I’m Sinking in Debt After Graduating From Keiser University


Dear Steve,

I am a 23 year old college grad from Keiser University, West Palm Beach, FL. I received my associates degree in Graphic Design/Multimedia actually a year later than I was supposed to because I some how magically owed the school money out of pocket for my “last class.” Go figure.

Any who, I am definitely one of those kids you speak of who came to the college, sat down & was misinformed about exactly what I was getting myself into.

It’s been 2 years since I graduated and I currently have 2 private loans that are now in default and have been sent to collections. One loan is $5,000, the other is $10,000. (Not so bad compared to a lot of others in student loan debt, but still not able to pay this large amount.)

My father is a cosigner on the $10,000 loan so he is definitely just as worried as I am about this situation. I used up my entire “forbearance” on these loans and the last 2 years I’ve basically just been struggling & worrying every single day because on top of having to pay for everything else while living on my own, I could not afford to pay these high monthly payments for these loans.

These loans are from University Accounting Service LLC & the $10,000 is from Keiser University, the other is from Everglades College, Inc.

Now that they have defaulted and are in the debt collectors hands, I was given advice to go & find someone to approve me of a $15,000 loan so that I can pay off the debt collector in full & just pay the loan company while i’m “fixing” my credit. I also have only 15 days to do this because the debt collectors need a $1,000 down payment by July 29. I don’t have $1,000 sitting around and I am desperate for some advice. There has to be other options.

My question is what are my options? I am worried because I hope to one day purchase my own home, etc. & i’m scared that this is going to affect that in the worst of ways. Should I try and get approved for a $15,000 loan, should I file for bankruptcy? I am looking for the best of advice on this situation. Thank you so much!

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Dear Vanessa,

I think University Accounting Service is just a loan servicer and not a loan holder. As of today it appears both Keiser University and Everglades University are approved Title IV schools. It’s unfortunate these are not federal loans that could be put on an income based repayment plan.

But since these are private loans and unaffordable, your options for dealing with them are limited. Your co-signer is one the hook for the entire loan balance on their loan so you might want to talk to your father about making those payments to protect his credit.

If you are still living in Florida, you might want to talk to attorney Chad Van Horn about intervening and attempting to negotiate a settlement or suitable repayment plan on the loan in your name.

But another consideration is if the private loans were disbursed to you or directly to the school or the school gave you money from those loans.

I’d contact Chad and talk to him about your options since you might live in Florida.


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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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