(http://www.studentloanshow.com/wp-content/uploads/2015/04/private-student-loan-default.png)

Now that we've dealt with the question of defaulted federal student loans, we need to understand how the private student loan world works.

You've got no federal rehabilitation or consolidation programs, and there's no safety net from the U.S. Department of Education.

So what happens when you don't pay the private student loans - and more important, what can you do to fix it?

In today's 25 minute episode of The Student Loan Show, we'll talk about:

* When you default on your private student loans
* Why "charge off" isn't important
* The truth behind selling student loan debts for pennies on the dollar, and why private student loans are exactly like a box of chocolates
* One quick trick to turn the tables if the student loan company sues you