Discover Student Loan Complaint

Discover Student loan department,

Non-federal student loan Can't repay my loan Can't decrease my monthly payments Florida

My son took out a total of $120000.00 in student loans with Discover Financial beginning in - through -. I was his cosigner, since this was the only way he could be approved to borrow money to further his education. Being this was my - child to attend college and we were never educated on the negative impact private student loans came with, we now owe Discover $170000.00. The loans came into repayment in - - ( with over - in capitalized interest added to the principal of the loan ). The monthly payments my son is required to pay are $1600.00. He is unable to afford these payments since he also is paying Navient student loans and federal loans ( which are both affordable ). I am also unable to afford to pay the Discover loans because within the past few years I got divorced and now my income is not sufficient enough to afford $1600.00 per month. We have contacted Discover time and time again begging them to renegotiate the loans and make it affordable for us to make payments. We are not deadbeats and want to make payments, however they wo n't budge or offer us any


you. If my son was able to get the dream job that his college degree is in ( - ) there would be no issues. But since the - - - has changed their hiring procedures and now they hire people off the streets instead of from a prestigious school like the one my son went to, he is suffering with mounds of student loan debt and no opportunity to work in the field of his degree. Please help us - what can we do to get Discover to work with us and reduce the principal of the loan, reduce the interest rate and renegotiate the terms to extend the life of the loan so we can begin making affordable payments. I believe they overlend to students who are desperate for a good education and then they bully you with exorbitant interest amounts added on which increases the loan making it unaffordable. They want to ruin our chances of ever being able to make affordable payments because nobody will even consolidate that amount of loans. We are in a no-win situation with them. Please help us.