For the Private Loans, I would try to pursue a debt settlement. I recently spoke to a bankruptcy attorney and was told that in order to have the loans discharged in this method that my wife and I both need to be in a condition where we are completely unable to work. Sitting around, hoping for laws to change isn’t going to work for me anymore. Unfortunately, just because you attended one of the schools that ends up having to offer forgiveness doesn’t mean that you’ll qualify for any of the benefits, because they’re usually tied to pretty specific eligibility requirements, like attending during a certain time frame. I am running out of options and have tried to find another company to buyout these loans, but I don’t make enough so they also won’t help. I took out a loan, for my then 13 yr old son to be sent to a behavior management “ranch”. But that’s not up to me to decide, that’ll be up to the judge hearing this case. I have about 160k across 4 Private Loans with sallie Mae and they do not offer any type of consolidation. Unfortunately, many of the articles written on this topic that I’ve come across are from hired blog writers who either have no experience actually working with those who have taken out a private loan, directly, or worse; middlemen who make $25 per call or more for borrowers that call into their “assistance numbers” – regardless of whether or not the borrower receives help. Sometimes it’s a debt consolidator, sometimes it’s an attorney who will fight the validity of your debt (basically saying that the lenders have no right to collect on it). And if I ignore them, will this really go away? Student Loan Forgiveness Programs. What About Pausing my Private Student Loans ? How Biden's student loan forgiveness could blow up your tax bill Even if your student debt is on pause right now, you’re probably wondering how you'll deal with it again when it returns . The loan was affirmed and I haven’t missed any payments for over 15 years. I couldn’t finish the degree I was studying for because I couldn’t get a credit worthy cosigner for my last year. You don’t want to wake the sleeping giant! More than 8 million people owe the government between $40,000 and $100,000 in student loans. If you have questions about what’s possible, please feel free to ask away in the comments section below and I’ll do my best to get you a response within a day or two. Hello Tim, need advise and hopefully you can give us one because my wife and I are both going crazy here. During their initial review of the industry, the CFPB collected and published around 2,000 complaints gathered from consumers who had problems with getting or paying back private student loans, creating a great deal of new visibility for the issues that plague this industry. 13 filing). “$140,000,000 dollars(that’s $140 Billion)” — Does this mean $25 is $25 thousand? Private student loans offer different loan terms and may offer a lower interest rate. After 6 months he was doing well, and I brought him home. Or, this may not work at all. Now that he's been elected, the 42 million Americans with the debt may be wondering: Will it happen? As an example, if you had $10,000 in debt forgiven, you’d need to add that $10,000 to whatever you made for the year, report that to the IRS, then pay a percentage of the $10,000 in taxes. I have a private college grant that did not have to be repaid if I graduated. Unfortunately, these companies look at their borrowers as “just a number”, and they treat you as such. If she is able to receive Total and Permanent Disability status, then you’ll have a much easier time getting the loans discharged via Bankruptcy. I attended The Art Institute and have a private student loan, to my understanding The Art Institutes are involved in fraudulent activity. Unfortunately, Private Student Loans don’t leave you with many options for forgiveness or cancellation – they almost always have to be paid back in full. She is paying the attorney, $1,100.00 a month. I co-signed a private student loan with my daughter who is now deceased. In note section of credit report each loan listed as “bad loans, write off”. 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. If you spend enough time researching the issues, running the numbers, and considering your options, you can arrive at the right answer, and then start working on dealing with your loans in the best possible way. A quick internet search reveals that student loan forgiveness is a popular topic, but many of the proposed solutions are simply ways to “tread water” at best – written by people who are great at writing articles, but have zero experience working with those who have actually taken out a private loan. But most for-profit student loan lenders have the incentive to agree to cancelling a portion of the student loan in return for a reduced payoff. My current payment arrangements are with Navient at $1,083/month and AES at $660/month on a “reduced rate” payment plan that will expire this summer. That’s all good stuff that may help. This Helpline is staffed by absolute experts who are well-versed in all areas of the law related to private student loan debt, and they can contact your loan servicer and get to the bottom of this for you. Having said that, there are some viable alternatives. Things sure haven’t changed since my life became a nightmare because of all this back in 2009. For most people, that’s a significant amount of money, since it could be 25%, 30% or even more. Navient makes it easier to apply for student loan repayment programs and other private student loan forgiveness options available. Both federal loans and private student loans can be discharged in bankruptcy, but they aren’t wiped away as easily as credit card … If I were you, I’d look into the Navient Loan Forgiveness Program, and the Borrower’s Defense Against Repayment Provision. My favorite consolidation lender is the Student Loan Relief Helpline, who you can reach at 1-866-530-9946. Unfortunately I fell for it and agreed to refi my federal into private loans. I can’t afford this. I keep making payments. I could make a strong case that I was misled by the campus as the only reason I decided to attend was because of their exceptional career placement services. I’m also still cautiously optimistic that President Trump’s Student Loan Reforms will include some sort of assistance for private student loan holders, though there’s no telling when his program will be announced, or exactly what it will entail, so don’t start holding your breath quite yet. Good luck, and keep in touch! I would steer you toward LendKey, as they seem to be the easiest to work with. I have yet to make any level of a chef position, because I lack the leadership skills needed in order to attain that position. I agree with you that reform is relatively unlikely in 2017, especially with President Trump and the Republican Congress, but I do think that the tide is slowly turning in the favor of people with debt, and against the lenders themselves. Good luck! My daughter attended law school for 2.5 years, has private student loans totaling $200,000 at this point. I currently live in Louisiana. Teacher Loan Forgiveness If you teach full-time for five complete and consecutive academic years in certain elementary or secondary schools or educational service agencies that serve low-income families, and meet other qualifications, you may be eligible for forgiveness of up to a combined total of $17,500 on eligible federal student loans. One threat you can make is that you’re going to refinance the loan or roll it into a consolidation loan with some other company, which would effectively take the business away from them. I am in a similar situation. Great article. I am not as well-versed on the financial side of things, and I think it depends on how your loan was structured. However, just because some student loan lenders offer settlement does not mean that it will be easy to obtain. A recent check of my credit report and it looks like the loans were “charged off” sometime in the past year. 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