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Anyone who has struggled to repay their private student loans can attest to the amount of pressure and negative consequences that can come from having this burden hanging over your head. Because the lending agencies are so unwilling to help former students work out a repayment plan that they can afford, people who have been conscientious about paying their bills their entire lives are being forced into default on a regular basis. This can cause serious anxiety and depression, especially upon the realization that this private student loan debt could very well be a load that will have to be carried for a lifetime.
Even before a private student loan goes into default, lenders are known for putting an enormous amount of pressure on their customers to keep making payments, regardless of the hardships they may be facing. Having a loan company making multiple phone calls a day to their home and workplace may result in panic attacks for some people and depression for many others. People who owe on private student loans routinely report a fear of answering their telephone due to the aggressive and often outright hostile tactics of their lending firm.
Once a loan goes to a collection firm however, the situation can become nothing short of intolerable. Threats of wage and tax return garnishments or foreclosures on a debtor’s home are common, which results in some people feeling as though the only way out is through death. All of this pressure can obviously create major problems in the personal lives of debtors, with consequences that no college freshman could possibly foresee. As one graduate who finally divorced after the weight of his private student loan debt became too much to bear puts it, “I became educated and I lost my family.” The loss of their marriage, hope for the future and peace of mind is far too high a price for anyone to be expected to pay for a college education.
If you feel you were defrauded by the school you attended or you are being treated poorly as a distressed borrower by your creditors, take the free challenge debt review to find out what options you have regarding your student loans.