If you have private student loan debt, you are not alone. According to the Consumer Financial Protection Bureau, as of October 2012 student loan borrowing has crossed the $1 trillion dollar mark, with $150 billion dollars being private student loans. More than $8 billion dollars of private student loans are in default.
What does this mean? It means borrowers and private lenders are brainstorming ways to find more affordable repayment options to keep borrowers out of default. Private student loans usually have higher interest rates, less desirable repayment options compared to government loans, and aggressive private banks that pursue the debt.
The good news is that private student loans, unlike government loans, can be settled by a debt settlement attorney. Private Banks have more room to negotiate than the government. A debt settlement attorney can negotiate for a decrease in the principal balance owed, thereby making the repayment much more affordable. For private student loan borrowers reaching the end of their rope or already in default, contact a qualified debt settlement attorney and get off the high interest treadmill where you make payment after payment and get nowhere.