Help with Private Student Loan Payments?

I have a private student loan that I need to start paying in March. The payments are over $500 a month, and I don’t have an income right now because I have a 2-month-old baby and a 1.5-year-old. I was accepted into a dental hygiene program, but it won’t start until 2027, and I’ve already completed the pre-requisites, so I can’t get a forbearance. Citizens says I have no choice but to refinance, but I literally can’t afford these payments. Is there anything I can do? If I refinance, will they make me start paying right away? I’m at a loss and any advice would help. TIA

I also need to know what to do in this situation!

For private student loans, the options are pretty limited. Your best bet is to try to refinance to lower your interest rates and monthly payments, or else you might fall into delinquency and default, which will damage your credit. Do you have a cosigner on the loan?

@Mackenzie
Yes, I do have a co-signer.

Angel said:
@Mackenzie
Yes, I do have a co-signer.

You should talk to your co-signer and see if they can help with the payments. If you miss payments, it will hurt both of your credit scores. Co-signers are responsible for the loan too, so it’s important to communicate with them before missing any payments.

What are the interest rates on your loan? What’s the total balance? Do you have any federal loans? With private loans, refinancing with a different lender can sometimes lower the interest rate and monthly payments. But private lenders usually don’t offer much help to borrowers who are struggling financially.