After 12 Years of Private Student Loan Payments I Want to Give Up


Dear Steve,

I’ve been paying on student loan debt for over 12 years now & haven’t seen the total amount decrease. If anything, it’s increased. My private loans are constantly being sold to other companies.

I’m at a loss. I want to give up on making payments. I would love to put this money into an IRA or more into my retirement.

Please help guide me!



Dear Jessika,

I feel your frustration. Your emotions are not unwarranted.

Student loans are both a blessing to some and a trap to many.

Your experience is not uncommon among the many people who contact me.

From what you shared, all I can assume is that your student loans are private, not federal.

As simple as your question appears, the answer is very complex.

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

A rule follower would say pay the loans as you agreed.

A financial artist would say you have creative options to eliminate private student loans through settlement. This approach has pain and risks but can return you to protecting yourself for the future faster.

A financial humanitarian would say you have a duty to your future self and need to be responsible for that person. The past is passed. The future is coming.

Ultimately the correct answer here will have to be crafted after a discussion about your goals, desires, and willingness to select one path. There is no one-size-fits-all answer to your observations.

I would suggest you schedule a free call with Damon Day and have a conversation. He is an excellent debt coach that I collaborate with daily.

The best answer for you in your situation can only be obtained through a discussion to learn more about you and your goals.

Damon Day - Pro Debt Coach

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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.
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