I owe $125,000 in private student loans to one institution. How to get them to settle?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So anyone who has private loans that they can't pay, they have to chose between paying their student loan vs. shelter, food on the table, clothing for their kid, or otherwise wages are garnished. It's insane! And they won't make a deal to lower the payments, and I've already maxed out my (2 year) graduated repayment plan and forbearance periods. I'm totally screwed. I would have been better off getting a minimum wage job and living off the stupid government.

No, life is about choices. You go to a more affordable school, you find an employer who will help with tuition assistance, etc. When you took the loans, you know you will have to pay them back. That is what a loan is about.

This exactly. I do not understand the people who are angry they have loans to repay? A person has a right to despise the money they owe of course but how can you be angry or surprised when it is time to pay back what you knowingly borrowed. Also, why should they make a deal to lower the payments? If you were the one lending out the money wouldn't you want all of it paid back? I do not understand these people!

I know the sentiment seems harsh, but I also agree. There are options besides taking out exorbitant private loan amounts.

Good luck, OP.

Our options include forcing our reps to limit the power of the loan sharks.

[Anonymous]

Your best solution may be to default on your loans and wait until the statute of limitation passes and they can't collect the private loans. This will kill your credit for a long time (and you should make sure that it will not impact your job). But considering you cannot use bankruptcy, this may be your only option. I would also consult a bankruptcy attorney first to see if you qualify for an "undue hardship" discharge.

[Anonymous]

You can't escape federal student loans through bankruptcy. My cousin is in the same situation. She owes $200K for student loans for a fancy SLAC. Bankruptcy will not discharge them. She's waiting tables at an I-HOP. This is why parents really need to rethink the craziness of signing their kids up for $60K+ a year colleges.

[Anonymous]

How about getting a job in the military or VA with loan forgiveness?

[Anonymous]

Anonymous wrote:Which of our politicians allowed this crime? They should be named.

Why is it a politician's responsibility, or really anyone else's responsibility, that a person takes out hundreds of thousands of student loans when they are fully aware that their career choice will never have a salary that can pay off these loans?

Life is all about choices, and there is no shame about going to a state school if that is all you can afford or if the tuition there is the maximum that your degree of choice can support.

[Anonymous]

Anonymous wrote:How about getting a job in the military or VA with loan forgiveness?

This is the most reasonable option of all the ones posted.

Provided you can meet the physical requirements, you will have no problem getting in as a nurse.

[Anonymous]

The real crime is that you went to private school when you couldn't afford it. You should have gone to community college and then a state school.

I have a really hard time feeling sorry for you. Now you need to pay for that fancy private school shit you thought you deserved. So go work the overtime and the night shifts to earn more.

[Anonymous]

Anonymous wrote:You can't escape federal student loans through bankruptcy. My cousin is in the same situation. She owes $200K for student loans for a fancy SLAC. Bankruptcy will not discharge them. She's waiting tables at an I-HOP. This is why parents really need to rethink the craziness of signing their kids up for $60K+ a year colleges.

OP has private loans though. Maybe bankruptcy is an option. Unfortunately, federal student loans would have been much better for her - lower interest rates and some really good repayment options (income-based repayment or IBR in case anyone is wondering).

[Anonymous]

Anonymous wrote:The real crime is that you went to private school when you couldn't afford it. You should have gone to community college and then a state school.

I have a really hard time feeling sorry for you. Now you need to pay for that fancy private school shit you thought you deserved. So go work the overtime and the night shifts to earn more.

NP here- why so bitchy? She's asking for advice on what to do now, not judgements on what she did in the past. Some of you PPs act like she is taking money out of your pocket.

My two cents OP- there is a federal program for Feds with student loans and that is not just for new grads. Also military is not a bad idea either- call up a recruiter.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Which of our politicians allowed this crime? They should be named.

