Great article! I attended the California culinary academy back in 2003 to 2004. I kept making my scheduled payments. What do you think of this approach? I thought it would be easy to pay back after graduation. If you aren’t living your daily lives like people who can barely afford to put food on the table, then the court is unlikely to side with you (no matter where you live). Corinthian Colleges Student Loan Forgiveness Program, ITT Tech Student Loan Forgiveness Program, Aequitas Capital Student Loan Forgiveness Program, National Collegiate Student Loan Forgiveness Program, Private Student Loan Bankruptcy Discharge, Student Loan Forgiveness and Taxable Income Laws, Borrower’s Defense Against Repayment Program, National Collegiate Trust Student Loan Refunds, Borrower’s Defense Against Repayment Provision, Teacher Student Loan Forgiveness benefits, Borrowers Defense Against Repayment Provision letter, Borrowers Defense Against Repayment Provision, Defense Against Repayment Discharge Program, Bankruptcy Discharges for Private Student, Federal Teacher Loan Forgiveness Programs, Private Student Loan Bankruptcy Discharges, 2020 Guide on How to Get the Best Student Loan, 2020 Guide to Avoiding Student Loan Debt Forgiveness Scams, 2020 Guide to Federal Student Loan Servicers, Guide to 2020 Presidential Candidate’s Views on Student Loans & College Debt, How to Get Rid of Student Loan Debt in 2020, 2020 Guide to Federal Student Loan Debt Relief Programs, 2020 Guide to 401(k) Matching for Student Loan Debt Payments, 2020 Guide to Federal & Private Student Loan Grace Periods, 2020 Guide to Federal Student Loan Bankruptcy Discharges, 2020 Guide to Federal Student Loan Delinquency & Defaults, 2020 Guide on How to Stop a Student Loan Wage Garnishment, 2020 Guide to the Navient Student Loan Lawsuits, 2020 Guide to the Best Federal Student Loan Repayment Plans, 2020 Guide to Federal Income-Driven Student Loan Repayment Plans, 2020 Guide to the Income-Based Student Loan Repayment Program, 2020 Guide to the Income-Contingent Student Loan Repayment Plan (ICR), 2020 Guide to the Pay As You Earn (PAYE) Student Loan Repayment Plan, 2020 Guide to the REPAYE Federal Student Loan Repayment Plan, 2020 Guide to the Federal Student Loan Rehabilitation Program, Betsy DeVos’s Unrelenting Attack on Student Loan Borrowers, Elizabeth Warren’s Student Debt Cancellation & Free College Plan, Senator Marco Rubio’s New Student Loan Proposal: The LOAN Act, 2020 Guide to Federal Student Loan Forgiveness Programs, 2020 Guide to Art Institute Lawsuits, Loan Forgiveness & Debt Discharges, 2020 Guide to Brown Mackie College Lawsuit, Loan Forgiveness & Refunds, 2020 Guide to College of New Rochelle Student Loan Forgiveness Benefits, 2020 Guide to Concordia University Student Loan Forgiveness, 2020 Guide to Everest College Loan Forgiveness, Lawsuits & Discharges, 2020 Guide to Full Sail University Student Loan Forgiveness Benefits, 2020 Guide to Great Lakes Lawsuits, Loan Forgiveness & Refunds, 2020 Guide to Green Mountain College Student Loan Forgiveness, 2020 Guide to Marygrove College Student Loan Forgiveness, 2020 Guide to Newbury College Student Loan Forgiveness, 2020 Guide to Parent PLUS Student Loan Forgiveness & Discharge Programs, 2020 Guide to Student Loan Forgiveness Benefits & Taxable Income, 2020 Guide to Student Loan Forgiveness Programs by State, 2020 Guide to California Student Loan Forgiveness Programs, 2020 Guide to Florida Student Loan Forgiveness Programs, 2020 Guide to Georgia Student Loan Forgiveness Programs, 2020 Guide to Illinois Student Loan Forgiveness Programs, 2020 Guide to New York Student Loan Forgiveness Programs, 2020 Guide to Pennsylvania Student Loan Forgiveness Programs, 2020 Guide to Texas Student Loan Forgiveness Programs, 2020 Guide to the American InterContinental University Lawsuit & Loan Forgiveness Program, 2020 Guide to the Anthem College Lawsuit & Student Loan Forgiveness Program, 2020 Guide to the Capella University Lawsuit & Student Loan Forgiveness Program, 2020 Guide to the Career Education Corporation Lawsuit & Student Loan Forgiveness Program, 2020 Guide to the Colorado Technical Institute Lawsuit & Student Loan Forgiveness Program, 2020 Guide to the FedLoan Lawsuit & Student Loan Forgiveness, 2020 Guide to the Heald College Lawsuit & Loan Forgiveness Program, 2020 Guide to the Kaplan University Lawsuit, Refunds & Loan Forgiveness, 2020 Guide to the Le Cordon Bleu Lawsuit & Student Loan Forgiveness Program, 2020 Guide to the National Health Service Corps Loan Repayment Program (NHSC LRP), 2020 Guide to the National Health Services Corps (NHSC) Scholarship Program, 2020 Guide to the NHSC Students to Service Loan Repayment Program, 2020 Guide to the University of Phoenix Lawsuit & Student Loan Forgiveness Program, 2020 Guide to the Walden University Lawsuit & Student Loan Forgiveness Program, 2020 Guide to the Westwood College Lawsuit & Student Loan Forgiveness Program, 2020 Guide to the WyoTech Lawsuit & Student Loan Forgiveness Program, 2020 Guide to the Public Service Loan Forgiveness Program (PSLF), 2020 Guide to Teacher Student Loan Forgiveness Programs, 2020 Guide to the Stafford Loan Forgiveness Program, 2020 Guide to Government Employee Loan Forgiveness Benefits (via PSLF), 2020 Guide to the Corinthian Colleges