The student loan crisis has left millions of Americans drowning in student loan debt. If you’re struggling with student loan debt, you may be looking for a way to lessen the burden.
Settling your student loan debt may be an option, and Tayne Law Group is here to help you with the process. SoFi (Social Finance) is one of the most common student loan services and a company that Tayne Law Group has worked with effectively for many years. Here’s what to know about the debt settlement process, particularly when it comes to SoFi student loans.
What is Student Loan Debt Settlement?
Debt settlement is the process of negotiating with your loan servicer or a third-party collector to reduce the amount you owe on your student loans. Typically, a loan has to be in default for settlement to be successful, because then the servicer would rather receive a portion of what you owe than none of it.
What Student Loans are Eligible for Debt Settlement?
Your student loans may be federal or private, or some combination of the two. However, SoFi only offers private student loans. While there are settlement options for federal student loans, settlement tends to be most effective with private loans because terms are set by the lending institution rather than the government.
Tayne Law Group’s Success with SoFi
For many years, the student loan debt professionals at Tayne Law Group have been working with SoFi to settle student, personal and home loan debt for our clients. Each of our clients have unique circumstances, and we work to find the solution that best suits their situation. Subsequently, results among our clients may vary based on a number of factors. We always work to reduce our clients’ student loan burden as much as possible and to make monthly payments affordable and manageable. Here are some of our success stories from settling SoFi student loan debt:
- One client came to us with a great deal of debt with SoFi – more than $83,000. Through our team’s efforts, we reduced it by more than 50%, down to just over $41,000, in interest-free terms.
- Another client came in with nearly $11,000 in debt with SoFi, which was reduced by about 50% to a manageable $5,500 in interest-free terms.
- A client came also to us with more than $42,000 in student loan debt from SoFi. We were able to settle his debt for $29,972, a reduction of about 30% in interest-free terms.
While we work hard to get each client the maximum reduction on their loans, these results are unique to these clients. We are not a one-size-fits-all debt resolution law firm – we work to find the solution that makes the most sense for each and every client. Tayne Law Group, however, is also not in control of the response from SoFi.
Settling with SoFi
While settling SoFi student loan debt on your own is also possible, the process can be incredibly challenging. Borrowers have often reported having a difficult time negotiating with SoFi because SoFi typically hands off its negotiations to third-party collectors. Tayne Law Group is incredibly experienced in working with both SoFi and their third-party debt collectors. We know what they’re looking for and how to get results.
Student loan debt can be overwhelming and can affect other parts of your financial situation and overall personal health. In certain situations, settling your debt may be the best option to help ease the burden. When it comes to student loans with SoFi, settling on your own is often a challenge. That’s where Tayne Law Group comes in. We offer a free, no-obligation consultation to assess your student loan debt situation. We will work with your circumstances to find the best solution for you. Contact us today.