we all carry a dirty little secret into marriage, what yours may be is a discussion for a whole different thread. turns out my wifes was student loans totalling to over 100k. if they were federal loans this would be a non-issue. they carry such a low interest rate you can pay them off the rest of your life and not blink, and consolidation is a relatively simple process. but private student loans are a whole different animal. due to the current credit situation they are refusing to consolidate, and the payment they are demanding per month is simply outrageous (approaching $700). from everything I have read, there is next to nothing I can do other than A. pay them their blood money B. default and take the credit score hit because all they can do is sue me. is anyone else facing a similar situation with these private loans? do I have any legal recourse to fight these shmucks?
$700/month for a $100,000+ loan balance doesn't seem outrageous. That seems comparable to a 30 year house note. How long is the term of the loan? Have you checked to see if there are other lending instituions that may give you a better deal?
student loans carry a different credit impact than other types of credit (i.e. a mortgage or care payment). theoretically the reason federal student loans have such low rates is because they don't want to penalize people who pay for their own education by creating more debt than they can overcome in a start-off job. but private loans don't have the same federal safe-guard, and as a result alot of families get put through the ringer thinking thinking they will receive the same favorable terms... to me that makes no sense, and there has to be some kind've of backlash unless the government wants a fannie/freddie situation on their hands with student loans...
If it were me and paying the loan would be a HUGE burden I would probably do some type of negotiation on it. I think it is unethical but people do it everyday so why not I am certain she is probably being torched on high interest rates so you could probably get a few thou knocked off from the accumulated interest.
I think student loans are one of the "safest" loans for lending institutions because 1) they don't go away with bankruptcy 2) the quality of people getting them are pretty good (aspiring for higher education). If your balance is big enough, I don't think merely reporting you to the bureau is the end of it. They might be able to sue and garnish your wages, though I think some one with a better legal understanding should chime in on this. If you don't mind me asking, how did you end up with $100K in private student loans?
http://www.moranlaw.net/private_student_loans.htm http://www.studentloanconsolidator....te-student-loan-bankruptcy-protection-denied/ Though the Democrats are working on changing the bankruptcy laws so who knows. Personally, what irritate me most about my loans is that I've paid about twice as much in taxes in my first 3 years of work as the amount of loans I'm holding. I think we should be able to apply our income tax to our student loans, I mean the government didn't help me that much in getting my education, why do I have to pay them first before my education cost?
