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Florida Bankruptcy Lawyer > Florida Federal Student Loan Consolidation Lawyer

Florida Federal Student Loan Consolidation Lawyer

The average student loan debt recently hit a record high of $35,359, according to Investopedia. For advanced degrees, such as medical degrees, the average is much higher (just under $200,000 on average according to NerdWallet. Many of those borrowers, whether they have $30,000 of debt or $300,000, have multiple student loans. Paying off one loan at a time is a challenge; paying multiple loans at the same time can become impossible. There are a number of ways to get out of crippling student loan debt, including forbearance, loan forgiveness, and repayment plans. Another option for borrowers with multiple student loans is loan consolidation. The Florida Nowack & Olson, PLLC federal student loan consolidation lawyers are here to help you consolidate your loans and finally conquer your student loan debt once and for all.

Benefits of Consolidating Your Student Loans

If you have multiple federal student loans, consolidation can combine them into one single loan. You will then have one monthly payment from then on out. Not only is paying a single loan easier to remember and less of a hassle than paying two or three student loans per month, but loan consolidation may also enable you to take advantage of various forgiveness programs, repayment plans, and more. Below are the many reasons why you should consider a loan consolidation program:

  • Consolidation will cure the default for student loans that have defaulted;
  • Consolidation can help you avoid Administrative Wage Garnishment, lawsuits, and federal tax offsets;
  • Consolidation may enable repayment plans and loan forgiveness;
  • Easier, simpler payment plan with one monthly loan bill instead of multiple bills;
  • Consolidation can actually lower your interest rate while awarding you up to 30 years to repay the loans;
  • Pay one single, and potentially lower, interest rate based on the average of your loans that you want to consolidate; and
  • A Direct Consolidation Loan does not cost you anything, according to Student Aid.

When Consolidation Might Not Be the Right Answer For You

Loan consolidation is not for everyone. As with any type of student debt relief programs, plans, and tools, the best option for you depends on your specific circumstances. What works for someone else may not be right for you. For example, consolidating your loans could potentially result in you losing benefits with your original loan. Or, by consolidating a Parent PLUS loan, the borrower may limit themselves when it comes to repayment plans. While loan consolidation may be the best option for your situation, you will only know after you discuss your student debt with an experienced Florida student debt attorney.

Our Florida Student Debt Attorneys Can Help You Consolidate Your Student Loans Today

While consolidating your loans does involve quite a bit of paperwork and documents, the most vital reason that you need to talk to an attorney is to ensure that this is the best strategy for you. Too many borrowers assume that loan consolidation will make their problems go away, only to eventually find out that it either did not accomplish anything, or actually harmed them. Let our attorneys help you make this important, and potentially life-changing decision. Contact the Florida student debt attorneys at Nowack & Olson, PLLC today to get started. Call us at 866-907-2970 to schedule a free consultation today.

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