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.

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.

Sincerly,


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Damon Day - Pro Debt Coach

Damon Day - Pro Debt Coach

Steve Rhode
See also  I've Never Made a Student Loan Payment and Not Sure What to Do?

14 thoughts on “I Went to College 21 Years Ago and Still Struggling With Student Loans. – Cheryl”

  1. Unfortunately, due to my daughter’s condition, I’m unable to take on an additional job.  I really don’t want to give up my current job because they offer good medical coverage, which we desperately need.  Furthermore, my current employer understands my daughter’s situation and has been extremely generous in allowing flexibility in my work schedule.  Looks like there really isn’t a solution.  Should I start buying lottery tickets?  🙁

    Reply
  2. Unfortunately, due to my daughter’s condition, I’m unable to take on an additional job.  I really don’t want to give up my current job because they offer good medical coverage, which we desperately need.  Furthermore, my current employer understands my daughter’s situation and has been extremely generous in allowing flexibility in my work schedule.  Looks like there really isn’t a solution.  Should I start buying lottery tickets?  🙁

    Reply
  3. There might be a little room for some reductions in the budget but are there any opportunities for additional income?

    Money problems are resolved with increasing income, reducing expenses or a combination of the both.

    Reply
  4. Here is my monthly budget:
    Rent     825
    Car Payment  450
    Groceries    250
    Loan*     170
    Car/Renter Insurance**  170
    Revolving Credit   130
    Gas/Electric    130
    Cable/Internet  120
    Gas in car     60
    Credit Cards  50
    School lunches   50
    Medical   85
    Cell phone   70

    Then there are those  other expenses that crop up:
    Vehicle registration (annual)   75
    Public School registration (annual)  500
    Oil Changes (quarterly)   20

    Clothes/shoes
    Car repairs/maintenance (e.g. I need new tires – $300)

    *  One of the grad school loans in rehab
    ** Due to credit score and an accident, premium was raised to $250!  Increasing my deductible to $2500 lowered my premium to $170.

    Reply

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