My children have private student loans and cannot make the full payment amount but the company will not work with them . My husband co-signed and none of us can pay the full amount at this time.
How can we switch the PRIVATE students loans to a company that is willing to work out reasonable payment amounts until our economic situation improves? I hate Great Lakes and find them dispicable and want to move these loans to a different company.
Also can they garnish my husbands pension?
Private student loans are among the worst types of debts to have. There are few options in working with private lenders and that’s because they have a lot of power to recover money, including administratively garnishing up to 15% of income. Ultimately a pension garnishment will depend on what kind of pension and which state you live in.
As far as switching servicing companies, that’s a choice the underlying debt holder makes, not you.
The ability for a private student loan servicer to work out a suitable repayment plan isn’t a matter of who is collecting the money but that private student loans are not required to offer any plans to make it easier.
If these were government backed student loans you’d have a bunch of options.
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