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My Sons Went to College and Have Six Loans I Can Barely Afford. – Marcia

“Dear Steve,

What is a smart way to be able to get debt free.

I have two boys who went to college and we have 6 loans out there now all wanting there money, i am doing my best to catch up and pay on them , but it leaves us has parents and my sons with NO money to live on when we try to pay these and our other bills . * I need some advice soon.

Thanks ,

Marcia”

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The Answer

Dear Marcia,

Unfortunately you options are limited. I’m assuming that you have parents loans, if not tell your children to contact the lender and ask about the Income Based Repayment (IBR) program. Hopefully these are government backed loans and not private loans.

In the face of not being able to adjust your payments, the only other option is to lower your expenses, increase your income, or a combination of both.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

My Sons Went to College and Have Six Loans I Can Barely Afford.   Marcia
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Anthony1429

    Marcia,

    There are now two states Maine and Rhode Island that are giving tax credits to Graduates,and better yet to Companies that want to set up programs to pay back student Loans for their employees.Why is this not being done in all 50 States?

    Also non-profits like American Student Assistance offer  a reimbursment program to pay back  student loans. The grovernment has been doing this forever for select hiring positions.

    There is now $850 Billion Student Loan Debt and Growing; more than Credits Card Debt that is somewhere around $830 Billion but it’s decreasing? Do you see something wrong with this picture like I do? Our government gives tax credits to anything and everything under the sun.These Credits for the most part only help a select few.

    The Student Loan Debt  is going to be the next Too Big to Fail. Which our government paid the the very people that got us into this mess to begin with, and then the Housing Market on top of that!

    There is something that you can do! Write your Congressman, your State Representative, the President. Demand tax Credits for our Graduates, and for the Companies that want to set up programs to pay back this debt.This can be done similar to a company setting a 401K for their employees.Why not let the company that is going to benefit from the knowledge that the Graduate is bringing to the company It’s a WIN WIN for everyone

    I have started a Blog   discoverthefactstogether.com  I am not a blogger,but I know something has to be done about this problem.If we all come together our politicians will have no choice,but to start working for the people that elected them.

    Thank you,

    Tony

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