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  1. #1
    Join Date
    Jun 2010
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    2

    Default Cannot Afford Loan Payments

    My question involves collection proceedings in the State of: Illinois

    I am in a long-term relationship with someone who went back to college and somehow accumulated $87k in private loans. I am the co-signer on all of the loans. She has been out of school for a year and is still unemployed. I am a public school teacher.

    Citibank is now saying that her forbearance period has expired (we thought she had 3 years, they are saying 6 months) and she must start paying $750 a month. There is no way we can afford this payment on top of the mortgage and credit cards with just one income. Is there anything we can do to negotiate with Citibank?

  2. #2
    Join Date
    Sep 2005
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    98,846

    Default Re: Cannot Afford Loan Payments

    What's the nature of the loans - "private" is not enough of a description for us to know if they're potentially dischargeable in bankruptcy. If the loans are not dischargeable in bankruptcy, as is usually the case with guaranteed student loans, Citibank has extremely little cause to negotiate.

  3. #3
    Join Date
    Jun 2010
    Posts
    2

    Default Re: Cannot Afford Loan Payments

    Quote Quoting Mr. Knowitall
    View Post
    What's the nature of the loans - "private" is not enough of a description for us to know if they're potentially dischargeable in bankruptcy. If the loans are not dischargeable in bankruptcy, as is usually the case with guaranteed student loans, Citibank has extremely little cause to negotiate.
    I believe they are guaranteed student loans. I know they are student loans. So we're pretty much S-O-L, huh?

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