Family in Crisis Over Student Loan

UPDATE 11/20/2013

I was contacted by collection agency earlier, and they stated that there may be a possibility of settling the account at $5,100!!!!!!

The only issue is JP Morgan Chase still has to accept the settlement. If that happens I have to have the money by the end of November.

I hope I can accept this possibility!

Thank you all for your love and support. Me and my family really do appreciate it!

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Hello Everyone,

My name is Exal Iraheta, I'm a 27 year old aspiring screenwriter and video maker, and I need your help.

The day I was accepted into College was one of my proudest moments of my life, and my parent's. I was sure that this was the opportunity that my family and I had been waiting for. My parents had given up their entire livelihood to give my brother and I chance to be successful and not have to live a life of sacrifice as they did. But that isn't the reality.

Originally from El Salvador my parents had no knowledge of the dangers of student loans. I was determined to make it work and excited to follow my dream to Chicago to study at an amazing arts college. I was offered many loans, it was easy money, and being 18 that's all that mattered to me.

I wound up with over 140 thousand dollars in debt, working multiple jobs to make ends meet, and at times skipping meals so I could keep all of my loans current. Unfortunately, that wasn't good enough.

Earlier this year, one of my private students loans defaulted. Totaling an amount of over 17 thousand dollars. When I was contacted by the collections agency and I was told that the total sum was due, my heart stopped. I felt lost, weak, desperate, scared and to this date there are moments I still do.

For those unfamiliar with what it means for a private student loan to default, it means that if I'm unable to pay the total amount or make payments, I could face a lawsuit that could cause my pay to be garnished and assets frozen. It is difficult as it is to make ends meet. If this happens it would cause me to fall behind on my other student loan payments and at that time, I don't know what would happen.

But that's not what scares me the most. What I'm most fearful about is what would happen to my family.

In order to support me, my father co-signed on all of my loans. This means that my father is also liable to be sued, causing his wages to be garnished, his assets to be frozen, and our little maroon house to be lost.

To make matters worse, my brother is in his second year of university, and is already having to pay for my misguidance. Our father is the soul supporter for his schooling as well, and because of me my little brother would have to put his hopes and dreams on hold because we will not be able to support his education.

And it feels awful being the reason that this could all happen. It makes me feel completely awful.

I've looked into bankruptcy, which doesn't include Student Loans. I've spoken to financial advisors which have told me the same suggestions, apply for another loan which I've attempted, but because of the insurmountable debt that my father and I are in, we aren't being approved. I can't consolidate, because once a loan has gone into default other bank institutions will not touch it.

And that's why I'm here to ask for your support. Right now, I have over 140 thousand dollars in student loan debt, but I'm only hoping to get help with the 17,500, which I know is a ridiculous daunting amount to be asking for, but I have no other alternative.

And if you can't donate, which is totally okay, I ask that you share this page on Youtube, twitter, facebook, tumblr, pintrist, anywhere to help us.

My situations is a problem that I know thousands of young people are facing, and it's unacceptable. I don't know what may come of this, but if anything I hope it can inform and encourage others to speak up and ask for the help they need. It's not good to let it fester and eat them up inside as it has me over the last few months.

Any support would really mean the world to me, from a dollar to whatever you can afford. And I will be eternally grateful. You would be giving me and my family a second chance.


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A Message from my Family.