Lawsuit & Student Loan Forgiveness, 2020 Guide to Using the Borrower’s Defense Against Repayment Program, 2020 Guide to Sweet v. DeVos – The BDAR Class Action Lawsuit Against Betsy DeVos, 2020 Guide to President Obama’s Student Loan Forgiveness Program, 2020 Guide to the ITT Tech Lawsuit, Student Loan Forgiveness & Debt Discharges, 2020 Guide to the ITT Tech (CUSO) Private Student Loan Debt Cancellation Program, 2020 Guide to Getting a Closed School Student Loan Discharge, 2020 Guide to Argosy University Refunds, Discharges & Student Loan Forgiveness, 2020 Guide to Brightwood College Refunds, Discharges & Student Loan Forgiveness Benefits, President Trump’s Student Loan Plan Per the 2020 Budget Proposal, 2020 Guide to Federal Student Loan Consolidation, 2020 Guide to Federal Student Loan Forbearances, 2020 Guide to Federal Student Loan Deferment Programs, 2020 Guide to Private Student Loan Relief Programs, 2020 Guide to Private Student Loan Forgiveness Programs, 2020 Guide to Aequitas Capital Student Loan Forgiveness, 2020 Guide to Citibank Student Loan Refunds, Forgiveness & Discharges, 2020 Guide to National Collegiate Private Student Loan Forgiveness Benefits, 2020 Guide to Navient Student Loan Forgiveness Benefits, 2020 Guide to the DeVry Lawsuit, Loan Forgiveness & Discharge Program, 2020 Guide to Private Student Loan Consolidation Programs, 2020 Guide to Private Student Loan Bankruptcy Discharges, 2020 Guide to Getting Out Of Private Student Loan Default, 2020 Guide to Student Loan Forgiveness for Nurses, 2020 Guide to the HRSA Faculty Loan Repayment Program (FLRP), The NHSC Substance Use Disorder Workforce Loan Repayment Program (NHSC LRP & SUD), 2020 Guide to the NURSE Corps Loan Repayment Program (LRP), 2020 Guide to the NHSC NURSE Corps Scholarship Program, 2020 Guide to Perkins Loan Forgiveness for Nurses & Licensed Medical Technicians, 2020 Guide to Non-Profit Student Loan Forgiveness, 2020 Guide to Student Loan Interest Tax Deductions, 2020 Guide to Income Share Agreements (ISAs), 2020 Guide to the Forever GI Bill’s Military Education Benefits, The Borrowers Defense Against Repayment Program, The Navient Student Loan Forgiveness Program, The Corinthian Colleges Student Loan Forgiveness Program, The ITT Tech Student Loan Forgiveness Program, The DeVry Student Loan Forgiveness Program, The Aequitas Capital Student Loan Forgiveness Program, The National Collegiate Student Loan Forgiveness Program, School-Specific Loan Forgiveness Programs, If you’re been making payments on your private debt for years, but the balance isn’t going down, If you’ve been taken advantage of in some way by either the school you attended, your lender, or your loan servicer, If you attended a school that made claims about the value of your education program that cannot be proven (for-profit schools like Corinthian Colleges, ITT Tech, and DeVry have been slammed on this one), If your school or lender included misleading claims or statements in their marketing messages (basically, false advertising), Failing to apply or allocate borrowers payments correctly to their accounts, Obscuring information that consumers needed to maintain lower monthly payments, Coaxing borrowers to pay more than they had to on their loans, Hurting the credit of disabled borrowers, including veterans who’ve been severely injured, Lying to private student loan borrowers about requirements for releasing co-signers on their loans, Bill HR 532 – Proposed by Congressmen Danny David (Democrat, Illinois) and Steve Cohen (Democrat, Tennessee), this bill would change bankruptcy law to allow judges to handle private student loans the same way that they deal with any other form of debt from private lending institutions (meaning that it could be discharged via filing for bankruptcy). It’s important to speak with a lawyer before doing anything like this. I would contact the Student Loan Ombudsman Group and ask them if it’s possible to get your loans discharged under the Closed School Discharge Program. Different regions are having easier times getting student loans discharged in bankruptcy proceedings, and perhaps DC is simply not willing to compromise on recent-historical precedent (which has been to refuse discharges for all student loan debt). I implore those that are in a similar situation, and that may be reading my post to FIGHT. The way it works is that you end up having to pretend like you made the amount of money that you got forgiven, and you’ll have to pay whatever percentage of taxes you pay for your regular income on that forgiven amount. Start looking at debt consolidation options, get quotes, and let your current lender know that you’re going to consolidate elsewhere if they won’t work with you to reduce the monthly payments. I don’t even know who owns it now, but they just sent a letter to my father that he has to answer and return to the court in his town. They have been absolutely impossible to work with and they continue to raise interest rate and pile on the debt. Read my post about the Borrowers Defense Against Repayment Provision, and you’ll find answers to your questions. My opinion would be that any debt level over $100,000 definitely warrants legal assistance. After many letters, Navient made the loan through them a 0% interest loan and applied all previous