I have over 200,000 in federal guaranteed student loans. I live in Bensalem, PA. I make about 1500.00 take home every two weeks. I own a house and owe about 70,000 on it. The house is located in a working class neighborhood. it is cheaper to own then rent so I have not sold the house. I could sell the house for 130,000 and after paying off current mortgage and fees etc. I would have about 50,000 to put on the student loan. That would leave me with over a 150,000 in student loans and I would have to look for a place to rent.
I owe about 2500.00 on credit debt. Over half the loan is interest that has accumulated over the years. I search everyday for a better paying job but seem to have no luck. being promoted where I work is based on who you know not what you know. The IRB payment is currently 685 for 20 years. I haven;t had a raise for five years. i am at the end of my rope and not sure what to do. I don’t like working where I work. IT was once a good place to work but now because the managment all are friends and family if one person doesn’t like you they all treat you differently.
Anyway, I am 50 years old and will be paying until I am 70 provided I don’t get sick or any unforseen circumstances come my way. I realize now what a mistake I made. My saying is ” I thought I picked up a gardner snake but later realized I picked up a rattle snake”. So now I am weary and just feel broken. I have heard more than once that I took out the loan so I should pay it back and the most common one is that ” tax payers shouldn’t bail me out for a mistake I made”.
I have been working since I was 12 years old. I had a paper route and when I was 14 I was paid to help out at a mom and pop store, at 16 years I got my first real paying job. But now it seems like more and more I am being punished for working. I feel like how a mortgage is underwater.. I feel the same way about my financial situation in that my student loan is underwater and I am drowning. Unfortuantly I can’t declare bankruptcy not even chapter 13 —- chapter 13 would be an option I could go for as I feel the judge would set a 5 year repayment plan I could afford—-and no lawyer will take on the student loan to try and justify a hardship in a bankruptcy hearing. I also take anti-depressant and sleeping medication. I am tired :(
Is there any class action lawsuites in regards to federal student loans to allow for bankruptcy or somekind of reogranization? Do you have any suggestions?
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.I Can't File Bankruptcy and My Student Loans Are Killing Me. - Roxanne by Steve Rhode