I graduated college in 2008 with a total of $107,000 in private student loans through AES, 1 loan for each year of college totaling 4 loans in total. Now I am having a lot of trouble paying my monthly installments and I have already used up every drop of forbearance, deferment, or payment program that AES offers.
I would like to try and consolidate the loans but because they are private and my credit is so bad due to not being able to pay very much on the student loans right now, I can’t get any lender to help me. My cosigner for the loans just filed bankruptcy and can’t help me. As it stands my monthly payment amount for the 4 loans is more than I even bring home each month!!
What options do I have for trying to consolidate my private student loans if I have HORRIBLE credit, and is there any way I can apply for grants or other free money for college after I graduated that I can use to pay off some of the private loan debt?
Private student loans suck!
There are few, if any options available. Private student loans do not offer any of the government backed student loan payment reduction options.
The best I’ve seen people do is find a new lender to generate a new loan at better terms. Unfortunately based on what you shared that’s going to be tough.
Please post your responses and follow-up messages to me on this in the comments section below.