obtaining a degree requires a much bigger financial sacrifice today than it did a generation or two ago. Over the past three decades, the average cost to attend a public four-year institution has more than tripled. For most Americans, footing the bill through savings and investments simply isn’t realistic. Fortunately, if you’re someone who’s being pressured to put off important life choices like buying a home or starting a family because you’re struggling with repaying your student loans, you have debt relief options that will help your life get back on track. For help tackling your student loan debt, look no further that McCarthy Law PLC.
What Types of Student Loan Forgiveness Programs are Available for Federal Workers?
If you’re a federal employee struggling under a mountain of student loan debt, there are a few programs you may consider, including the following:
- Public Service Loan Forgiveness (PSLF): If you’re employed by a United States federal, state, local, or tribal government or by a not-for-profit organization, you might be eligible for the Public Service Loan Forgiveness Program, a platform that allows individuals with direct federal student loans who work for 10 years in a public service or nonprofit job to apply to have their remaining loan balance forgiven.
- Federal Student Loan Repayment Program: This platform, which applies only for those with federal student loans, is designed to attract top talent to serve in the public sector and encourage retention as an additional employee benefit.
- An income-driven repayment plan: These plans, which are designed for high-balance borrowers who may have trouble making their payments affordable, reduce your monthly payment to a small percentage of your discretionary income.
For those with private loans who are unsure what programs are available to them, look no further for debt relief than McCarthy Law.
How Do You Know Whether You Have A Federal or Private Loan?
In order to understand your options, you must first consider what type of loans you have: federal or private. Private student loans are made by private lenders such as banks or credit unions. Federal student loans, on the other hand, are funded by the U.S. Department of Education. It’s important to note that federal student loans are completely distinct from whether or not you’re a federal employee.
To check whether or not you have a federal or private loan, first check whether it’s been issued by the federal government. To get a list of your federal student loans, go to the National Student Loan Data Services website maintained by the U.S. Department of Education. If your particular student loan isn’t listed there, it is most likely a private student loan. An experienced student debt lawyer can also help you understand what kind of loans you have if you’re unsure.
In certain situations, you can have your federal student loans forgiven, canceled, or discharged. Learn more about the types of forgiveness options and whether you qualify due to your job or other circumstances online.
If You’re Seeking Relief for Your Private Loans, McCarthy Law Can Help
If you do have a private student loan, you may be wondering if you have any debt relief options. That’s where we come in. Under our student loan debt settlement program at McCarthy Law, an attorney contacts your student loan lenders and begins a negotiation process to significantly reduce the interest and principal on your private loans. At the end of a successful student loan settlement, the borrower ends up paying only a fraction of the original balance claimed by the lender. The rest of the debt is forgiven by the lender and the settlement is a full and final settlement of the debt, leaving the borrower without the burden of student loan debt going forward.
Start by giving our offices a call and telling us about your unique situation during a free phone consultation. We’ll then outline your options and provide you a concrete and strategic plan of action.
Contact a Skilled Student Loan Lawyer at McCarthy Law
No college student imagines suffocating under the weight of student loan debt. However, if you’re now in the workforce and plagued with the burden of student loan payments, consider reaching out to the attorneys at McCarthy Law. When you contact our experienced team, we’ll help you explore the best options for getting on top of your finances. A skilled attorney can provide you with practical legal advice after fully analyzing your situation and determining the most strategic method that will have you feeling financially relieved.
The lawyers at McCarthy Law intimately understand the stress of student debt—especially for federal workers struggling with private loans—and are dedicated to fighting for your financial freedom. To schedule a free consultation with a knowledgeable and experienced debt settlement professional, call our office at (855) 976-5777 or fill out our contact form today.