Hi Heather!  My husband is a lawyer and he was sworn in as an attorney around the time the economy crashed.  He ended up taking out two bar loans, one through Sallie Mae, and the other is now held through Discover.  We are struggling to make our private bar loan payments as DH’s pay is very low working in a county position.  What we would like to do is have a 3 month forbearance on each of the bar loans.  If we had that, we would be able to pay off the credit card completely and thus have some financial breathing room when the payments resumed.  Sallie Mae is willing to grant a forbearance if we pay them $50.  Discover is being a stick in the mud and won’t even mail us an application for forbearance.  What is your advice here?

Ugh.  Sorry you are dealing with this.  Read the Promissory Note on each of the loans.  Look to see if there is any language about forbearance.  They don’t have to give you any thing they didn’t promise in the contract, unfortunately.  Make your requests in writing.  Complain to the Consumer Financial Protection Bureau:  http://www.consumerfinance.gov/blog/our-student-loan-complaint-system-is-open-for-business/

Beyond that, be aware of what the Promissory Note says about late or missed payments and default.

Also check out this: http://www.studentloanborrowerassistance.org/understand-loans/private-student-loans/