Consumer complaint received 2017-10-24
Product: Student loan — Private student loan
Issue: Struggling to repay your loan — Can't get other flexible options for repaying your loan
Company: AES/PHEAA (NY)

In spite of the fact that I filled out applications for loans to pay for school, I believe that I was not fairly assessed in terms of repayment. I had never taken out loans before and began applying for student loans when I was XXXX to go to school. When I was unable to take out loans on my own, my mother would co-sign. I had to file for bankruptcy in XXXX because, even with my XXXX diploma, I was only able to obtain a job where the starting wage was XXXX per hour. I had good credit when I began to borrow, as did my mother when she would co-sign but I do not feel that her income as a co-signor, or my income as a borrower, was substantial enough to support the repayment of the loans we asked for. I owed approximately XXXX after graduating, with monthly payments totally approximately XXXX} in XXXX. Now that I have been XXXX from a XXXX XXXX bankrupty, my debt has increased to approximately XXXX, with approximately XXXX  in monthly payments. The overwhelming majority of my loans are private. I have tried on numerous occasions to set up reduced payment arragements and have been denied for frivolous reasons or offered reduced payment arrangements that are still too large to allow me to live comfortably. I am overburdened by high interest rates with no sign of, or opportunity for, relief. I have made numerous phone calls to these companies, provided proof of income, proof of other existing loans, allowed inquiries to be made regarding my credit, and all of these avenues of information clearly indicate that i have been experiencing an on-going hardship for quite some time. I do not feel as though there are enough options available to private loan borrows to allow them to repay their loans without being forced to experience an undue hardship. I also do not feel that enough standards are in place to prevent borrowers from being given private loans that they legitimately do not, or will not, have the means to pay off, instead of forcing them to struggle financially for the better part of their lives. I took out these loans when I was XXXX. I would love to pay this money back, but I feel powerless to these companies in terms of agreeing on a reasonable payment arrangement. I do n't know anyone who can afford a XXXX monthly student loan expense after necessary living expenses are made and feel as though I am a slave to a debt that I ca n't even comprehend the magnitude of. I 've gone on various websites to calculate the amortization of my loans over a XXXX  year period and the value of the debt that I will end up paying, if I am over fortunate enough to have the means, will be over XXXX XXXX, including interest. I do n't understand how this is fair, or legal, or why there are n't any regulations in place to prevent or at least limit the value of interest that is allowed to be collected on. Realistically, I ca n't see myself ever having this kind of money. I have researched for countless hours and consulted with several different attorneys, who either do not want to help me because of the magnitude of my situation, or have advised me that I would have to file and re-file for Chapter XXXX bankruptcy, or have advised me just to try to pay on what I can and default on everything then wait to be sued and see how that works. None of these options are attractive. None of them allow for me to make a good faith effort to pay and not be negatively affected. I am at a sincere loss. I do n't know what to do and I do n't believe that forcing someone to live under such limitations is right.