private student loans

by Aaron
(St. Charles, MO US)

I currently have a couple bills at the debt collectors and a couple bills that will more than likely end up there soon. I am a full time college student and I work but its very difficult to save money to start paying these off because I have current bills I have to pay each month. I wanted to try and get a private student loan to pay off my debts so Im not so stressed out about money. Would it be possible for me to get a private student loan since I owe the debt collectors?

Comments for private student loans

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Apr 06, 2010
 Student has too much debt. Is a private student loan the answer?
by: Anonymous

Thanks for submitting your debt collection question on our Q&A page.

A private student loan is not a good solution to your financial problems. For one thing, given the state of your finances right now, it's doubtful you would be able to qualify for a loan. Also, the loan will become due as soon as you graduate from college. So unless you are able to find a job right away, you may very well have trouble making payments on the loan given the financial problems you already have.

I suggest you schedule an appointment with a nonprofit credit counseling agency in your area to see if it can help you avoid having more of your debts end up in collections and figure out a way for you to stay current on your other financial obligations. The agency can also help you take a look at your budget and identify expenses you may be able to reduce you can live on what you are earning. To find a nonprofit credit counseling agency, go to www.nfcc.org.

It's also possible after looking at your finances that the credit counseling agency may suggest that you meet with a bankruptcy attorney.

Bottom line, I don't think that taking on more debt to resolve your current debt problems is a realistic or sensible answer to your problem.

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