I attended a private school and graduated in 2009.. I literally owe 3 different loan company’s total of over $80,000 combined.. 1 i owe roughly 8000.. Another the same.. The i have another (private loan) thats just about 60,000 but the interest rate continually rises… Im on unemployment right now with a newborn..I have been doing unemployment deferment since 09 when i graduated.. I wouldn’t mind if i could start paying on the loans but i can’t pay as much a month as demanded.. I have no idea of what to do, at all.. My credit is horrible bc of these loans and we have to put almost everything in my wife name… Please help.. Thanks”
Unfortunately it sounds like your student loans are not government backed or subsidized but private student loans. In that situation your only options are whatever the servicer decide they want to offer to you.
I understand the need to place the loans on deferment but when you do that typically the interest continues to accrue and the balance builds. It provides you with a temporary reprieve now but creates a bigger problem later.
Private student loans are the largest plight on debtors today. The loans have almost unlimited authority and can’t be discharged in bankruptcy unless Congress decides to reverse their 2005 changes.
Below you will find some general student loan resources but unfortunately, as I said, the good options are not available for private student loans.
Student Loan Resources
You can use the following student loan resources to help reorganize, discharge or forgive your student loan payments.
The Overall Guide to Dealing With Student Loan Debt
Discharge Your Student Loans in Bankruptcy
Student Loan Forgiveness and Discharge Information
- The Ultimate Guide to Dealing With Student Loans You Can’t Afford
- Obama Student Loan Forgivess Program
- Military Student Loan Forgiveness and Discharge Programs
- Student Loan Forgiveness or Discharge Can Create a Huge Tax Bill. Watch Out!
- Student Loan Public Service Loan Forgiveness – New Forms and Documentation Released
- Government Student Loan Disability Discharge
Student Loan Consolidation Information
- Student Loan Consolidation Payment and Interest Rate Calculator
- Student Loan Consolidation Opportunities and the Best Way to Lower Your Student Loan Payments
- Federal Direct Consolidation Loan Online Calculator
Specific Federal Student Loan Repayment Program Information
- Standard Repayment Plan
- Graduated Repayment Plan
- Extended Repayment Plan
- Income Based Repayment Plan
- Pay As You Earn Repayment Plan
- Income Contingent Repayment Plan
- Income Sensitive Repayment Plan
Maybe College Isn’t the Answer
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