If you have private student loans here in Texas and the payments are too high or you have lost control of the loans, the CFPB issued a new sample letter for you to use to ask for payment reduction.

In a blog post issued today, the CFPB stated that private student loans don't have many repayment options. But it advises borrowers in trouble to send a detailed letter to their private student loan company or "servicer" and ask for help and other information.

There is also a sample financial worksheet, so you can show your loan servicer how much you can afford to pay, if anything. There is also a "Repay Student Loan" tool that can walk you through the process of dealing with your student loan debt.

If you cannot deal with your student loan debts or you have other serious debt problems, and you live in the Houston, Texas metro area or surrounding counties, call our law office at 713-772-8037 and make an appointment to meet with one of our attorneys.

Student loans are not usually discharged in bankruptcy, but there are exceptions. And with chapter 13, it is possible to stop collection against your co-signers, and perhaps buy time until you are in a better position to deal with your student loans. We will review your options with you. There is no charge for your first consultation with us.

Do you have any comments about student loans or how to deal with them? Please list your comments or questions below. Thank you!

J Thomas Black
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Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization
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