Hi….
I am so confused with all the information out there on how to lower my student loan debt. I have $58,000 in loan debt through Citibank with interest at 10% and $10,000 in loan debt through Sallie Mae with an interest of 4.75%. I work part time in a hospital lab and part time as a dance instructor. I only make $2,000 a month.  The loan through Citibank is really what is killing me. I need help figuring out how to lower my payment, or pay it off faster, or getting some loan forgiveness. Something, Anything, that may help. I have been searching all over the internet for information and can’t sift through it all.
Any suggestions on how to help me with this would be greatly appreciated.

Thanks
Jen

If you are unsure whether you have federal or private loans or both, check out this post about how to find out: http://askheatherjarvis.com/blog/where-are-my-student-loans

I’m worried that the CitiBank one might be a private loan, in which case repayment options are limited.  Private lenders are not required to provide the flexible repayment options of federal student loans, but they must fulfill any commitments they made in the loan contract.  Borrowers should review their private loan contracts to understand which options are available.

Private loans typically go into default as soon as a borrower misses a payment, but again, it’s the specific loan contract that sets this out.

The collection process for private student loans is different than for federal loans, but both are extremely hard to discharge in bankruptcy.

There is a time limit for private student loan collection that varies by state. The time limit gives the private student lender a certain amount of time to sue and a certain amount of time to collect if they get a judgment.  Unlike the federal government, private lenders need a judgment to garnish wages.

More info is on http://www.studentloanborrowerassitance.org