Can debt relief law help with student loans?

Yes, debt relief law can help with student loans in Virginia. Debt relief, or debt settlement, is a process of negotiation between a debtor and a creditor to reduce the total amount of outstanding debt. This process involves a debtor submitting a proposal to the creditor that outlines how much of the debt will be repaid and on what terms. In certain cases, creditors may accept a lower payoff amount or agree to reduce late payment fees or interest. In the state of Virginia, debt relief law may be used to help with student loans. A student loan borrower may be able to negotiate a lower payoff amount with the lender, or have the lender agree to reduce or waive late payment fees or interest. Depending on the lender, a lump sum payment or series of payments might be accepted. An attorney, debt settlement company, or a credit counseling organization may provide assistance in negotiating a settlement. In addition, borrowers may be able to have some or all of their loans forgiven through public service loan forgiveness programs, income-driven repayment plans, and loan consolidation programs. Unfortunately, many of these programs require borrowers to make payments for at least 20 years before they are eligible for debt forgiveness. It is important for borrowers to research all their options before deciding which debt relief program is right for them.

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Can debt relief law help with student loans?

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