How Do I Make My Private Student Loan Lenders Consolidate My Debt? – Shannon

“Dear Steve,

I have insurmountable student loan debt. I know I am not the only person in this situation, but need help especially with how to handle private loan lenders. I hold both federal and private student loans.

The federals are easier to deal with, and it seems that there are companies that will help consolitate those types without a problem.

On the other hand, private loans are a complete and total nightmare. It took me a year and a half just to land a job that hasn’t even begun yet, and I even had to recently go through a bankruptcy which did not offer any type of relief from these loans at all.

Chase bank has been the hardest to deal with. They offer absolutley NO program such as paying only interest or principal, icome based, graduated payments, etc. The only way they will defer is if you are in school or if you have already paid 9 consecutive payments. AES is allowing me graduated payments, and Sallie Mae the best so far, is allowing a for ebearance due to hardship.

How do you handle lenders like these, that don’t offer any programs or have limited programs without going into default?

I know there is a new bill that is trying to get passed for student loan forgiveness, but who knows if that will even happen. I can’t even find a private student loan consolidation program with low interest rates. After a bankruptcy, I probably woudn’t even be able to get one anyway. This is a very frustrating issue and don’t know what to do for help.

I want to be able to pay, but how do you get these lenders to work with you especially with ridiculous variable interest rates? Granted, I know I took the loans and it is my responsibility, but I didn’t know it would take me so long to find work. If there is any advice you could offer, I’d be very grateful to hear it. Thank you very much!

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How can I get help dealing with private student loan lenders to consolidate or reduce payments?


Dear Rhonda,

There is no requirement for any private student loan lender to modify or do anything. Your only choice is to try to work with those lenders directly and see what programs they may offer. It appears you’ve done that.

You also made a comment that there are companies that will help you deal with your federal student loans. You don’t need to pay anyone to do that. It is actually a rather simple and easy process. Follow the links below.

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


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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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