My private student loan (no fixed rate) payment keeps going up. What do I do?
have my Bachelors, but it has cost me big time. I took out federal and private loans. At the time I did not realize the trouble I would face with the private loans. Since 2005 my payment (I have consolidate the private loans already) has went from 300.00 per month to now 430.00 per month. If this keeps going up I have no idea how I will pay it. I have considered bankruptcy because I do not see a way to stop the rate from going up. Any suggestions?
You cant discharge student or private loans through bankruptcy, sorry. Private loans are always variable and will change as the prime or libor does. You mentioned consolidation, but you must have meant stafford loans. You unfortunately dont have much choice.
