Product: Student loan

In XXXX my parents made the decision to send me out of the state of Texas for college. I was enrolled into XXXX XXXX in XXXX, XXXX. I did not graduate with my degree due to lack of financial resources. I was XXXX XXXX XXXX when I was sent to Oklahoma. During the enrollment process the college advised my parents and myself that we were going to need more financial resources than what Federal Student Loans qualified me. Little did I understand how Federal Student Loan funding initially worked. XX/XX/XXXX a disbursement of {$5000.00} with a XXXX variable interest rate was made to XXXX XXXX. XX/XX/XXXX another disbursement of {$5000.00} with a XXXX variable interest rate was made to XXXX XXXX. Although I am grateful my parents made the decision to take out private student loans on my behalf, this decision was not the best financial decision for myself. Having little knowledge and understanding how a variable interest rate student loan would immensely effect my financial future. XX/XX/XXXX XXXX XXXX. of {$5300.00} was applied to the total loan equaling to {$15000.00}. XX/XX/XXXX payments began ( I had transferred to a online college to get my actual degree. I was financially unable to fund the last few classes at XXXX XXXX to obtain my XXXX XXXX in XXXX ). Again, I did not fully understand the future financial hardship this was going to cause me. The student loan was originally owned by XXXX XXXX. From XXXX until XXXX when the student loan was converted to Firstmark Services, I had already paid {$2900.00} towards the principle balance and {$6500.00} towards interest. From XX/XX/XXXX ( the time XXXX XXXX converted the student loan to Firstmark Services ) to current day, the total amount that has been paid to the principle balance is {$5800.00} and the total amount paid in interest is {$11000.00} with a 13.490 % VARIABLE. This combines a total loan payback with interest of {$17000.00}. As of XXXX XXXX a pay off quote of {$9800.00}. A loan statement as of XX/XX/XXXX shows a estimated XXXX XXXX XXXX of {$16000.00}. A late payment fee was issued on XXXX XXXX. Prior to the date payments were made on time as well as to present day, today. Again, being XXXX XXXX XXXX at the original disbursement of the college loans, I was very uneducated at the future financial downfall impact this was going to have. I have made request for lower monthly payments, I have request the remainder of loan forgiveness or even a settlement within a certain time frame of payout. I have reached out to my parents in hopes to receive advice or relief with the student loan debt I obtained at the early age of XXXX XXXX XXXX. No resolution has been found. As of today, I have filed bankruptcy, endured financial hardships, often times unable to pay my bills due to the overload of student loan debt that has a estimated combined total of {$80000.00}. The cost of living and the student loan debt has placed a hardship of living at minimal. The mental and emotional stress the student loan debt has impacted my life. With the debt to income ration with vast majority of student loans, I have been unsuccessful in obtaining a refinance loan with a lower FIXED interest rate. I have been made aware I am 'too high risk ' because of my high debt to income ratio. ' Since this financial hardship due to the student loan crisis, I have been unable and unsuccessful to start a college fund for my own child. The import thing I have learned during this process is educating myself of the lack of knowledge I had as well my parents had during my college process. I have educated myself immensely to help provide better guidance for my child when the time comes to her college education.