A year or two later, I was paying them $550/month. We are currently paying $681/month on these loans. Many times, there is something you can do to help alleviate your situation. When you refinance federal student loans into a private loan, you’ll lose access to helpful government perks (loan forgiveness) and protections (income-driven repayment). Two exceptions: If you die or become permanently disabled, as morbid as … Anychance you have any advice on what route I can do. What do you think of this approach? My son has a lot of private loan debt $150 K we have recently been approached by a attorney program that states there a new loan predator laws that can discharge most of his debt . It is usually not possible to structure a student loan settlement as a fixed low payment over an extended period at a reduced percentage of the balance, which is the most common misconception I come across when discussing this option with clients. I think I have a pretty good argument. Additionally, Congress has been presented with quite a few bills seeking to change laws and regulations in order to provide more effective debt relief to those with private student loans, some of which would provide incredible new opportunities. You don’t want to pursue a bankruptcy discharge unless you don’t have any other options, because filing for bankruptcy brings about all sorts of other financial problems, and because it’s no longer guaranteed to erase your private student loan debt entirely. If you are able to make your existing monthly payments, then it’s likely you won’t have too much trouble consolidating elsewhere since you are what these companies think of as the exemplary customer. What can be done about these “for profit ” predatory schools and private loans? But on the bright side… you may have a chance at getting rid of your loans entirely, especially since yours are through two of the most troubled servicers in the country. You are right about bankruptcy and your husband’s income. It wouldn’t replace Public Service Loan Forgiveness. 7 back in March of 2009 (due to excessive credit debt & being unemployed for a longer period of time/unemployed), I may have only been making $8.65 an hour. This is an argument that you can use to try and get your student loans discharged due to being lied to about job placement rates, etc. If you can’t get anywhere asking nicely, then consider getting the help of the experts at the Private Student Loan Relief Helpline, who can advocate on your behalf (for a fee of course). It has helped me a lot. Keep in mind that, Navient is your loan servicer. I’ve been searching for months to try and find out what my options are, but now that I know that forgiveness is out of the question, I’m going to go for a bankruptcy discharge. The origination was 57,000+, but because we had put them on forbearance, not able to pay, they are now at 92,000 for a pay-off. I don’t think I can wait for that to happen. At issue is a Biden proposal for loan forgiveness that, according to a CNBC report in November, would “ would forgive $10,000 in student debt for all borrowers, and the rest of the debt for those who attended public colleges or historically Black colleges and universities and earn less than $125,000 a year.”. At issue is a Biden proposal for loan forgiveness that, according to a CNBC report in November, would “ would forgive $10,000 in student debt for all borrowers, and the rest of the debt for those who attended public colleges or historically Black colleges and universities and earn less than $125,000 a year.”. When these schools closed shop, thousands of students were left to attend to their massive amounts of debt. Because over the past year, the Federal Government has gone on a rampage attacking private schools, private lenders and private student loan servicing companies, filing lawsuit after lawsuit against them, forcing them to close shop, offer refunds and extend forgiveness benefits to millions of Americans across the country. Are you totally and permanently disabled? I am now into repayment on my loans with Navient. You definitely need to find out who’s garnishing your wages. Thanks for the great information. Yes – you need to look at my article on the Navient Student Loan Forgiveness Program, where you’ll find some details about how to use the Borrower’s Defense Against Repayment Program to apply for a complete student loan debt discharge, and perhaps even a refund. Once the program is completed I will be out of default. You should give them a call and ask if they’re able to help with your situation. i just find it crazy. At the end our total will be $33k. Furthermore, and this is a huge one, the Student Loan Fairness Act would allow unemployed people with private student loan debt to defer their payments (without facing any penalties) until they were able to find a new job, and it would also allow those with private student loans to convert them into federal loans, affording them with full access to the excellent suite of available federal loan relief programs. I am so glad you posted this article. thanks for any advice. If that doesn’t work, you’ll need to