Private Student Loans

by Trista

I took out some private student loans a couple years back. I am still in school, but the company says that my "shelf life" has expired. At the time of attempted collection I was on disability with a pregnancy. My husband was the only one working and we had two other children to support. So, we didn't have the money to pay at the time. It then went to a collection company that has been relentless. They told me that I had three choices, A)Pay the full amount now B) Pay half now and make the rest in payments C)Make payments monthly. I told them that I can make payments, but they refused to take anything less than $600 a month. My in-laws co-signed so I did not want them to be involved, so I agreed. Now we are struggling to make it, we can barely pay our bills and have no money for groceries. I have tried to talk to someone at the company but they only transfer me to the rep and he will not answer my calls or call me back. I want to pay my debt, but I also have to feed my children as well as keep a roof over their heads. What can I do?

Comments for Private Student Loans

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Mar 05, 2012
Private Student Loans
by: Debtcollectionanswers

You are in a tough spot, Tricia and unfortunately there are many, many consumers in your same situation. I recommend that you schedule a free initial consult with a bankruptcy attorney to explore the possibility of your getting the debt wiped out (discharged) through bankruptcy.

Typically, student loan debt is non-dischargeable in bankruptcy. However, given your financial situation you may qualify for a hardship discharge assuming your attorney can prove that your loan payments are putting an extreme burden on your family.

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