Debt help for student loans in Wisconsin

Asked almost 6 years ago - Milwaukee, WI

My student loan debt is enormous...totalling $140,000. I am a teacher who went back to school to earn a master's degree. The bulk of my tuition was covered by student loans. A couple of years ago I consolidated them thinking I would have one manageable payment. The payments they are requesting is about $800 per month (the lowest payment they said they can offer). I never hear about legal services offering debtors counsel about how to navigate through the horrors of student loans. I want to pay this debt but I don't think I'll ever make the kind of money needed to pay this off. Will I run the risk of defaulting on the loan if I make a payment I can manage, like say $300 per month?

Additional information

I HAVE VERY LARGE STUDENT LOANS (PRIVATE), I WANT TO KNOW IF YOUR COMPANY
CAN DEAL WITH LENDERS IN SETTELMENT .
IF SO LET ME KNOW, IF NOT HELP ME TO LOCATE OTHER COMPANIES THAT
DEAL WITH SETTELMENT PROCESS. THANK YOU. VAHAK.M

Attorney answers (2)

  1. Jean M. Kies

    Contributor Level 11

    1

    Lawyer agrees

    1

    Answered . It is wise to make the best payment agreement with the student loan company that you can negotiate. Student loan debt is normally not dischargeable in bankruptcy, so the creditor will be able to hound you for the monthly payment. If you arrange a lower monthly payment than $ 800 per month, be sure to get that in writing from the creditor so that there is no claim of default.

  2. Gregory J. Jalbert

    Contributor Level 14

    1

    Lawyer agrees

    Answered . There maybe help underway effective July 2009. There are two new programs which might be of help to you. I have attached a link to them.

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