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Getting out of a private student loan

Date: Thu, 05/06/2010 - 10:45

Submitted by annetteluft
on Thu, 05/06/2010 - 10:45

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Total Replies: 4

Getting out of a private student loan


How do I get out of my student loan? I attended the school for 2 years (no degree) and after I left the school was closed down due to bankruptcy. I have used up my forbearance and any other reduction program with them. It is a private loan, not a Federal loan. Consolidation is not an option because of my poor credit. As is, I am unable to pay it anyway. Do I even have a chance of getting out of it or even reducing it permanently?


You might have a chance of reducing it, but I doubt you could get out of it. Even if you didn't get a degree, you still signed the loan agreement and there's no way to get out of it short of paying it off. If you declare bankruptcy, you will not be able to get out of paying your student loans, because the Bankruptcy code doesn't permit the cancellation of voluntary loans like student loans.


lrhall41

Submitted by OVLG Attorney on Thu, 05/06/2010 - 10:51

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It this is a true private loan, you wont get rid of it. Plus if you have used up all you forebearance and loan reductions, they dont have to give you anymore. Once you default, they will sue so the only option you have is to increase you income by for example, working a second job


lrhall41

Submitted by SOAPLADY on Thu, 05/06/2010 - 10:53

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well there is not much you can do about student loans private or state they have to be paid up in full since you have used all the other options you may be able to just pay the interest for a certain period and once you get more money at your disposal you can go ahead and increase your payments and start paying to the interest and principal try and talk it out with your creditor and see what they have for you.


lrhall41

Submitted by Adam. Augustine on Thu, 05/06/2010 - 11:02

( Posts: 65 | Credits: )