extremely high private student loans. any help???

Have you tried getting the loan refinanced?

It is almost next to impossible to get a private loan refinanced. I hope you are a physician with that type of money owed. You probably went to medical school out of the country right??

This is the problem with private loans. You just do not offer lower payments or hardships...if they do they are very limited. Only thing I can suggest is pick up as many shifts as you can or they will be suing you pretty darn quick.

I actually have a BS but took 6 years to recieve that because I changed majors 3 times. I am in my 3rd year of grad school and its just getting more expensive and interest keeps accruing because I have them in deferment. Bottom line is that my monthly payment is more than what i make in a month. Its crazy!!! I was thinking chapter 13 and get on a payment plan? What does everyone think????

Well it wont do much for you as student loans are not dischargeable in BK.?? It would have you on a repayment play for 3-5 years and when discharged, all the interest is updated and loan becomes due again.
Did you not do any federal aid and a private school? You have almost twice what most medical students borrowed.??
??

I have read that the only way to discharge student loans is to show undue hardship. I do not disagree and think I should pay back but the amount is unbelievable and I think I may have a chance to hopefully have a certain amount discharged? What do you think?

There is a time limit for private student loan collection and private collectors do not have as many??colletion tools??as the government.
The time limits on how long private student lenders can try to collect vary by state, but are usually about six years after default. You should contact an attorney in your state to find out more about time limits (also called statutes of limitations).
There is a HUGE difference between "PRIVATE" student loans and "GOVERNMENT" student loans.
Private student laons are just like any other loan, all rules are the same. (ie. collections SOL bankruptcy...)
Government student loans are just that and they have their own rules

when loans go into Chapter 13, are they considered defaulted?

With a private student loan balance of this size, you can be sure that the guarantor with be suing on the balance pretty darn fast after defaulting.
You are still in school...not likely they would consider you a hardship.?? Plus since you have never paid on it, you would not meet the Brunner Test.

What do you mean, they will be suing? What are they gonna sue me for?? debt? I have started to pay back. one or two payments of 2500.00 I have tried but like i said my monthly payment is higher than what I even make in a month

soaplady, Why so negative all the time? Is there any help for any of us out there struggling big time with private loans!!!!

Quote:

And please retract what I said earlier, they can NOT be discharged in a BK

I am not negative....I just dont believe in sugar coating the facts.?? I spent too long collecting them as a collector and giving them out as a financial aid officer to sugar coat what really goes on in the student loan industry.??

Private loans can and will make your life a living hell.?? As for bankruptcy, you have to meet the brunner test which includes a reasonable attempt over a period of time at repayment.??

OP..are you still borrowing to finance grad school?

understandable... At the same time, does anyone know if the laws will change any time soon with Obama? He has been filtering each and every area except the student loans. Anything in the near future?

I have postponed grad school.....I am working full-time now. like i stated though, my monthly student loan payment of 2500.00 is more than I make in a month not including ANY of my other expenses. I mean is this not undue hardship? How do i make a payment on a monthly basis if I dont even make what they want in a month??

Soaplady is definately not negative.?? I will admit when I first started reading her posts I thought the same thing.?? BUT then you realize she is just being brutally honest.?? Her answers may be what you don't want to hear but it's the truth