force your private lenders into negotiations. We have no assets at this time but i have considered buying a home instead of the high rate of renting. The good news is that you’re able to make your monthly payments, and that you’re at least on track to pay all this student loan debt off at some point in the future. Thank you. Forgiveness programs aren’t a viable option; which means that settlement is the only way to get a large portion of your student loan debt forgiven outside of the rare bankruptcy discharge case. Wish me luck! In fact, there’s nothing guaranteed to be available to you, and the only forms of forgiveness, assistance, etc. A … I was on the phone day and night trying to find a consolidation option, an opportunity to stave off some of the payments until I could at least take care of my car (which I needed to keep my job), but in the end, my payments fell behind and now I’m paying interest on a debt that is already affecting my credit score negatively, AND which is accruing interest at a faster rate than I can pay each month. If you’re buried under a mountain of student loan debt, you could qualify for student loan forgiveness. This can happen when lenders simply decide they want to give up trying to collect the debt owed them. Cobarrower deceased now and I am disabled and on fixed income. Each time they did not have a solution, most of the time I was disconnected or put through to collections (they said they couldn’t help due to the loan being current). Do I have any options? I can’t comment on any particular attorney (I’ve been threatened with legal action before from doing so), but I can tell you that YES, attorneys CAN help get your private student loan debt settled. You don’t want to wake the sleeping giant! You don’t have to live your life feeling burdened by the weight of your private loan hanging over your head constantly. If you don’t want to risk that, then I would advise speaking with a lawyer who has experience in student loan defaults, or at least in general loan defaults, and asking them for advice. I have used Equity loans and credit cards :{ Do I have any special rights as a co-signer? Attacking private student loans is attacking their golden goose, and as a result, it’s unlikely that we’ll see any major changes to the industry at any point in the near future, unless more lawsuits like the CFPB’s attack on Navient emerge, and more holes are poked in the dam. It seems as though no bank will consolidate my keybank loan with my wells fargo loan while the keybank loan is in default. Anyone else? In their call to action, Democratic U.S. Sens. To get your Borrower’s Defense Against Repayment application approved, all you need to do is prove that your school or lender lied to you in some way, like via false advertising or making deceptive claims, promising a certain job title, salary, or other expectation of some sort, or doing something else that violated State or Federal law, and which was instrumental in convincing you that it was a good idea to borrow that money in the first place. Student Loan forgiveness releases you from your financial obligation to pay part or all of your college loan debt owed. And again, my favorite people to help with this kind of stuff are the Private Student Loan Relief Helpline, who you can reach by calling 1-866-530-9946. The problem is, you make a decent income, and your husband’s income may prevent you from passing the hardship requirement tests, but again, only an attorney can really speak with any authority on this matter. Your advice may work for people who don’t need a good credit score, but remember that having good credit is required to do things like get a mortgage, take out a car loan, get employed in a role that deals with finances, rent an apartment, etc., etc. However – have you been buying unnecessary goods in the past few years? My husband even suggested that I stop working, but wouldn’t they come after my house? I was a young mother, went to a private college, worked at a job paying $8hr and owned a home. How are they raising your monthly payment? People who qualify for the forgiveness benefit are eligible to have up to 100% of their outstanding loans forgiven, but eligibility conditions require that you were an active student enrolled at an ITT Tech program within 120 days of the date that your school shut down. My child is still in daycare which is where the majority of my paycheck goes. Disclosure: Note, while the vast majority of these sites are non-expert lead generators trying to make a buck or two; some actual experts do refer students to other experts, such as Michael Bovee of Consumer Recovery Network. I don’t know why my attorney back then didn’t bother at getting me a discharge of the private student loans then, I’d surely have more of a chance at that happening than I do now (currently at $15 per hour). I’m not sure why but probably because of my DTI. It’s become pretty much impossible to deal with Private debt other than settling on a smaller amount than owed and issuing a lump sum payment. I can’t even imagine how difficult this must be to try and deal with the aftermath. Perhaps if enough