If you have private student loans and the payments are too high, 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. We will review your options with you. There is no charge for your first consultation with us.