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Ely, Attorney
Category: Education Law
Satisfied Customers: 218
Experience:  Attorney in general practice,
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I took out a private student loan back in 2007 for the

Customer Question

I took out a private student loan back in 2007 for the amount of 32000. A time when loans were being given out like candy to diabetics. It was to pay for a degree in Fine Arts (painting). I took out the loan during a time when my mind was not thinking clearly due to my 'overly creative' mind set. Obviously, I did not get a job in Fine Arts. For years I paid into this loan by paying my monthly payments of 295 (approx. that amount) but the principle never seemed to go down. I had tried many many times to negotiate some type of payment system that would be manageable but they just weren't willing to work with me. In 2014, I stopped paying the loan so I could focus on paying off other loans. Understanding this loan would not simply go away, I called AES to work out a payment plan. They referred me to NCO. NCO then referred me to a debt collector that claims that I owe 50,000 on the loan and that I am going to have to go to court to settle this issue.
Looking back, given my major and mind set at the time, I feel like I was taken advantage of. I paid into this loan and now I am told I have to pay another 18000 over the amount I already paid into.
What can I go to pay this loan off in a reasonable manner with a reasonable payoff balance. I am taking responsibility for this loan;however, I keep being put in a position where it's impossible to payoff.
Submitted: 10 months ago.
Category: Education Law
Expert:  Alex J. Esq. replied 10 months ago.

Hello. My name is Alex.
Thank you for your question.
I will be happy to provide you with information you are seeking for educational purposes only.

Did you sign the loan agreement and agreed to the interest rate and penalties that are being currently assessed to this loan?