payments to the principle. He's helped over 2,500 borrowers drastically reduce their debts. I recently spoke to a bankruptcy attorney and was told that in order to have the loans discharged in this method that my wife and I both need to be in a condition where we are completely unable to work. While the worst of the risks (such as litigation) can be mitigated by a skilled strategist and negotiator, there is usually some credit damage involved in the lead up to negotiations, as accounts go late and into default. She has a learning, memory, cognitive, and autism spectrum, per her Doctor of Psychiatry. Cobarrower deceased now and I am disabled and on fixed income. If it’s fixed, then it probably won’t help at all. The thing you should do is do not speak with collection agencies until you reach Statute of Limitation. The problem is, you make a decent income, and your husband’s income may prevent you from passing the hardship requirement tests, but again, only an attorney can really speak with any authority on this matter. If I were you, I’d also consider reporting him to a state ethics board for fraud, and letting them look into it to determine whether or not he’s violated any sort of legal rules. I don’t think it will make a big difference though. In their call to action, Democratic U.S. Sens. What Navient wants to do here is trying to make it seem they are nice and that you’ve been helped by them. This is often the only real form of actual forgiveness available to borrowers; however, determining whether a specific loan can be settled, and for how much, is both an art and science – and that’s before the actual negotiation process comes into play. I have noticed on my last paycheck a Garnishment 1 has showed up where $307 was taken out. Is bankruptcy even an option? I thought I’d make loads of money as a nurse. Talk to friends and family about borrowing money for an affordable vehicle, and try to get something as cheap as possible so that you don’t take on too much more debt. I wanted some insight to my personal situation if you can help at all. To get the details on exactly how this program works, please visit my page about the DeVry Student Loan Forgiveness Program. Request A FREE Online Evaluation. Forbes - December 1, 2020 Many student loan borrowers are hoping that Joe Biden will forgive their student loans. Fortunately, the United States Government, the Corinthian Colleges company, and the student loan servicers came together to produce what’s commonly called the Corinthian Colleges Student Loan Forgiveness Program, which provides a route for having your Corinthian-related public and private loans forgiven. They do charge for the service, but since you’re in such a strange situation where you may be wasting money sending out payments, and you’re not getting anywhere with your own investigations, I think the investment will be worth it. In your post back on July 15th you said your favorite loan consolidation company is the Student Loan Relief Helpline. President Obama was the first President to tackle the issue head-on, but he only made so much progress, and now the reigns have been passed to Donald Trump, who will need to step up to the plate and deliver with some serious changes if we’re ever to climb our way out of the private student loan debt hole. Currently my payment is $1K a month but am struggling to pay that. Hi Tim, I need your help in understanding how my son pays his government loan along with his private loan when he only makes $10.00 an hour. Several years ago my husband and I both consolidated our school loans under a Spousal Consolidation (which I’m told they no longer do). Loan forgiveness programs are incredible opportunities because they allow you to completely walk away from your debt, rather than getting it reduced, restructured, or consolidated, but while there are plenty of forgiveness programs for federal student loans, those of you with private student loan … Any advice will be greatly appreciated. My cosigner is my mom, who works a part time, unsteady job, but they put her income in with my fathers, which they then told me between the two of us we have just enough to make the payment so they won’t help me. $1600 per month. A local bankruptcy lawyer will be able to offer advice on how you should proceed. Because over the past year, the Federal Government has gone on a rampage attacking private schools, private lenders and private student loan servicing companies, filing lawsuit after lawsuit against them, forcing them to close shop, offer refunds and extend forgiveness benefits to millions of Americans across the country. If you need Private Student Loan Debt Relief, then a Private Student Loan Consolidation might just be your best bet, especially if you don’t qualify for any of the Forgiveness Programs I’ve outlined above. The good news is that you’re able to make your monthly payments, and that you’re at least on track to pay all this student loan debt off at some point in the future. In the meantime, I do think you should turn to Kickstarter, GoFundMe, or some similar crowdfunding platform to try and publicize your case, and what you’re doing about it. I would HIGHLY advise that you submit an application as soon as possible, because they literally violated the law by promising you a specific