What are my options to pay off my private education loans?

Answer by  sdnco (264)

You don't have a lot of options other than to pay them off. You can ask for a deferment or seek a delay due to financial hardship. You can also consolidate them into one loan so you pay less interest and have a smaller payment. You can also get graduated payments where they go up every year.

Answer by  mirabelle3366 (120)

You have many options. The federal government will allow you to consolidate all your loans into a lump sum, so that you will have to make one payment. Payments are negotiable depending on your income and assets. If you have good credit and can find a lower interest rate at your bank, you might want to consider a bank loan.

Answer by  patti (29325)

It depends on the loan, the lender and the secondary market, if there is one at this point. Contact the lender and the guarantor to ask about options, including forgiveness.

Answer by  tamarawilhite (17883)

Consolidate your current loan into a lower interest rate loan. Get a shorter payment term so that more money of each payment goes toward the principal. Look for jobs, such as with the federal government or in under-served areas, that offer partial or total loan forgiveness after long terms of service.

Answer by  flamiss22 (5081)

You can take a second job and designate all of the money to pay off the debt. You can also send your unwanted stuff on Ebay or Craigslist. And you can use your tax return each year to pay it down.

Answer by  Srfingfreak (697)

Most loans offer prescribed repayment plans. You also have the opportunity to consolidate them into another private, or possibly government-sponsored subsidized loan. Discussing your options with your loan provider, or with the department of education would be a good place to start.

Answer by  John (9008)

Private student loans are the worst of both worlds. They are not dischargeable in bankruptcy, but have none of the protections or payment plans required for federal student loans. Your options will vary with your lender, but they are not required to offer a lot of choices.

Answer by  Liz59 (10966)

Well if you can't pay it off at the time, then let them know through application form and a letter. Otherwise, you'll have to get a job and pay it off.

Answer by  ShirleyThaler (39)

Some options are: 1. You can have the loans cut in half if you join the peace corp. 2. Also teaching at underprivledged schools can do the same.

Answer by  jovial777 (37)

Right now I am studying with the help of Education Loan. It is big amount that why side by side I have to work 4 hours part time job.