Results 1 to 3 of 3
  1. #1
    Join Date
    Jun 2011
    Posts
    2

    Default Cannot Pay Private Student Loan

    My question involves collection proceedings in the State of: Florida

    What are my options if I cannot make my private student loan payments? My spouse and I filed bankruptcy at the end of 2009. I had this private student loan at the time, but it of course, could not be included in the bankruptcy. I am a high school teacher at a title one school. I got the loan in April 2009.

  2. #2

    Default Re: Cannot Pay Private Student Loan

    Unfortunately, private student loans do not qualify for the income based repayment or public service forgiveness programs signed into law by President Bush. Those programs are only for federal loans.

    Private loans are also barred from bankruptcy protection, though some are still subject to your state's statute of limitations (you'll want to talk to an attorney about this; you can probably find one who will give you a free consultation).

    Your best bet is to try to negotiate a small payment that you can afford with your lender. The lender isn't required to give you any sort of payment plan sensitive to your income, nor any deferments beyond what was specified in your original contract.

  3. #3
    Join Date
    Jun 2011
    Posts
    2

    Default Re: Cannot Pay Private Student Loan

    Thank you for your answer. I appreciate it.

    1. Sponsored Links
       

Similar Threads

  1. Replies: 3
    Last Post: 06-19-2011, 05:55 PM
  2. Student Loans: How Do You Get a Private Student Loan Out of Default
    By Shortncute in forum Debts and Collections
    Replies: 1
    Last Post: 11-30-2009, 06:49 AM
  3. Student Loans: Extradition of International Student Over Defaulted Private Student Loan
    By deserteagle in forum Debts and Collections
    Replies: 1
    Last Post: 06-05-2009, 04:04 AM
  4. Student Loans: Private Student Loan Debt
    By dannym in forum Debts and Collections
    Replies: 7
    Last Post: 08-04-2007, 05:21 AM
  5. Student Loans: Private Student Loan Consolidation
    By invandydude in forum Debts and Collections
    Replies: 1
    Last Post: 06-23-2006, 06:31 AM
 
 
Sponsored Links

Legal Help, Information and Resources