student loan killer
Sun, 09/25/2011 - 14:29
#1
student loan killer
I went back to school at 55 to get an advance degree and I got a MFA so I could teach and get retirement. After nine years and two months I was relaesed just eight months from being vested for retirement Now I have been out of work almost a year living on 1000 a month social securty and they want me to pay 500 a month on the student loan what am I saposed to live on? I need some kind of out. I am 70 and can not get a position now I have tried. The student loan at this point will never be paid any way and I need a way out.
Have you looked into any sort of forbearance or deferment? If you make under a certain amount of income you can get the payments deferred for several years out.
Where did this happen?
I work for a student loan servicer and take calls like this everyday. Apply for the income based repayment plan! You could have a payment as low as $0. With your income that you have mentioned, you would be a good candidate for the program. There is no need to apply for a deferment or forbearance that will eventually come to an end. If you do not plan on your income increasing (which it doesn't sound like it), your loan will eventually be forgiven. Yes, it is after 25 years and you do have to reapply every year but it will definately take the burden off of you at this point of your life. I hope this helps.
I haven't tried to apply for a student loan but I know how hard it is to pay the loans. I read in an article recently that the government utilizes subsidized student loans as a method of motivating students to get higher degrees. As of 2012, however, graduate student loans will not have their interest subsidized, which will change responsibility for paying $18.1 billion over 10 years to pupils. Article resource: Graduate student loans to lose interest subsidy
I too have a similar story, except that I have a family as well, my youngest has Cerebral Palsy, and the government does not take that into account. if I had to do it all over again, knowing what happened after 9-11, and the outcome with my son, I would of never done it.