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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » help! my student loans are trying to kill me?

help! my student loans are trying to kill me?

i’m paying a private student loan off and a INSANE amount of it goes only to interest. i’ve spoken to B of A and Wells Fargo about refinancing it and they’ve basically said that the loan terms i have right now are in line with what they would do. right now, i owe $51,000 and i pay about 350 every month. of that 350, about 320 of it goes to interest and only 30 goes to principal (and THAT’S up from the “interest only” i paid for the first 2 years of the loan). am i insane to think that this is robbery? i understand charging interest but this just seems like financial slavery. help me. are there any companies out there that buy loans and service them at a more reasonable rate? small companies? crazy Canadian pharmacies that will buy my loans and turn them into pharmaceuticals? black market dealers that will charge me a kidney to take them off my hands? how do i get out from under this? i can’t pay much more a month than i already am and i’m already at the maximum time repayment period of 25 years. wtf? is this what it takes to go to school in america now? someone, please give me some advice. ANY advice. are lottery tickets the way to go?

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One Response to "help! my student loans are trying to kill me?"

  1. Worldly25 says:
    You did not say what rate those loans are at. But you knew what you were getting into when you signed the loan papers. All loans are front loaded with interest. The only way is to add 100 or more to your monthly payment earmarking it for Principle. There is no way out. Even bankruptcy does not absolve you from repayment.

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