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Private Student Loan-Cosigner Bankruptcy..

Date: Sun, 12/06/2009 - 21:40

Submitted by anonymous
on Sun, 12/06/2009 - 21:40

Posts: 202330 Credits: [Donate]

Total Replies: 1

Private Student Loan-Cosigner Bankruptcy..


I took out a $20,000 private student loan in 2006 and recently been in contact with the company who holds my loan. My current interest rate is at 6% but is variable and I owe almost $30,000 now. I will be starting a job next week making approximately $2300-2500/month. I will be living with my parents so I dont have rent, utilities, expenese, etc....my current debt besides the loan is $1700 between 2 cc's and my $2,000 car loan which my parents will be paying off for my "Christmas present." Unfortunately I have been very irresponsilbe in my past, but am making changes and want to totally pay off that student loan, or at least most of it before I move out of my parents to finish my bachelors degree in a year and a half. I'm thinking of saving about $1800/month to go towards my student loan debt, but am not exactly sure how to go about it. I've been with Wells Fargo for a few years and they offer CD's for 19months at .90% with a minimum deposit of $5,000. I was wondering if anyone had any other suggestions? I really want to get this student loan out of the way before I go back to school for my bachelors so I don't have this debt lingering over my head after college. If anyone has any suggestions please let me know! Thanks!

BTW, the loan is not in repayment and won't be until 2011, so I'm currently in grace period.

Also, another tidbit to add. My cosigner on the loan is very close to claiming bankruptcy, how will this effect me and/or the loan?