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I Went to College 21 Years Ago and Still Struggling With Student Loans. – Cheryl

“Dear Steve,

I was divorced in 1990 and went back to school to earn a degree. Graduated summa cum laude in 1995 with a degree in English. Toiled away in low-paying jobs to support my children. Got forbearance on loans, but interest accrued. Went to grad school to try to better my situation, but family responsibilities forced me to withdraw after three semesters.

This doubled my principle. Principle and interest put my indebtedness at nearly $125,000!! Though I have a decent job now, my credit score is trashed so I’m paying outrageous interest on my car loan and my insurance premiums have increased as well. The monthly payments on my student loans is around $600/month. There is no way I can afford this. I worry about this constantly and am at a complete loss as to how to overcome this obstacle.

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

How can I repay this debt?

Cheryl”

Dear Cheryl,

Is this a private or government student loan?

Please post your answer in the comments below.


Damon Day - Pro Debt Coach

Damon Day - Pro Debt Coach

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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.
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