Repaying private college loans

Depending on how long ago the loans were signed for 7% was not "out of the ordinary".

As some other's have mentioned. She can try to refinance with one of the online lenders that are closer to 4%. If you have your hometown bank and you have had a good relationship with them. I would think they could be of assistance.

Well we have seen both sides of this issue. Those who feel the loans/ interest are unfair and those who say take care of your obligation. What has been overlooked and forgotten is the fact that when the loan was approved the person receiving the loan was pleased with the terms of the loan. Now that the loans are due, the loan receiver is bemoaning the interest rate. And so it goes. If this concept of paying one's debts equates to "vitriol", then so be it. The premise being dished out here is not contempt. The premise is - pay your bills and quit complaining about an obligation that was originally gladly accepted along with the money.

When the contract was signed the student likely presumed she would be able to get a job with her college degree in a society that gives that opportunity to anyone willing to seize it.

She obviously did her part - did society do its part ?

I cant speak for the specific student in question. I can speak for 100's of unemployed college grads I've met in recent weeks who have 60K education degrees and no schools hiring to utilize them at.

I guess they're just a bunch of lazy bums who want to smoke pot and listen to Breatles albums so society can take care of them. Or at least thats how they are portrayed in the black and white world of the ignorant people who dont have a clue what its like to be an entry level professional today.

That's right PJ, blame society and the system when people decide to enter into contracts they can't fulfill. No one twisted their arm and made them sign for the loans. They did that of their own free will. Your bleeding heart rationale does not work here. You should face reality instead of making inane excuses.

See here's the thing you dont grasp, Dr.

Its pretty hard to pay back a loan when (pay attention to this part) YOU DONT HAVE A JOB. So then the question becomes why they dont have a job. You've made it clear many times you believe its because they are lazy slobs who want to leech off your tax dollars. You should take the time to meet some of the people you like to spit on. It might open your eyes to the fact we face bigger problems in this country than lazy hippies who dont want to work.

Here is what you don't grasp. Each and every day we, as individuals, make decisions that affect our lives. Decisions that others make that affect their life is not and should not become the responsibility of someone else. People who made the decision to buy a home they couldn't afford, or a car they did not really need or get a loan for an education they can't use - those people made these decisions. Now, that the economy has changed, those who overspent and over obligated themselves are looking for a way to get out from under the end result of their decisions. Those of us that made better decisions and decided to live within their means are tired of having to pay for the bad decisions of others. Quit making excuses for those who made bad decisions. It is their responsibility to pay their own way. Just for the record, I do care about those who are having a difficult time. But they and their debts are not my responsibility, or yours.

My comments were based on the goals I've seen expressed by the occupy movement. Some of them suggest that not only should all college loans be forgiven, they want all debt forgiven at every level worldwide.

I lost my home to foreclosure last year. I had made over $70,000 in mortgage payments on the property. My personal income had dropped by more than 50% from 2008-2010 and I could no longer afford to continue making my mortgage payments. I couldn't sell the home because the market value was less than what I still owed on it due to the collapse of the housing market. I had no choice but to accept the fact that the bank was going to take it. Stuff happens, and you move on.

SantaFe, maybe this article will help you -- https://www.phillyburbs.com/news/local/money/on-the-money-repaying-student-loans/article_4b4e8e82-b098-5b9a-9ef6-1dfd6f29c1e5.html

Without criticizing anyone, perhaps more students who know that they will need loans to fund almost or all of their education should consider community college as a starting point. My opinion may be biased since I teach math at a community college but it does seem like a way for students to reduce their debt by the time they are finished.

We have a billboard advertising that we are 1/5 the cost of the University of Texas.

I wish the best for SantaFeRail.

Community colleges are great if they offer what you need. Our son went to a small community college his sr year of high school for a couple of classes (on the states dime), between that and a special program he took part in between his jr & sr year for free college classes he was able to start out as a freshman/soph. his first year of college. That helped a little, but he still had to go 5 yrs at the school is at to get his degrees.

He is spending his Christmas break taking a special class also (he will learn to do control burns at State Parks).

As far as the cost--we were able to buy a small foreclosure to put him up in, that reduced the cost of room & board and when he graduates hopefully sell it, pay off what we have in it and then the profits go to his loans. Another benefit of the house--his grades improved greatly.