I have a friend who is in the same boat. Unfortunately, she’ll be repaying those private loans well into her 40s-50s. (We’re in our 20s now.)

Private student loans cannot, in general, be consolidated with federal student loans. The low interest rates on federal consolidation loans are not available to private education loans. Nevertheless, there are several options for refinancing private education loans.

Go Here for some more information.

thank you, private loans are a terrible terrible thing…i wish i knew what i was doing when i signed those papers…i was like 18 and man there is nothing i regret more

Ya, my friend says the exact same thing. It’s a shame that no one advised you both against it. I hope everything works out. Good luck!

that web site jsc3791 put up there is very informative and does give you a few options to lowering your interest rate…you should try hard not to file bankruptcy because that will just hurt you in the long run…if you can avoid it at all then don’t do it. Good luck!

see a debt settlement lawyer.

Thanks guys, you know its sad because I think this can happen to alot of young adults, you finish highschool and are pretty much brainwashed that going to school means success in life and lots off money blah blah blah and the reality of it is, nobody informs you how to apply or any of that. Not everyone has parents that are informed either. neither of my parents went to college so they had no idea what they were doing, and being 18 and never paying a bill really before or having established credit I had no idea what I wass doing , I just assumed this is what people did to go to school and it must be more managable since everyone does it. Infact I didnt even really know what 40,000 was at that time. I know some of this comes from bitterness but really I think its a terrible thing because I think something like this is a matter of a school taking advantage of people, infact id almost go as far to say that the whole way schooling is set up is a bit of a scam. You are pressured to go with statistics in its favor thrown in your face, and not to say that going to school is bad or that you wont be successful but eveyone makes it seem like everything falls into place easily like some kinda train track you just follow along to instant riches and success….when the reality of it is nobody tells you about what can or cannot happen along the way. I think im gonna go school to school and explain the reality of things to people haha…..yikes i feel like i sound so negative right now!