Get Out of Debt Guy - Steve Rhode

How Can I Keep My Federal Student Loans Out of Default When I Can Barely Afford to Live?

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Question:

Dear Steve,

I have defaulted on a direct federal consolidation loan. I was a teacher but had an on the job accident and I am no longer able to stand to teach. Luckily, I was a career change person and have been able to find a job in another industry (not public service related) I owe 112,000 in student loans and was planning to do the pay for 10 years as a teacher and have remaining balance forgiven.

How do I get out of default when I can barely afford to living expenses? Please give me options.

Dayna

Answer:

Dear Dayna,

So sorry to hear about your medical issues.

If you were on a Direct Consolidation Loan you should ask your servicer to place you in one of the Income Driven Repayment programs. This will keep you out of default and give you a payment as low as $0 per month.

For more information click here.


Big Hug!
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