Student Loans – received by Citibank and not the government – Cathy

Maybe to can help me understand the Student loan forgiveness program.

My son has a $114,000 student loan(s) thru Citibank to pay for his college.

His monthly payment is $1,400 – he has sporatic wages (company slow in paying him – hasn’t paid him since Oct.) Since the loan was taken privately is there a way he could receive help.

He lives in NY with his girlfriend and can’t afford to live at all with this. Any suggestions – As his parent I wish I could help him, but recently had an accident and went into debt myself.

Thank you

Cathy

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  • http://GetOutOfDebt.org Steve Rhode

    Unfortunately private student loans only have options the lender is willing to extend. There are no government programs I am aware of that cover private student loans. 

    Private student loans are a major crisis in the U.S. today and it will lead to a generation or two of adults that got great educations but then enter into a life of financial slavery.

    It might be an odd look at private loans but the reality is that when you go to school on them it is a two part problem. The obligation to repay the loans is completely independent from the students ability to either graduate or get a job.

    Students are encouraged by schools to take out loans for educations that might lead to jobs they can never make enough money at to service the loans.

    If he does not do something to make his payments the lender may send the account out to collections and tack on another 25% of the loan balance as a collection fee and administratively garnish wages.

    Sounds to me like your son needs to find a new job that pays and try to work with the lender to get these loans out of default.

    Steve

  • http://GetOutOfDebt.org Steve Rhode

    Unfortunately private student loans only have options the lender is willing to extend. There are no government programs I am aware of that cover private student loans. 

    Private student loans are a major crisis in the U.S. today and it will lead to a generation or two of adults that got great educations but then enter into a life of financial slavery.

    It might be an odd look at private loans but the reality is that when you go to school on them it is a two part problem. The obligation to repay the loans is completely independent from the students ability to either graduate or get a job.

    Students are encouraged by schools to take out loans for educations that might lead to jobs they can never make enough money at to service the loans.

    If he does not do something to make his payments the lender may send the account out to collections and tack on another 25% of the loan balance as a collection fee and administratively garnish wages.

    Sounds to me like your son needs to find a new job that pays and try to work with the lender to get these loans out of default.

    Steve

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