I Didn’t Even Know I Had Private Student Loans

//I Didn’t Even Know I Had Private Student Loans

Sheryl S

Sheryl believes education should be designed to advance someones skill-set without being burdened with large amounts of debt.She writes on the topic of education and the impact it has on our society.She has been writing for Challengestudentdebt.com for a little over a year.

For a lot of former college students, the maze of student lending can become so byzantine that it becomes very easy to lose track of the loans that you’ve taken out, who they were from and when they’re due.  Some graduates even find themselves in a bad position well after they’ve completed their schooling, based on the fact that they haven’t been paying on a loan that they didn’t even know they had and so, it has gone into default or been sold to a collection agency.  With such a convoluted student private lending system at work, is it really any wonder that we’re seeing so many people go into default over the last several years?

It’s easy to say that they should have kept better track of the loans that they were receiving, but in some cases, it almost appears that there was a concerted effort to keep people in the dark about where their money was coming from and how much they would actually be paying back.  While federal loans are generally pretty straight-forward and easy-to-follow, when it comes to private student loans, the whole thing becomes much more of an ordeal, and it often seems as though it would take a financial expert just to work out the details of the contracts that come with them.

At the beginning of each semester, when their whole world is being turned upside-down by demanding instructors and a completely foreign schedule of classes, most students are given a packet of financial aid information that is supposed to let them know what type of loan(s) they are getting, who their lender is and other information, like what their rate of interest will be.  The problem is that much of this documentation is printed in legalese, with some of the most important statements, facts and figures buried deep in the small print.

All of this combines to make it a virtual certainty that the average college student either can’t find crucial information about their loans, or that they simply won’t, because they’re too busy dealing with other matters.  In any case, the paperwork that’s associated with private student loans needs to be made at least as clear as that which comes with federal loans.  When a college graduate doesn’t even realize that they have taken out a private loan until it has gone into default, we’re dealing with a system that is in serious need of repairs.

If you have questions or comments, please chat in the comments below or on the ChallengeStudentDebt Twitter handle.

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.

  • Sheryl S

    Sheryl believes education should be designed to advance someones skill-set without being burdened with large amounts of debt.She writes on the topic of education and the impact it has on our society.She has been writing for Challengestudentdebt.com for a little over a year.

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  • Sheryl S

    Sheryl believes education should be designed to advance someones skill-set without being burdened with large amounts of debt.She writes on the topic of education and the impact it has on our society.She has been writing for Challengestudentdebt.com for a little over a year.

    Meet Attorney Binh Bui

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    Attorney Binh Bui, is an active member of the California Bar and has been involved in developing and managing debt relief programs for over ten years.  Over the past three years he saw that many individuals struggling with their monthly payments on their Private Student Loans were not being provided many relief options by their creditors and had very limited options for help.

    Because of this, he developed a Private Student Loan Relief Program for individuals going through financial hardship, creditor harassment and legal threats.  The program works to get individuals who qualify a significant reduction in debt, interest and payments.

    *the program developed by Binh Bui is managed by a company and is not a law firm.  Binh Bui is involved in that company

  • Sheryl S

    Sheryl believes education should be designed to advance someones skill-set without being burdened with large amounts of debt.She writes on the topic of education and the impact it has on our society.She has been writing for Challengestudentdebt.com for a little over a year.

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  • Sheryl S

    Sheryl believes education should be designed to advance someones skill-set without being burdened with large amounts of debt.She writes on the topic of education and the impact it has on our society.She has been writing for Challengestudentdebt.com for a little over a year.

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  • Sheryl S

    Sheryl believes education should be designed to advance someones skill-set without being burdened with large amounts of debt.She writes on the topic of education and the impact it has on our society.She has been writing for Challengestudentdebt.com for a little over a year.

    Find Out If You Qualify For Relief Programs

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    Prefer Phone Review? Call Now: 855-980-6818

    By entering phone number you’re acknowledging that you will receive communication from Challenge Student debt regarding your student loan options via text and phone. Your information will not be passed or sold to any 3rd parties

  • Sheryl S

    Sheryl believes education should be designed to advance someones skill-set without being burdened with large amounts of debt.She writes on the topic of education and the impact it has on our society.She has been writing for Challengestudentdebt.com for a little over a year.

    Find Out If You Qualify For Hardship Relief On Your Private Loans

    Get Started With A Review Via Text Now!

    Name, Phone, Zip
    Sending

    Prefer Phone Review? Call Now: 855-980-6818

    By entering phone number you’re acknowledging that you will receive communication from Challenge Student debt regarding your student loan options via text and phone. Your information will not be passed or sold to any 3rd parties

  • Sheryl S

    Sheryl believes education should be designed to advance someones skill-set without being burdened with large amounts of debt.She writes on the topic of education and the impact it has on our society.She has been writing for Challengestudentdebt.com for a little over a year.

    Find Out If You Qualify For Hardship Relief Based On Education Fraud

    Get Started With A Review Via Text Now!

    Name, Phone, Zip
    Sending

    Prefer Phone Review? Call Now: 866-605-7167

    By entering phone number you’re acknowledging that you will receive communication from Challenge Student debt regarding your student loan options via text and phone. Your information will not be passed or sold to any 3rd parties

  • Sheryl S

    Sheryl believes education should be designed to advance someones skill-set without being burdened with large amounts of debt.She writes on the topic of education and the impact it has on our society.She has been writing for Challengestudentdebt.com for a little over a year.

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