role. I’m not asking to not pay, I’m only asking to pay a lesser amount every month. This is the most depressing thing I’ve read. Even though forgiveness for private-sector employees can take a very long time, it can result in significant savings. Default is typically a very, very bad idea, and should never be gone into willingly. Federal student loans offer borrowers certain protections that private student loans may not, such as income-based repayment or student loan forgiveness. Teacher Loan Forgiveness If you teach full-time for five complete and consecutive academic years in certain elementary or secondary schools or educational service agencies that serve low-income families, and meet other qualifications, you may be eligible for forgiveness of up to a combined total of $17,500 on eligible federal student loans. Contact me today to see if you are a good fit for my private student loan negotiation program. (our original problem was we couldn’t come to an agreement for a monthly payment and Sallie Mae would not budge or help w/ that). My private lenders won’t work with me and they’ve even told me that the only way they’ll listen to me is if i default. Refinancing has many benefits and is a great option for borrowers with solid income, a steady job, low debt to income ratio, who are looking to pay their loan off in full over time at a lower interest rate (including federal government student loan borrowers). My question is whether or not I can discharge my private loans during the time I was with the school. Student Loan forgiveness releases you from your financial obligation to pay part or all of your college loan debt owed. I have a ton of student loan debt both private and federal. If I were you, I would start considering options for filing for bankruptcy and attempting to get the loans discharged. And that’s where I come in. It can take a year or two to recover from brain surgery at this level. The most difficult thing is coming up with funding, but with the options of structured settlement and/or holding strategies to buy time, this is something that your negotiator can plan with you. As someone approaching this situation for the first time, who is only referencing the limited, conflicted, and often contradictory information available on most websites or self help finance forums; it’s extremely difficult to know if what the collector is telling you is true or false, bluff or reality. Do not take trips or vacations, don’t get a new cell phone, don’t buy new clothes and don’t do anything that someone who is absolutely destitute would not do. It is usually not possible to structure a student loan settlement as a fixed low payment over an extended period at a reduced percentage of the balance, which is the most common misconception I come across when discussing this option with clients. Student loan forgiveness 'doesn't solve the crisis long term,' expert explains The 'broken' public service student loan forgiveness system is particularly brutal for military veterans I cosigned for some of my daughters student loans, now totaling $52,000.00. It won’t stop the ballooning cost of education. My daughter still has some significant additional debt. I do not make very much money and struggled for a few years after I graduated to get a full time job. As I’ve already shown above, there are excellent private student loan forgiveness programs available to students who attended specific schools; typically, large, for-profit schools who have been proven to have done some sort of false advertising, making misleading claims about the value of their educational programs, promising students that they’d earn some certain amount of money after graduating, or doing some other thing that violated Federal or State laws. Currently the payment is 659.00 a month. Most lenders don’t want to lose loans (that means they stop making money on interest payments), so making a threat like this may be just what you need to get the negotiations flowing. Please point me in the right direction. Some patience is therefore required. Navient said they will not sell the debt but will have another agency try to collect on their behalf. Yes – at least partially. People who qualify for the forgiveness benefit are eligible to have up to 100% of their outstanding loans forgiven, but eligibility conditions require that you were an active student enrolled at an ITT Tech program within 120 days of the date that your school shut down. They stated she is six weeks behind. Whether you need to reduce your interest rate (because you took out a loan when they were high, or when your credit was bad), want to extend the term of your loan (to stretch the payments out over a longer period of time), or do something else that could help drop your monthly costs, modification programs are really the first place to look for assistance when you run into financial trouble. I am single and can not make the 381.00 per month payment. So as of now the payment Is nearly $800 a month (just on the Navient private loans), $135 on federal, and $300 on the National Collegiate. The total balance of the two Discover loans in question is about $40,000 with interest rate of 8.750% & 9.875%. If you spend enough time researching the issues, running the numbers, and considering your options, you can