• No Court Appearances
  • Affordable Fees and Payment Plans
  • Local and Accessible

Federal vs. Private Loans Attorneys in Philadelphia

Understanding Federal vs. Private Student Loans in Pennsylvania

It can be difficult to navigate the world of student loans, particularly when figuring out the differences between federal and private options. Philadelphians looking for further explanation on student loans may turn to Graham & Borgese's experience for individualized advice. Call (888) 801-7765 to find out how we can help you with your Philadelphia student loan issues.

About Private Student Loans

Similar to personal loans, private student loans are approved by lenders like banks or credit unions mostly based on an applicant's creditworthiness. Students in Philadelphia should be aware that in order for lenders to seek wage garnishment, bank account levies, or property liens, they must file a lawsuit within New York State's statute of limitations if they default on these loans. It's important to understand that some private loans may still be federally insured even though they come from lenders such as Sallie Mae, which modifies the rules of the game.

Federal Student Loans for Philadelphia Students

Philadelphia scholars have access to federal student loans, which has been streamlined into the Direct Loan Program under the Department of Education. These loans offer various repayment plans and are not subject to a statute of limitations for collection. The most common federal loans include Stafford, PLUS, and Perkins loans, each with unique features and repayment structures.

How Are Student Loans Collected?

When a private student loan goes into default in Philadelphia, the same collection processes apply as with other unsecured debts. However, these loans typically cannot be discharged in bankruptcy. Federal student loans, on the other hand, have a more formidable collection arsenal, including wage garnishment without a lawsuit and the potential interception of tax refunds.

Local Assistance for Student Loan Matters in Philadelphia

Graham & Borgese is well-versed in the specific challenges faced by those dealing with student loan debt. We're here to help you understand your rights and navigate the complexities of both federal and private student loans. Reach out to us online or by calling (888) 801-7765 for support tailored to the Philadelphia community.
  • “I spoke with Kris Graham who was very nice and answered all of my questions.” - Christina P.
  • “I was so grateful for their straightforward communication as they explained the options I had ahead of me.” - Heather F.
  • “I cannot believe how quickly Kris Graham and Frank Borgese settled my case!” - Bill S.

    We Make Debt Relief Easy

    Start Today With a Free Consultation!

    • Please enter your first name.
    • Please enter your last name.
    • Please enter your email address.
      This isn't a valid email address.
    • Please enter your phone number.
      This isn't a valid phone number.
    • Please make a selection.
    • Please enter an amount.
    • Please make a selection.
    • Please make a selection.
    • Please enter a Message.