My nephew cannot take out any federal loans and has used a lot of private loans to pay for school. He is out of school and cant afford the monthly payments the loans have given him. Also he did not pay for his last semester in Grad school and now they have sent his loan to a debt collector. Those payments are also expensive. What are some different ways to reduce this debt?
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March 12th, 2010 at 2:20 pm
2 Things you can do
1) Declare Bankruptsy
2) Seek Advice from a charity, i dont know if you have the citizens advice bureau (like we do in the UK)
March 12th, 2010 at 2:33 pm
Student loans can not be discharged in bankruptcy. Just so you know. The best way for him to reduce his debt is to get a full time job, as well as a part time job, move in with the folks (or a caring uncle), sell everything he has that costs him money – like a car or a boat, and put all his income to pay off his debt.