Ask The Get Out of Debt Experts Student Loans

I Graduated from Art School With 100K in Private Student Loans. – Mike

“Dear Steve,

Graduate from 2 art schools. Certificate in Art Direction. Have worked in the industry and am currently a graphic designer.

I am in $100,000 in student loan debt. Its a private loan so from my research and meeting with lawyers Im pretty much out of luck with any other repayment options other then what my lender wants to give me. I owe around 1k a month and I can’t afford that without having to sell my car and quit paying car insurance, which i did. I understand I loaned that money and I have to pay it back. I just want to know if and how I can make these payments smaller. I have my father as a cosigner and I dont want to screw him over. If I didnt have a cosigner and I stopped paying, the loner garnishing my wages up to 50% wouldnt equal my monthly payments. I have a baby on the way and just want to make sure she has everything she needs and is safe. Im not looking to just get out free or have extra money to go out or whatever. Its for my daughter, and I don’t want her living a hard life because her father made a bad choice going to school at age 20. Than k you so much for taking the time to read this, hope I didn’t waste your time. Thank you again.


Dear Michael,

Yes, when it comes to private student loans, unless the lender is willing to make an adjustment, you are screwed. If they were government backed loans you’d have a number of good options. It’s a shame schools push private student loans to sell education when they are the worst type of student loans to have.

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


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

About the author

Steve Rhode

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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