It may not be easy, but you can ask for a payment reduction. If you have private student loans and the payments are just too high or you have lost control of the payments, the Consumer Financial Protection Bureaus or CFPB has issued a new sample letter for you to use to ask for payment reduction.

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

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 sometimes they can be. And when you file a chapter 13 bankruptcy, in most cases 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 at your first consultation with us. There is no charge for your first consultation with us.

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