Ask The Get Out of Debt Experts Student Loans

I Have a 30 year Old Student Loan. – Rose

“Dear Steve,

I have a student Loan that is 30 years old. The original principal amount was $9,399 now the amount is $26,000. I am unemployed and my husband is self employed.

Are there any programs out there that offer interest forgiveness? I want to get rid of this debt. But need help.

Rose”

Dear Rose,

Is this a private student loan or a government backed federal student loan?

Post your answer in the comments section below.

Sincerly,
Steve

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.




About the author

Steve Rhode

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.

4 Comments

  • Well the good news is that you have some options. Contact your loan servicer and ask them for information on the Income Based Repayment program. The IBR will give you a minimal payment based on your income.

    A disability forgiveness might not be possible due to the fact you are not permanently disabled.

    But the IBR seems like the best solution to get the loan under control based on your current situation.

    Check into it and report back please. And yes, pass the word if you can to nominate me!

  • Dear Steve:  Student Loan Question.  I am an honorable person.  I paid for undergraduate all my self, by working part, and full time, jobs concurrent with my education.  I still graduated Phi Beta Kappa, and was accepted at a prestigious graduate school.  I took out Federal, Guaranteed Student Loan for the first time.   One week into my first Graduate school semester, I sustained life changing injuries.  I incurred disability, but it is not permanent.  Still, it has been twenty years, and I have never earned more than $14,000.  Most years, it has been less than $10,000.  I have asked to have the penalties, fees, interest stopped.  To no avail.  The Department of Education now owns the loan.  What to do?  Thanks, Steve, and be sure to remind people to nominate you for the Consumer Award.

  • Dear Steve:  Student Loan Question.  I am an honorable person.  I paid for undergraduate all my self, by working part, and full time, jobs concurrent with my education.  I still graduated Phi Beta Kappa, and was accepted at a prestigious graduate school.  I took out Federal, Guaranteed Student Loan for the first time.   One week into my first Graduate school semester, I sustained life changing injuries.  I incurred disability, but it is not permanent.  Still, it has been twenty years, and I have never earned more than $14,000.  Most years, it has been less than $10,000.  I have asked to have the penalties, fees, interest stopped.  To no avail.  The Department of Education now owns the loan.  What to do?  Thanks, Steve, and be sure to remind people to nominate you for the Consumer Award.

    • Well the good news is that you have some options. Contact your loan servicer and ask them for information on the Income Based Repayment program. The IBR will give you a minimal payment based on your income.

      A disability forgiveness might not be possible due to the fact you are not permanently disabled.

      But the IBR seems like the best solution to get the loan under control based on your current situation.

      Check into it and report back please. And yes, pass the word if you can to nominate me!

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