How Do I File Bankruptcy On My Private Student Loans? – Janita

I have about 67,000 of private student loans to sallie mae. My mom is a cosigner on several loans and Im trying hard to keep them from garnshing her wages. I am currently unemployed. I can make some type of payment but cannot afford what sallie mae is asking for.

I was wondering can I filed bankruptcy on my private loans and if not what can you advise me to do?

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9 thoughts on “How Do I File Bankruptcy On My Private Student Loans? – Janita”

  1. If you call Sallie Mae, they will offer you several options. You can defer payment for a span of time until you will have income to cover the repayment of these loans. However, the balance continues to accrue interest. They also offer reducing the payments for a period of time to help you out, but the term of the loan or the payments after the period of time is up will change, but they will tell you all of this.

    I don’t believe you can get school loans discharged. I have several for my sons, and even though I am permanently disabled, and not able to return to work, they still want my payment because I either took the loan for my son in my name for them or co-signed for one of the loans.

    I wish you and your mom the best and I hope all works out well for you. After I contacted Sallie Mae and the Federal Loan program I was able to get things worked out where I can at least manage.

  2. Hi Janita. I also have lots of student loan debt. I don’t know if this will help but I just came across a website and found this article. Good Luck!!

    • I also have a heavy student loan load. I don’t know about private lenders specifically, but for the most part, student loan debt cannot be discharged.

      I consolidated through Direct Loan. I’ve been un/underemployed for three years and have been using a combination of unemployment deferment and forbearance options.

      Check out the IBR (Income Based Repayment) plan option. It wasn’t a viable option for me, but everyone’s circumstances are different.

      Call Direct Loan, talk to a representative, tell them everything and see what they say, then double-check that information elsewhere. Call Sallie Mae, ask about all of your options, and then double-check that.

      Take control of your situation, educate yourself. Research, because often lenders won’t tell you what you really need to know: e.g., my lender didn’t tell me about the IBR plan, a friend sent me an article on it, and when I called and asked about it, the rep sounded disappointed/irritated. Too bad.

      I hope this helps.

  3. I would try calling Sallie Mae and see if they will work with you. Have you tried calling American Student Assistance? They would call every time I was late to see if they could help me out.


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