What Can I Do to Get Help With My Student Loan Payments? – Robyn

“Dear Steve,

I am a single parent of 3 and declared bankruptcy in 2006 My ex let our house go into foreclosure) I receive less then 850.00 A MONTH for my children as my ex collects disability. My annual income is 36,000. I have been unable to pay my student loans for the past 5 years, They went into default. My income tax return was attached for 2008 to pay for my loans. I contacted the lender three weeks ago and the best repayment offer they had was for 300.00 a month. The total loan is 31,000.It is the total consolidated of my under graduate and graduate school loan. My first loan was from 1987, my second loan was from 1999 I have exhausted forbearance, and there are no more consolidations available. If I don’t pay now, they are going to attach my wages. and only earn 36,000 a year.

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

What can I do to get help with my student loan payments.


Dear Robyn,

Hopefully these are government backed student loans and not private loans or through SallieMae.

If they are government backed loans then look at the Income Based Repayment program (IBR) and that should give you the most affordable payment based on your income.

You need to get them out of forbearance as soon as possible, That just keeps building up what you owe rather than helping.

Damon Day - Pro Debt Coach

Follow Me
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
Steve Rhode
Follow Me
Latest posts by Steve Rhode (see all)
See also  Clavell v. U.S. Department of Education: A New York bankruptcy judge takes refreshing approach to "undue hardship" in student-loan bankruptcy case