So, my husband made some poor choices in college and took out more loans than he needed to and didn't start paying them off right away either. He now has over $100,000 in government and private student loan debt.
One of his private student loans has an interest rate of 13%. We are making minimum monthly payments, but it just seems insurmountable. I am a teacher. Can I work to get his loans forgiven?
He is also in grad school right now so some of his loans are in deferment. He says there's nothing we can do to make the situation better. But I just can't believe that.
If you have any advice, please let me know.
Sadly, private student loans are the worst. There aren't many options (and no forgiveness). You can see the options here: https://thecollegeinvestor.com/18536/options-if-you-cant-afford-your-private-student-loans/
What can you do?
- Why is he in grad school now? What is he doing to earn money to pay them back?
- Earning is the only way to deal with the private loans, so work together to earn more
- For the Federal loans, look at getting on an income-driven repayment plan today (versus deferment) to start making some progress if you can afford it