POSTED BY: JR (November 07, 2007 11:40 AM)
Just yesterday I read an article at the NY Times ('Move Over, Orbitz') that said that sites like Simple Tuition aren't totally straightforward because they have a financial interest in the lenders they list. In fact, right on their lender partners page they state “We receive a transaction/referral fee when a user selects a Partner Loan product.” There has actually been a good deal of negative media for these new loan search sites. Its important to shop around, but its even more important to know which companies you can trust.

POSTED BY: Bridget (December 18, 2007 12:48 PM)
How are we, those struggling under a mountain of education debt, supposed to hold down two jobs if we "get rid of the car?"

POSTED BY: Kenneth Tyler (January 18, 2008 03:10 PM)
I have a wife and two small children and am currently trying to support my family under a mountain of private loan school debt (about $80,000 worth). I currently make around $42,000 a year. With all of the required withholdings this leaves me clearing about $2,400 a month. Luckily I don't have a car payment, but I still have to pay $950 a month rent, electricity, utilities, and other various required things in order live. Not to mention I have to provide food for my family (which can easily be around $250/month if not more). On top of all that crap, Sallie Mae is wanting me to pay $1200 a month. THAT'S A WHOLE PAYCHECK. Then when I call and try to negotiate my debt, the only option they can give me to help out is an interest-only option (which basically means I'll never pay my loan off) of $900 a month. I just don't know what to do. If anyone does, please let me know.

POSTED BY: monica hugo (January 24, 2008 08:09 PM)
I am right there with you Kenneth! I have over 100,000 in private student loans. I went to a private school where they didn't inform me of what it would be like after school to deal with these loans. I feel they had some kind of connection with outside lenders so they just kept giving private student loans. This is turn has put me in the same situation you described yourself in... I have called numourous times to Sallie Mae to come up with a solution and be able to pay something each month but I can not afford to pay $1500 a month or $900 (after consolidation)...I am at my wit's end!!... Wish we had the answer for each other.

POSTED BY: amanda (February 09, 2008 07:54 PM)
Sallie Mae got the best of me too...there has GOT to be something we can do.

POSTED BY: Theresa (February 21, 2008 10:17 PM)
I understand totaly, I have 54,000 in private loans and its killing me. The problem is know one seems to care. I jokinly tell my kids I will be dead before my student loans are paid off, the sad part is it may not be a joke.

POSTED BY: Knowledge (March 05, 2008 11:24 AM)
Just don't pay them! Student loan companies prey on students with their unbelievable interest rates and the government lets them. I just am not going to pay mine. Yeah, it will be on my credit report for 7 years but who cares. I would rather my credit be jacked up for 7 years than pay someone $1,500 for 30 years. That's $540,000!! You would be better just to save that money under your bed for retirement. Why give away a half a million dollars and all you get is a degree and the opportunity to work a job that doesn't pay you what you're worth, doesn't want you to take a vacation and has no problem of firing you tomorrow!!

POSTED BY: Stella (March 05, 2008 01:21 PM)
Comment for Knowledge: It's not just your credit report that suffers. If you don't repay your student loans the government can garnish your wages and the IRS can withhold tax refunds until you're paid off. Not even declaring bankruptcy will get you off the hook with student loans. Better to pay them than endure a LIFETIME of financial hardship.

POSTED BY: Knowledge (March 05, 2008 06:14 PM)
Stella, the government won't come after you if you don't pay a private loan that's not guaranteed by them. They could care less! At worst, the private loan lender can try and take you to court and get a judgement. This, as crazy as it might sound may not be such a bad thing to let happen. The courts will rule in the lenders favor but force them to work out a reasonable payment plan with you according to your income and your necessary needs(housing,car payment, medical ins, etc.)I have seen this done and 99% of the people end up getting a reasonable monthly payment plan worked out at a much lower rate than demanded by the lender or by you when you try to negotiate with them as Kenneth (above) said he tried to do. ... The loan people would rather get something than nothing in the end. ...

POSTED BY: DB (May 19, 2008 06:29 PM)
After much research I agree with knowlege's post - private student loans are subject to the same SOL (statute of limitations) that all private debts are. This varies by state from 3 to 10 years and begins counting from the moment you don't make a payment....