Any government action will, unfortunately, affect only federal loans, and not result in private student loan cancellation as people often assume. The only real path to forgiveness/cancellation for most people with a private student loan is through a negotiated settlement, according to MyCreditCounselor.
Columbus, Ohio, USA, Nov. 04, 2021 (GLOBE NEWSWIRE) —
Government action, according to MyCreditCounselor, isn’t going to help students get private student loan forgiveness. One of the main reasons is that the government doesn’t have any authority to compel private lenders to forgive or cancel debt. There is even a question of whether the federal government and executive branch has the authority to cancel federal student loans.
The question that many students with private student loans should be asking is, “how do I get a settlement” says Andrew Weber, owner of MyCreditCounselor. The company says it can be possible to get the lowest possible private student loan settlement, but it isn’t easy. Carefully timed strategies, lender relationships, and a lot of experience are necessary. However, with the help of experts, some students have been able to settle for as little as 31% of the balance on recently defaulted loans. Older defaults can settle for even less.
As of late, there has been a lot of talk about student loan cancellation or forgiving student loans. However, the focus of the discussion and any legislative or executive branch efforts is exclusively on federal student loans, and not private loans. Even if federal student loans were to be forgiven, it does not help students get private student loan forgiveness, and with it making up less than 10% of the total student loan market, it just isn't the government's focus. That said, students can still negotiate a settlement if they know how, or hire an expert to do it.
Negotiating a student loan settlement with a lender is often a long and complicated process. Each lender can have drastically different policies, and their collection agents are highly experienced at manipulating borrowers to disclose financials and other sensitive info. That’s why borrowers with outstanding private student loans will want to hire someone like the professionals at MyCreditCounselor, a company run by a certified credit counselor and student loan counselor with nearly a decade of experience negotiating private student loans.
Readers can find out more about how to get a private student loan settlement by visiting the company’s official website at https://www.mycreditcounselor.net/
“Unfortunately, private student loans will never be forgiven by government action – the federal government does not have that type of control over private lenders and banks. Private loan borrowers are an afterthought when it comes to student loan legislation and executive action – since they are less than 10% of the overall $1.8 trillion outstanding student loan balance in the US. However, these loans are uniquely inflexible and cause significant problems in ways that federal student loans do not.” Said the CEO of MyCreditCounselor.
MyCreditCounselor is run by Andrew Weber, a certified student loan counselor who specializes in negotiating private student loan settlements. The CEO offers a “no-nonsense, no upfront fee” settlement negotiation service on behalf of people with private student loans. He has negotiated settlements with major private lenders like Navient, Sallie Mae, Discover, Wells Fargo, Keybank, Chase, Citibank, Citizens Bank, Turnstile Capital Management, and The National Collegiate Trust along with many smaller private student loan lenders.
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