Irritated by the conversation I had with the young lady earlier today who makes $40 thousand per year and owes $270 thousand in private student loans, I recorded this video.

In it, I break down your options, as I see them, for dealing with that massive amount of private student loan debt with a relatively low income.

The reality is that given a low income, marginal credit and savings, refinancing likely isn't an option. Neither is negotiating a settlement.

The best you can probably do is set up a payment plan with your loan holder. But the problem is that they're going to offer you interest only payments for a short period (6-12 months typically).

You'll make those payments to protect your credit score and your cosigner's credit score. But those payments aren't reducing your balance. Just the opposite is happening.

If you're not cool with that, your only other options are to: (1) stop paying; (2) start an Only Fans account; or (3) file bankruptcy.

Does starting an Only Fans account or filing bankruptcy guarantee you'll get rid of your student loans? Absolutely not. But if done correctly, some doors may be open to you.

All jokes aside, student loan debt is real. Shit is stressful. There are options. But those options come at a cost.

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Negotiating student loan settlements: [ Ссылка ]

Filing bankruptcy for student loans: [ Ссылка ]

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