Anne is Struggling With Her Student Loans and Sallie Mae

 

Dec. 9, 2008

Anne wrote to me through the GetOutOfDebt.org site and asked the following question. 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.

Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help.

“Dear Steve,

I am currently in debt management and I have used up all of my forberance. I cannot make the payments. Half of my take home pay goes to debt management.

Is there any way I can postpone payments rather than forberance or financial hardship? Sallie Mae will not give me financial hardship–they say I make too much gross income to qualify. But, paying half my salary to dept management only leaves the other half for mortgage, etc. I am struggling every month.

Anne”

---

Steve’s Answer:

 

Dear Anne,

While you used the term debt management, which typically refers to a credit counseling program or approach, i think what you are struggling with are your student loans. For detailed information about how you can work with your lender on this see “Tiffany is Behind in Student Loans, Late On Other Payments, And Looking For Hope.”

I am becoming more and more concerned about student loans. They are often terminal debts, unable to be discharged in bankruptcy and unable to be afforded. The cost of college has accelerated way beyond the cost of living and a college education today costs a substantial amount of a families income, to the point where it is not affordable.

What was once considered good debt by many, is getting hard to justify in uncertain economic times.

Big hug.

@GetOutOfDebtGuy

---

Steve’s Answer:

 

Source: Anne is Struggling With Her Student Loans and Sallie Mae

Other Related Articles to Read

• “I Have Three Degrees But I’m Broke And Miserable” (0)
• I’m Not Making Any Progress Paying Back My Sallie Mae Student Loans. – Krista (0)
• Rebecca the Nurse Wants to Get Her Student Loans Off Life Support (1)
• Lauren is in a Fabulous Foreign Country and Can’t Afford Her Student Loans (0)
• I Went Back to School, Got Student Loans, But No Job. – Edith (0)
• Are There Any Loan Programs That Can Get Me Back in Good Graces With Sallie Mae? – J (0)
• Peter Is Trying to Find Shelter In These Uncertain Economic Times (0)
• Lowen Wants to Know “Can I Budget My Way Out Of Debt?” (2)
• I Need to Get My Student Loans Out of Forbearance? (0)
• Chloe Ruins Credit of Daughter With American Express (0)

Tags: college education, financial hardship, sallie mae, student-loans