Between me and my wife we both gross around 2600 a month.
We are just graduating from a private school and we are looking at having 145000 worth of student loans. We cant afford the 1400 dollar payment every month. What can we do? are there any options that we have for chapter 11?
We have talked with Sallie Mae and they said that they could defer it for a additional 6 months, but with the current job market and my degree being a Bachelors in Pscyhology and hers is in Youth Ministry, there isnt many high paying jobs without a masters….so what do we do?
I’m afraid I have nothing positive to say about private student loans. I’m curious, why didn’t you get government backed loans? With those you would have had some flexibility.
Even deferring them for 6 months is a mess. At the end of the deferment your balance will have grown by about $4,000. When your loans are deferred they are still building interest due. It’s just tacked onto the balance.
Private student loans have the fewest, if any, options to consolidate. Even SallieMae does not consolidation loans. They say “Severe legislative cuts made by Congress made federal student loan consolidation uneconomical. This, combined with the credit market deterioration, has caused us to suspend participation in the federal consolidation loan program.”
If your loan was disbursed before June of 2009 then you may be eligible for a graduated repayment program with SallieMae.
What school did you go to?