were to do just that, maybe we’d see more comprehensive relief options becoming law for us. The bad news is that I’m not aware of any programs that could help with your situation. He pays 260.00 on his private loan and is currently in forbearance on his government loan but they want him to start paying in august. I implore those that are in a similar situation, and that may be reading my post to FIGHT. However, Navient is pressing our daughter for money for her Private loans. We are home owners but the mortgage note is not my credit. The truth hurts! However, if you’re not the type of person who’s good at figuring this stuff out, then you may want to hire the assistance of an absolute expert in the industry to come in and do it all for you, especially if you’ve got a huge amount of debt on the line. The school is in NC but I no longer live in that state. Loan consolidation is similar to loan refinancing, but always involves taking multiple loans and turning them into a single, larger loan. And I’m just a nurse. Since you guys are teachers, you should look into the Public Service Loan Forgiveness Program, and at my section on Teacher Student Loan Forgiveness benefits as well. My question is whether or not I can discharge my private loans during the time I was with the school. I wrote up a long response to your comment, but it got deleted by accident, so this is a bit shorter than I had intended, but please know that I’m behind you 100% and totally in agreement with your sentiment. I’m paying $900 in loan payments each month when i only make $1600 per month. I’m struggling to make my private loan payments and while I was able to get a temporary interest reduction payment, it’s still causing financial hardship. Thanks for any advice you can offer. Hello Grady! Good question! Qualifying teachers with federal Perkins loans can also qualify for student loan forgiveness while these loans still exist (they were last … Contact an attorney to discuss the private loans issue, and see if there’s anything they can do to help with getting them discharged. In this article I break down your actual possibilities for forgiveness, as well as fact checking some of the marketing and promotional articles you, as a … However, sites such as his are the exception to the rule. He wants $5 grand to do it. How can I reasonably expect an employer to pay me an absurd annual salary in my working life to pay off a loan that has interest compounding DAILY, with the balance as of this writing in the neighborhood of $150k, AND THEN cover basic survival needs? So, it is affecting both our finances. They said any contact to from said Creditor and/or attempted negative reporting on our credit is illegal, such violation will make the creditor/lender liable for statutory damages. “The Private loan assistance center” “The center for student relief” “Student aid educators” “The Private Loan help center” “Student Loan Advocates”, (I just made these up off the top of my head based on the many lawsuits/complaints/articles I have read over the years – no association to an actual company intended, although I wouldn’t be surprised if there are active businesses out there with these names) –. Today, federal student loan debt is $900 billion, and private student loans total $140 billion. I hope everything works out for her in the long-run, and that this was just a minor blip on the radar. The suggested disclosure form contains some important information that lenders have been allowed to leave out of their existing disclosures, like the interest rate on the loan and the eventual monthly payment borrowers will face, which should dramatically reduce confusion for borrowers. Attorney is a good idea, because you’ve got yourself a shot at a abankruptcy case. Currently the payment is 659.00 a month. Then after a few weeks of him running out of money, the school closed up shop and disappeared. Please point me in the right direction. You mentioned the Graduated Payment Plan, which makes me think your loans are Federal, and that you’ll be just fine. I thought I’d make loads of money as a nurse. If everyone in your situation started fighting back, suing for their rights, and getting their debt discharged, it’d set a legal precedent that the courts could not ignore, and it’d basically require that the lenders start changing the way they operate in order to avoid losing out on collecting their outstanding loans. They have allegedly “contested” her loans.. As it is a private loan, not eligible for federal student loan forgiveness, and I have filed for bankruptcy in 2008, at that time I was told this was not able to be included. The best way to figure it out is to speak with a local attorney, as every state and even county has different judges who apply the qualification tests in different ways, and interpret the results according to their own ideas about who deserves forgiveness, and who does not. I saw that colleges owned by this company are closing campuses across the country. Would I qualify for forgiveness after this lawsuit or is there something I can do in the meantime? 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