Why is it a politician's responsibility, or really anyone else's responsibility, that a person takes out hundreds of thousands of student loans when they are fully aware that their career choice will never have a salary that can pay off these loans?

Life is all about choices, and there is no shame about going to a state school if that is all you can afford or if the tuition there is the maximum that your degree of choice can support.

Loan shark. Disgusting.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The real crime is that you went to private school when you couldn't afford it. You should have gone to community college and then a state school.

I have a really hard time feeling sorry for you. Now you need to pay for that fancy private school shit you thought you deserved. So go work the overtime and the night shifts to earn more.

NP here- why so bitchy? She's asking for advice on what to do now, not judgements on what she did in the past. Some of you PPs act like she is taking money out of your pocket.

My two cents OP- there is a federal program for Feds with student loans and that is not just for new grads. Also military is not a bad idea either- call up a recruiter.

Why so bitchy? Because I'm fucking bitter, that's why. I took five fucking years to get my associate's degree, working part time and then full time to pay for it. I risked angering bosses asking to take my lunch hour from 9-10 am so I could take classes from 8-9:45 am, I raced from work to school, I changed my major TWICE not because I wanted to, but because they didn't offer the class I needed as a requirement to the prior major. I took summer classes, I worked 7 days a week, I got myself a corporate job AND a retail job, all so I could graduate without owing loans. For three years straight my free time was Saturday mornings ONLY. So yeah, I'm bitter that she's looking for a way to get out of what she waltzed in to take.

[Anonymous]

Anonymous wrote:I feel for you somewhat. But you had to know that "private" school of any nature was going to be more expensive then public. I think even 17 yr olds get that concept.

As for getting rid of the debt - charge your living expenses on credit card but continue to pay your loan then declare bankruptcy to clear your credit card debt? Not saying it's a great or good solution but it is a solution.

I had to go the private school route because I had a GED because I got pregnant at 17 years old. I proved myself when I graduated with honors. But no lower cost, higher ranked school would have taken me with a *GED*. Thus, I had to sacrifice my huge amount of debt in order to get a higher education.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Which of our politicians allowed this crime? They should be named.

Why is it a politician's responsibility, or really anyone else's responsibility, that a person takes out hundreds of thousands of student loans when they are fully aware that their career choice will never have a salary that can pay off these loans?

Life is all about choices, and there is no shame about going to a state school if that is all you can afford or if the tuition there is the maximum that your degree of choice can support.

No state school would have accepted a GED graduated into a NURSING PROGRAM. MY private college did - and I proved to them that I could succeed. Do you not THINK that I didn't apply to cheaper schools?? Even community colleges?? I fucking had a GED - schools see that and - the buck stops there. But yet - I graduated with honors from my BSN. They only way I was able to do that was pay through the asshole for private education.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Which of our politicians allowed this crime? They should be named.

Why is it a politician's responsibility, or really anyone else's responsibility, that a person takes out hundreds of thousands of student loans when they are fully aware that their career choice will never have a salary that can pay off these loans?

Life is all about choices, and there is no shame about going to a state school if that is all you can afford or if the tuition there is the maximum that your degree of choice can support.

Loan shark. Disgusting.

????

No.

A person who put themselves through a state college with loans I could afford, and which I paid off in about 5 years. Since it was a state school, the tuition was low enough that I had loans which I was able to double payments on and pay off with my teachers salary.

[Anonymous]

Anonymous wrote:The real crime is that you went to private school when you couldn't afford it. You should have gone to community college and then a state school.

I have a really hard time feeling sorry for you. Now you need to pay for that fancy private school shit you thought you deserved. So go work the overtime and the night shifts to earn more.

Fancy, private school?? I am talking about a school who took any applicant, as long as they could pay the tuition. There were no academic "requirements", other than pay the astronomical tuition, and they will accept you. Even community colleges would not accept me as a GED student. I couldn't compete with other nursing school applicants who had HS diplomas. But - half of those community college nursing school applicants flunked out, while I didn't.