My mother took out loans to fund my education with the best intentions in the world. Unfortunately because of some medical and educational setbacks, it took me 6 years to graduate and I’m sitting on around 100K in student loans, not sure how much is private and how much is federal :( After graduation I was laid off and then eventually quit my job while also being pregnant.
It took more than a year for me to get a job and by then all my creditors were calling or had called wanting me to start repayment. Even though I have a pretty good job now, a majority of my money is being eaten up by childcare and rent, as I live in a city with a high cost of living and I am a single parent.
I still have to worry about utilities, food, travel and credit card debts, I could not survive if my wages were garnished. I’ve offered small payments in concession to the creditors with hopes that as I get pay increases I can contribute more but they were not accepted.
What are my options to consolidate my payments and stretch out my loan period so that I can make manageable payments until better times come along?
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.My Mother Took Out Loans to Pay for My Education. I Can't Afford to Pay. - Jasmine by Steve Rhode