PRIVATE LOAN NIGHTMARE! How to settle the debt?
Please please please someone help!! I have had a really rocky time with undergrad (in and out) and have yet to finish. I owe over 100k in private loans because of my personal obstacles. Now it looks like I have my act together, and I am finally on the road to finishing my degree, but I am on my last year of in school deferment for my JP Morgan/Chase private loan. Right after getting my degree, I’ll be on my way to medical school. I already work full time and barely can pay the monthly minimums on 3 loans already in repayment, and after this year, my other 4 are up for repayment as well. I can’t consolidate because they are private and our economy ***** so much that no company is willing to take on private loan consolidation of 100k total.
IS THERE ANY OPTION to extending in school deferment? I have read from some places that you have up to 60 months, which is just 5 years. What about continuing on to grad/medical school?? Is there a way to extend in school deferment?
Lastly - I know you can cancel/forgiveness on federal loans….is there such a thing for private loans??
I **** PRIVATE LOANS! Please help - I have no other solutions…I’m financially on my own and do not have any support from anyone. I made a bad decision, and all I want to do is become a great doctor. This is looking impossible with this debt. Once my 7 loans all come into repayment, I will be unable to pay monthly minimums. Even if I do forebearance, I will still be unable to pay the lowered monthly fee on 7 of my loans, considering I will be in medical school. Please help!!!
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