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Default Private Student Loan

Submitted by on Tue, 04/23/2013 - 11:11
Posts: 202330

I have a private student loan that my school gave me apparently because I was missing funds from my Financial Aid. Now those two loans are in default and I tried my best to negotiate with a collections agency. They asked for ridiculous amount of money for monthly payment. I offered multiple times payment arrangements but they just denied any suggestion I had. After their denial I just gave up to work with them since they did not want to work with me at all. I would like to start paying on these two loans which are about $20,000 altogether but do not know where to start. I was looking online to see if maybe I can consolidate or something so I can get it on right track but it was unsuccessful. Recommendations?

This was probably not a loan that the school gave you but a private loan from outside the school....correct?? Who is the lender??

As with all private loans, you will not be able to consolidate now that it has default. You will never be able to get it back "on track"...there is no way to take a private loan out of default.
Private loans also sue as a regular course of business, regardless of whether or not you are making payments. Start sending in what you can to reduce your long term interest but be prepared for the worst. Sorry it couldnt be better news.

Submitted by SOAPLADY on Tue, 04/23/2013 - 12:17


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