HELP - Private student loans
I'm trying to pay back private student loans (PSL), however I cannot afford the monthly payments. The payments account for 80% of my income. The total owed is $160K.
On top of that, I owe for prior medical bills, which I consolidated in 2008.
PSL collectors have threatened to garnish wages. Are there any legal to address the PSLs?
1 Answer from Attorneys
Re: HELP - Private student loans
I would suggest that you consult with a bankruptcy attorney. Generally, you can only seek deferrment of student loans if they are federally insured or guaranteed. Check with the lender first to see if they have any partial or full deferment programs. If not, consult with a local bankruptcy attorney because, although student loans are generally non-dischargeable, there are some exceptions if they are not federally insured or guaranteed. Combined with the medical bills, you may need to get a fresh start though bankruptcy. The only other option is to get on the phone with the lender and try to work something out. Good luck.
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