arrive at the right answer, and then start working on dealing with your loans in the best possible way. A recent check of my credit report and it looks like the loans were “charged off” sometime in the past year. My payment to Navient is at $400 and I’m starting to get nervous I could either lose my house or have to sell it. You are right about bankruptcy and your husband’s income. I have a question regarding one my co-signors recent poor credit worthiness and if or how it affects the interest rate on my private student loans NOW. I speak to callers all the time who are clearly not a good fit for student settlement negotiation; whether it is because they have a cosigner who does not want to go late from a current standing, a lack of funds, etc. I do not know where to turn for help with any of this. You do have potential options here, and you may be able to get the entire loan written off via bankruptcy. Make sure that you involve a lawyer in whatever you agree to do, and that you’ve got everything spelled out (in detail), in writing, or you could end up getting completely screwed. That’s the good news. It’s true that they could try to garnish your wages, put a lien on property, etc., but all of that requires them paying legal fees and essentially actively pursuing your account. (how exactly does the SOL work?) Most people simply can’t do that, thus it becomes a better idea to find a way to get some of the debt forgiven, and pay the rest of it off. Do I even have options? If I had the time and the funds, I’d start a nonprofit that advocates on behalf of people like you, finding legal representation and taking the battle to court to try and set those positive precedents, encouraging others in debt to fight back, getting the media to take notice and publicize the situation, forcing the lenders to adjust their scandalous ways, and hopefully, getting the Government inspired to change the laws regarding private student loan debt, but that’s not a realistic opportunity for me. The loans through my university, however, do not qualify, and they won’t work with me. If i default on the Wells Fargo loan will it affect my status with Aes? I’m so sorry to hear about your daughter’s situation! Many loans can be settled for far less than the full balance, if they are from a for-profit lender, and if the loan is in default. All his bills are in collections and car was repossessed. Be careful, and consider getting legal advice before proceeding, but definitely do not worry about your Wells default impacting to cosigner on your AES loan – that won’t happen. They are asking us to stop making payments and to pay them direct then they will serve the loan server cease and desist letters stop all collection practices during this time. It sounds to me like they have given up on your debt (with the loans being “charged off”), and abandoned the hope that you will ever pay them back. There is NO way that it’s a good idea to stop paying. Thanks for the information Tim! As you can imagine i don’t want to have my cosigner affected. However, just because some student loan lenders offer settlement does not mean that it will be easy to obtain. Did you ever consolidate them? My main concern is that my father is not stuck with the debt, he’s 72 and on social security with no extra money. Hello Grady! You can go directly to their website to complete the forms. The single best way to get rid of your private student loan debt is to challenge the nature of it’s existence by proving that you never would have taken the loans out in the first place had you not been lied to, scammed, or promised something you never received by the school, lender, or student loan servicing company. Check out the link from the above paragraph for more details about how private student loan bankruptcy works. At the end our total will be $33k. Also, just like there are tons of loan forgiveness scams, loan consolidation is another target of con men, so you will run into all sorts of offers that are far too good to be true, and you need to be extremely careful about picking a partner to consolidate your loans. We are in the process of trying to get her Federal loans discharged. We’ve had just an awful experience with his student loans and the balance is much higher now than when he acquired them. I’m also still cautiously optimistic that President Trump’s Student Loan Reforms will include some sort of assistance for private student loan holders, though there’s no telling when his program will be announced, or exactly what it will entail, so don’t start holding your breath quite yet. Great info! Tell them you are considering defaulting, filing for bankruptcy and attempting to get the loan discharged (this is a bluff obviously, but it might work), but that you’d rather work with them to make arrangement for an affordable monthly payment. I have over 250k in private student loans absolutely crushing me. It won’t make America’s economy more just. But don’t expect lenders, collectors, or self professed internet experts for all manner of loans to tell you how to obtain this form of relief – it may either be against their financial interests to recommend it to you, or they may simply not know much about it. Student Loan Forgiveness Programs. 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