Who do I turn to with an expected debt of $325k + interest?

[quote] I am preparing to start law school this fall, and currently have $200,000 in total debt ($30,000 federal loan debt, $140,000 private loan debt, $30,000 on a single credit card). I can defer all, except for the credit card while I am in law school, however will need to take out large additional federal and private loans.

1) How can I postpone payment on the credit card without harming my credit rating and jeporadizing my ability to take out these loans during all three years of law school which I need to retain a clean and current credit record for? My current credit card bill is roughly $700 dollars a month, an expense I cannot afford while in law school.

There is just no way a credit card lender is going to allow you to postpone payment for three years.


If I took out loans to pay just the interest on the credit card, my debt would grow by $25,000 dollars while in law school. Is it possible to inform the credit card company of these circumstances and arrange a temporary lower than expected payment plan that will not harm my ability to take out loans?

Generally you can only borrow private loans to cover the gap of cost of attendance after your federal loans run out. Private lenders are also going to be looking at your previous debt load and your ability to pay it in the future. With the range you are running at with student loan debt alone, you might find it difficult to get more even with perfect credit without a cosigner.

2) Even if I postponed attending law school, I cannot pay $2,500 a month in loans on a salary that pays me less than $2,000 dollars a month gross. What are my options?

Have you read the website of your current private lenders policies?? Private loans do not come with same payment plans and deferments/forebareances as federal loans....that is why private loans should only be taken out as a last resort. With some lenders you can get an interest only payment for a couple of years but they to not offer payment plans geared to income. Private students loans are also non discharageable in BK like their federal counterparts.

I anticipate that I will graduate from law school with $325,000 dollars in debt (excluding accumlated interest).

I feel I am drowning in debt due (whether or not I attend law school) due to expenses which were primarily not my fault in the least,

Unless you can prove misuse of funds by a parent and press legal charges of theft against them, nobody can or will help you. Your signature is on the prom note and you are legally responsible for them .


and do not know how I can ever pay this off regardless of what I earn and/or lead a normal life. Who can I turn to so I can make a reasonable payment plan that I can afford and won't necessitate taking out loans to cover loans? [/quote]

Your federal loans will be the least of your problems...they will work with you to some degree and will also take into consideration your private loan payments. If you can get enough to cover law school, by all means take them, but no more than you actually need. Your post law school payments are going to end up being a hefty payment.