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both private and federal student loans a major burden

Date: Wed, 01/11/2006 - 17:13

Submitted by anonymous
on Wed, 01/11/2006 - 17:13

Posts: 202330 Credits: [Donate]

Total Replies: 1


i have currently $40000 in private student loan debt and $8000 in federal student loan debt. I have cosolidated my federal loans and locked in low interest rates. However, the private loans are the ones that are really killing me and i cannot find anyone willing to help with my struggles. It seems these loans are non nogotiable in terms of payoff and bankruptcy is also out of the question. Is there any kind of help with these loans?


jklitz92,

Private student loans are real headache. Private lenders are often not so cooperative and they do not offer so many options that DOE offers.

It's true that these loans are not dischargeable through bankruptcy. However, you can avail the benefits of deferment here. Though private lenders often deny, but I suppose these loans are subject to SOL too. You can check it with any local lawyer.

However, it is always good to pay back your debts rather than closing your eyes. Since private student loans are not debts to federal government, the consolidation process is not much different from other unsecured debts. So try to consolidate it. Check if your lender offers any consolidation loan or not.

You can avail free consultation be registering with this site too. A verbal discussion often clears the cloud :D


lrhall41

Submitted by stanley on Wed, 01/11/2006 - 17:41

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