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I Graduated from Art School With 100K in Private Student Loans. – Mike

“Dear Steve,

Graduate from 2 art schools. Certificate in Art Direction. Have worked in the industry and am currently a graphic designer.

I am in $100,000 in student loan debt. Its a private loan so from my research and meeting with lawyers Im pretty much out of luck with any other repayment options other then what my lender wants to give me. I owe around 1k a month and I can’t afford that without having to sell my car and quit paying car insurance, which i did. I understand I loaned that money and I have to pay it back. I just want to know if and how I can make these payments smaller. I have my father as a cosigner and I dont want to screw him over. If I didnt have a cosigner and I stopped paying, the loner garnishing my wages up to 50% wouldnt equal my monthly payments. I have a baby on the way and just want to make sure she has everything she needs and is safe. Im not looking to just get out free or have extra money to go out or whatever. Its for my daughter, and I don’t want her living a hard life because her father made a bad choice going to school at age 20. Than k you so much for taking the time to read this, hope I didn’t waste your time. Thank you again.

Michael”

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The Answer

Dear Michael,

Yes, when it comes to private student loans, unless the lender is willing to make an adjustment, you are screwed. If they were government backed loans you’d have a number of good options. It’s a shame schools push private student loans to sell education when they are the worst type of student loans to have.

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

Get Help For Your Student Loan Problem

Discharge Your Student Loans in Bankruptcy

Getting Sued Over a Student Loan

Student Loan Forgiveness and Discharge Information

Watch Out for Student Loan Assistance Programs

Student Loan Consolidation Information

Specific Federal Student Loan Repayment Program Information

Maybe College Isn’t the Answer

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

I Graduated from Art School With 100K in Private Student Loans.   Mike
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Patrick4763

    I’m sorry to hear about this, as student right now that is going to have to take out loans as well.

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