Student Loan Repayment = Mission Impossible

davidfitness83 · #1 10-22-2009, 10:14 AM

My question involves collection proceedings in the State of: New Jersey

To sum it up, I graduated from Rutgers University as a Graphic Design Major. Prior to that I attended Seton Hall University for one year and through out my 5 years of college education I was able to get into seriously financial trouble. My parents could not afford for me to get in to college and I had to utilize private college loans to pay my way through college. At this moment I owe about 145k in private student loans, thankfully I am on the verge of getting married and my fiance and I share the expenses of our home. My income is merely 2k a month after taxes, My college loan payments are ridicuously high, since i owe the money to several companies it is over 1k a month. 2 or 3 of the loans have gone to default and I have collection companies working with me to get them back to current. I was wondering if there was a way to utilize the chapter 13 bankrupcy to help me negotiate a repayment plan with the companies. My father is my co-signer on the loans and he makes 10.50 an hour, he could never help me repay the loans. Is there a way to get this resolved in a way that I can pay all of them but not in such a massive ammount?

thank you in advance for the advice!

Mr. Knowitall · #2 10-24-2009, 09:38 AM

It's not a cosigner's job to help you repay your loans.

It sounds like you would have benefited from a loan consolidation, back before things got out of control.

When you asked for forbearance or a temporary reduction in your payments from some or all of these companies, how did they reply?

davidfitness83 · #3 10-26-2009, 01:37 PM

Quoting Mr. Knowitall

It's not a cosigner's job to help you repay your loans.

It sounds like you would have benefited from a loan consolidation, back before things got out of control.

When you asked for forbearance or a temporary reduction in your payments from some or all of these companies, how did they reply?

Some of the companies are not willing to compromise, for example some offer some forbearance periods which I already took. While other companies will offer it or even negotiate a lower payment (firstmark and Chase) the Chase loan was actually sold to a third party and now they own the loan. I don't even know what they are going to try to do to me to get the money of the loan.