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

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

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[quote=Anonymous]My (short version):

I got pregnant (stupid accident) at the age of 17. Dropped out of HS, got my GED. At 20, I went to a private college and got my nursing degree (Associate's). Subsequently, went on to get my Bachelor's in Nursing and now finally Master's in Nursing Administration. Graduated with my BSN Magna Cum Laude.

Not many people can say they started out as a single, young mother at age 17, got a GED and then went on to accomplish great things. I beat the odds (yay, me! haha).

HOWEVER, I am drowning in my 125K worth of private student loans for undergrad school. And my income nowhere near allows me to pay my student loan bills per month ($1800). If I default, they will garnish my wages and then I will be in really big financial trouble.

Is it at all possible to settle with the lender of the loans (cannot consolidate) for less than the money owed? How do I go about doing that? Is there ANY other alternative I have? I know declaring bankruptcy will not discharge these loans. It was a huge mistake to take out private loans, but all my 20-year-old-single-mother-with-a-GED self wanted to do was go back to school and make something of myself, and these private loans helped pay my living expenses.
 
 :-(  Can anyone offer advice??[/quote]

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