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Hello. I am at my wit's end with my private student loans. I have about $150,000 in student loan debt. I take home about 2074/month, and pay $1330 of it to student loans. I have a co-signer whom I am unable to remove from my loans at this time. The only other debt I have is my car. The creditors are unwilling to lower my payment at time, and my co-signer is unwilling to co-sign with my to consolidate my debt. I've thought about quit paying just so I can afford basic necessities but that would negatively affect my co-signer, and will likely create an even worse situation for me. I've even thought about writing a letter to affluent leaders that I've read about in Newsweek and the Economist to get guidance, assistance, or some glimmer of hope about this crazy mess I've gotten myself into.

I've given up on saving for retirement, buying a house, or doing any of the wonderful things I've dreamed about doing.

Any ideas on what someone in a hopeless situation like mine can do?


What did you go to school for that required $150k in private loans??

By my calculations based on an interest rate of 8% your interest is running $1000 per month. If your interest rate is higher, so would be your monthly interest charge.

If you dont wish to default, you need to increase your income. Work a second job to knock out more of the principal. If may sound harsh, but when you borrow that amount of money, you have to expect your payment is basically going to be equivalent to a mortgage payment. Writing 3rd parties isnt going to help borrowed it. You either choose a school that you could not afford or went to a school that had no federal aid??? Did you cosignor not question your borrowing??

If you stop paying, they will sue both you AND the cosignor. That will result in wage garnishments, bank levies and property leins. Maybe that would be the angle to take with your cosignor to get them to agree to consolidate?? Also, not all lenders offer cosignor release...actually very few offered them and the rules to qualify are very difficult to meet.

Sub: #1 posted on Thu, 07/26/2012 - 12:09

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I know Wells Fargo will only release a co-signer if you make the first 24 payments on time and your credit score has gone up to the point where you would qualify for the loan by yourself

Sub: #2 posted on Sat, 07/28/2012 - 03:00

drjonah drjonah

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