According to the Consumer Financial Protection Bureau, there is approximately $1 trillion of student loan debt in the United States. Privately funded student loans make up $150 billion of this burden. Making matters worse, private student loan debt is nearly impossible to discharge in a bankruptcy. This is because the current standard to include a private student loan in a Chapter 7 bankruptcy is “undue hardship.” The level for this standard is quite high, with court cases allowing the discharge of this debt where a young person was severely and permanently disabled. Consequently, many young people who are employed and healthy are stuck with student loan payments they cannot keep up with.
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Debt settlement done by a qualified debt settlement attorney is currently only way the majority of young people burdened by private student loans can pay less than the full amount owed. Debt settlement done by a qualified attorney results in a reduction of the principal balance owed on the debt, making repayment in full a possibility. Contact a qualified debt settlement attorney if you or someone you know, can no longer afford their private student loan payments.