THE BLOG
09/06/2013 11:21 am ET Updated Dec 06, 2017

Single Mom Wants to Get Out From Under Chase Private Student Loans

Huffington Post Reader Question

Dear Steve,

Hello I' am 22 years old, still in college and have a private student loan with Chase.

My principal balance is 20,600.81 the interest rate is 11.75% and the amount I borrowed was $16,000. Who is the best person to consolidate this loan?

Right now I' am good standing because it is deferred while in school, but the interest rate is too expensive.

I have a 7 month old baby and was recently married and I don't want to increase to a $40,000 loan.

Please help me on how I can get a better rate in order to pay back this loan to Chase. They are also ending their student loans as of October of this year.

Oh my accrued interest thus far has been $4,041.39, but may be more as of right now.

Briana

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Dear Briana,

A 22 year old college student with a 7 month old baby and still in college? Wow, I hope you can juggle life till you graduate. Many struggle to do it.

A private student loan through Chase is just a regular loan. You'd have to search online for a lender willing to take the risk. One place that came to my attention recently was CU Student Loans. This is a service that allows credit unions to compete for your private student loan consolidation needs.

If you want to avoid your balances growing them you need to get those loans out of deferment and start paying them down. Avoid any interest only payment plans as well.

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