Are you one of the many people who have recently been served with a student loan lawsuit in federal court? If so, you are not alone. If you believe that you were not given proper notice and that you were not properly warned of your rights as a current or former student, then you may be wondering what you can do next. In this article, we will outline some of your best options for fighting back against the school that filed the suit against you.
Student Loan Lawsuit
One of the first things you should do if you have received a notice of the lawsuit is to call the number on the lawsuit. In most situations, this number is included on your college’s school financial aid application (or tuition payment form). If your school did not supply you with this information when you applied, contact the school’s department of academic services and ask them for this information. They may have provided it to you on a separate request, or they may be able to tell you where to find it.
Once you have obtained this information, you should call the college and inform them that you believe you are a victim of illegal loan practices.
Let them know that you are considering filing a lawsuit against the school. In most cases, they will ask you for more information about the lawsuit. Depending on how much you owe the school, you may be eligible for a settlement. In addition to seeking additional information about the lawsuit, you should also seek information about past and present payment history for your student loans. This will help you determine whether you are being treated fairly with your loans by your lender.
A second option is to work directly with the lending institution.
You should do everything possible to negotiate a settlement. Remember that you are the one who gave up your loans for the college education. You should not be paying these loans back for someone else. As long as you can prove in black and white that the school is illegally charging you excessive interest, you may be eligible for a settlement.
After you have reached a settlement with your lender, you should make payments according to the new terms.
However, you should also remember to always make your payments on time. Many borrowers have found themselves in financial hot water because they were late with their loan payments. If you are having trouble making your loan payments on time, contact your loan servicer immediately. They can help you work out an arrangement with your lender that is in your best interest.
A student loan lawsuit can be very damaging to the credit rating of a borrower.
It is important for you to research any and all options before taking the steps needed to file a legal suit. While you will almost certainly feel angry and frustrated, you should remember that a lawsuit will ultimately be court-based and will likely end up in court. It is better to settle than to fight in court, especially if you have already exhausted other options.