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.

One could make the precise same point about people who took out mortgages that they could not afford. And yet, besides foreclosures and short sales, there are all kinds of programs to enable preferential refis and other mechanisms for dealing with the fallout of the subprime crisis. Why is it OK to relieve an otherwise responsible person of some irresponsible housing debt, but not okay to relieve an otherwise responsible person of some irresponsible educational debt?

And don't kid yourself, the financial industry has done well from student loans, and has lobbied hard to prevent changes to the system.

Those programs were not okay either. There were far more people who got those same loans but who scraped, saved, and went without to make their house payments than those who got cut a deal. I am sure those people who were making their payments deserved a break far more than those who didn't.

I was against those programs. You borrow the money; you repay it.

[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.

One could make the precise same point about people who took out mortgages that they could not afford. And yet, besides foreclosures and short sales, there are all kinds of programs to enable preferential refis and other mechanisms for dealing with the fallout of the subprime crisis. Why is it OK to relieve an otherwise responsible person of some irresponsible housing debt, but not okay to relieve an otherwise responsible person of some irresponsible educational debt?

And don't kid yourself, the financial industry has done well from student loans, and has lobbied hard to prevent changes to the system.

Those programs were not okay either. There were far more people who got those same loans but who scraped, saved, and went without to make their house payments than those who got cut a deal. I am sure those people who were making their payments deserved a break far more than those who didn't.

I was against those programs. You borrow the money; you repay it.

Are you the poster claiming to be a liberal? You really are not.

[Anonymous]

OP -Can you answer the poster who suggested joining the military for loan forgiveness. I also think it is a great option and am interested to hear what you think.

Thanks

[Anonymous]

Anonymous wrote:OP -Can you answer the poster who suggested joining the military for loan forgiveness. I also think it is a great option and am interested to hear what you think.

Thanks

Some (all?) branches don't let single parents enlist.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP -Can you answer the poster who suggested joining the military for loan forgiveness. I also think it is a great option and am interested to hear what you think.

Thanks

Some (all?) branches don't let single parents enlist.

Air Force accepts single parents. Policy change in 2013. Not sure about others.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP -Can you answer the poster who suggested joining the military for loan forgiveness. I also think it is a great option and am interested to hear what you think.

Thanks

Some (all?) branches don't let single parents enlist.

Air Force accepts single parents. Policy change in 2013. Not sure about others.

Pp here adding on - just remembered that my friend, a single mom, joined the navy reserve last year as a single parent.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP -Can you answer the poster who suggested joining the military for loan forgiveness. I also think it is a great option and am interested to hear what you think.

Thanks

Some (all?) branches don't let single parents enlist.

Air Force accepts single parents. Policy change in 2013. Not sure about others.

Pp here adding on - just remembered that my friend, a single mom, joined the navy reserve last year as a single parent.

What happens if she gets deployed? It does not sound like there is a father involvement or that OP has any family support at all.

[Anonymous]

I second the advice to get in touch with the CFPB. Call Consumer Response and see if they can help you resolve this with the lender. If not, see if they can recommend a reputable debt counselor (a nonprofit community based one - not the companies that take your money and leave you in a bigger mess than you started).

Your lender believes you have the money. If you really don't, then the lender will negotiate.

I am sorry for your difficult situation and I am sorry for all these people judging you. People claiming the moral high ground here should step off and find a heart. This woman is just looking to for a less crushing solution to her own debt crisis.

[Anonymous]

Anonymous wrote:OP -Can you answer the poster who suggested joining the military for loan forgiveness. I also think it is a great option and am interested to hear what you think.

Thanks

OP has PRIVATE loans. They are most likely not eligible for any kind of federal forgiveness.

[Anonymous]

Anonymous wrote:I second the advice to get in touch with the CFPB. Call Consumer Response and see if they can help you resolve this with the lender. If not, see if they can recommend a reputable debt counselor (a nonprofit community based one - not the companies that take your money and leave you in a bigger mess than you started).

Your lender believes you have the money. If you really don't, then the lender will negotiate.

I am sorry for your difficult situation and I am sorry for all these people judging you. People claiming the moral high ground here should step off and find a heart. This woman is just looking to for a less crushing solution to her own debt crisis.

It's possible that student loan lenders don't negotiate for the same reason people couldn't get mortgage relief ... if the loans were securitized then there is no one owner to oversee it, and the servicer doesn't really care.

[Anonymous]

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!

Exactly! And how do you spend $125k on two years of private college? At least that's the way I read her description. I graduated with a ton of debt but I lived frugally and paid it all off early!

[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!

Exactly! And how do you spend $125k on two years of private college? At least that's the way I read her description. I graduated with a ton of debt but I lived frugally and paid it all off early!

It was four years, I think. If this was a school with a high tuition (as most private schools have) and OP was borrowing for living expenses for herself and her child, that could easily add up to $30k+/year.

[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.

When did she graduate and with what degree?

[Anonymous]

Anonymous wrote:

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.

I find that hard to believe. My brother-in-law got his GED, then went to UVA for his master's and PhD. That was in the late 80s / early 90s, but really, did UVa change that program?

[Anonymous]

Can you arrange some type of overnight nursing job for extra income?