I am trying to help my daughter who has come down with a medical condition preventing her from working regularly to pay off a huge old student loan. I didn't realize she still owes over $40,000 after eight years, mainly because of high interest rates. Is there anyway to get this reduced to a reasonable amount when the loan has been sold off two or three times by the original and subsequent lender?
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Is your daughter considered disabled? Can she get social security disability payments? I started college at age 42, using student loans. I had to retire about 10 years later due to medical problems. If she can get disability, her student loans can be wiped out. That is what I did.
Apply for a consolidation loan and lock in one low interest rate, instead of a variable one. I just did this in July and cut my monthly payment by over 60%. It only added a little more time on to the length of time to pay off the loan and I can now afford the payments and can afford to pay a little extra each month.
I would recommend you call into the Dave Ramsey show and ask Dave - he will know what to do - or go to his website http://www.daveramsey.com and send him an email with your question. This sounds like a question I have heard him answer before. Good luck.
I know that you can only consolidate student loans one time. If she has already consolidated them, she may be stuck with the high interest rates.
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