Drowning in 50,000+ student loan debt. Any ideas on where to look for help?

Submitted by lilaflower912 on Fri, 11/02/2012 - 14:56

Hi! I have been trying to find a place to go for assistance with my student loans. I have about 56,000 in student loan debt. It's about 30,000 private and 26,000 federal. I have not been able to find a position with my degree and have been looking for a better paying or second job to help add income, but have not had success on that end either. I only make between 800 and 900 a month and the student loan companies act as if paying huge amounts for my loans each month should be no problem.

My private loans are in default and while my wages haven't been garnished yet, I'm afraid they will be if I don't act soon.

I truly would never have gone to college if I had known the nightmare of collection calls and gigantic debt it would become. The financial aid officers never tell you the true cost of what you are borrowing, It's just "Sign here and everything will be taken care of".

Comments

Submitted by ssplaytime on Thu, 11/08/2012 - 15:31

I am in the same boat. I keep applying for financial hardship forbearances but am afraid that they are going to eventually deny that. If they do, I will lose my home.

Submitted by Peter Pantheon on Fri, 02/22/2013 - 20:04

Based on that income estimate, you would probably qualify for a $0 a month payment based on the Income-Based Repayment plan. The good thing about this plan is that there is no time limit on it like there is on a Forbearance. If you make more income, the payments will rise as well, but it's way more manageable than trying to pay hundreds a month when you only make 1 or 2 thousand a month.

Peter
www.facebook.com/PantheonStudentSolutions

Submitted by NellyZ on Sat, 03/16/2013 - 10:58

Thanks for posting.Did you know that, H&R Block admitted to making an error in the filing of 600,000 returns seeking education tax credits. That delay could affect the federal financial aid of some of those taxpayers as well. A short term loan can help you pay for the things you need while waiting on a return.