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

[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.

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.

That response was a general response to the specific post that this was some politician's fault. It was not a response to you.

But to your point, if you did that well in undergrad, why did you need to go to an expensive private university for your higher degree?

[Anonymous]

Anonymous wrote:

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.

Good for you!

I was 17 years old, kicked out of my parents' house for getting pregnant, lived on my own at 17 years old with a newborn, working temp reception jobs, and put myself through school. I worked part time so I could go to school full time - hence my private loan destructiveness. And my school advertised "education conducive to single moms and SAHM going back to school". Financial aid office throwing private student loans in my face. All I knew was that I WANTED that nursing degree, and I was NOT going to live off welfare for the rest of my life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Good for you!

I was 17 years old, kicked out of my parents' house for getting pregnant, lived on my own at 17 years old with a newborn, working temp reception jobs, and put myself through school. I worked part time so I could go to school full time - hence my private loan destructiveness. And my school advertised "education conducive to single moms and SAHM going back to school". Financial aid office throwing private student loans in my face. All I knew was that I WANTED that nursing degree, and I was NOT going to live off welfare for the rest of my life.

Yeah, my financial aid office tried to talk me into student loans too, and I researched the hell out of it (and this was pre-internet) and went back to them and said, "I want the Pell grant application, and the TAP application" and then after I'd filled those out I researched all the available scholarships. And when I couldn't scrounge up the money between work and grants, I TOOK SEMESTERS OFF. And I SURE AS SHIT did NOT go to any PRIVATE colleges, which every moron knows are more expensive than state schools.

[Anonymous]

Anonymous wrote:

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.

Good for you. And what other life stressors did you have at that time?!

[Anonymous]

Look into federal loan forgiveness program for public and non profit workers

[Anonymous]

http://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service

[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.

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.

Community colleges take a GED. You get an Associates and then transfer to state school to finish. To be honest, that you didn't know that or couldn't find that option through a little bit of research makes me nervous that you are a nurse. Doesn't sound like you have very good critical thinking skills. I mean if you really believed that your only option was over priced private school and it never occurred to you to check out other options....

[Anonymous]

Anonymous wrote:

Good for you!

I was 17 years old, kicked out of my parents' house for getting pregnant, lived on my own at 17 years old with a newborn, working temp reception jobs, and put myself through school. I worked part time so I could go to school full time - hence my private loan destructiveness. And my school advertised "education conducive to single moms and SAHM going back to school". Financial aid office throwing private student loans in my face. All I knew was that I WANTED that nursing degree, and I was NOT going to live off welfare for the rest of my life.

That is the irony
Your wages are going to be garnished and you will qualify for welfare, your kid will get farm status and you can get section 8 housing and food stamps and might get your family on state health insurance

or you could try working for doctors without borders
they have a loan payment program, but they might only pay up to a certain amount

or you could skip the country and immigrate to distant place where the you can forget about all this

[Anonymous]

OMG People, give this woman a break. Are you freaking serious? Do you know how hard it is to be a single mom and go to school and be 17? I am a single mother, I am 30, I tried taking classes online for my job and I couldn’t do it, I had to withdraw. Thank God I had my degrees before being a mother! Do you guys remember what it’s like being 17 with zero guidance??? This woman was put out of her house and had probably never been on her own before, found herself with a baby and ZERO guidance about wht to do, of course she will fall for the first person telling her, just sign here and you will get an education. At 17, I had my parents guidance while choosing a college, a major, everything and I probably would have made poor choices if I were completely on my own with a baby! Yes, she did not understand at 17 the implications of these loans, I am pretty sure if she had, she would not have taken them. Kuddos to her for turning her life around and trying to better herself, and you know what, she might freaking save your life one day while you’re laying in some ER, the horror
Op, i don't have much advice but negotiation? Is there a way you can call the companies and tell them you need to drop the monthly payments because you can not afford them? There has to be some sort of payment they offer to people who can not afford a high payment of $1800 a month. Try to contact some nonprofits who help people with debt repayment programs, they also might be able to guide you or at least call these companies and get a lower payment on your behalf. Good luck to you

[Anonymous]

Neither federal student loans nor private student loans are dischargable in bankruptcy. I'm not aware of any statute of limitations on collections on defaulted private student loans.

Do you have guaranteed Federal student loans (federally backed loans issued by a private lender, often with a fixed interest rate), or truly private student loans with no Federal backing (not through the FAFSA, often variable rate)? If the former, please look into income based repayment. If the latter, you have few options other than negotiating with the company. But I don't think its a lost cause -- they'd rather get something easily now than something later through costly bankruptcy proceedings.

If truly private, what company offered you unsecured loans at 17 without a cosigner, and when? I'm genuninely curious.

[Anonymous]

Go work in an underprivileged area with student loan forgiveness. I'm not sure of options in this area, but where I'm from they were a great solution.

I don't think you should get your loans forgiven. Like pps said, we all make decisions. Many people in this area have 600k mortgages. I don't see much of a difference.

[Anonymous]

Anonymous wrote:Go work in an underprivileged area with student loan forgiveness. I'm not sure of options in this area, but where I'm from they were a great solution.

I don't think you should get your loans forgiven. Like pps said, we all make decisions. Many people in this area have 600k mortgages. I don't see much of a difference.

You don't see much of a difference between a 17 year old getting loans for her education and 40+ people getting a $600k mortgage to keep up with the joneses? Are you a moron?

[Anonymous]

Anonymous wrote:

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.

I'm not sure that those forgiveness programs will cover private student loans.

[Anonymous]

Anonymous wrote:

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).

Nope, no bankruptcy for private student loans either, unless she can show "undue hardship", which is hard to do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Go work in an underprivileged area with student loan forgiveness. I'm not sure of options in this area, but where I'm from they were a great solution.

I don't think you should get your loans forgiven. Like pps said, we all make decisions. Many people in this area have 600k mortgages. I don't see much of a difference.

You don't see much of a difference between a 17 year old getting loans for her education and 40+ people getting a $600k mortgage to keep up with the joneses? Are you a moron?

She wasn't 17 when she took out the loans! She went back at 20 and I assume it took her 5 years or so? And yes I see them as the same. Costs of life. I wanted a 3 bedroom townhouse in order to have a family, not to keep up with the joneses in my 2000 sq ft palace. My DH had 80k in student loans when we met. It wasn't insurmountable. It took us 5 years to pay them down as a couple.