Single Mom. In debt up to my eyeballs. College loan from 1985 just wont go away. Originally owed 12, 400, approx. Now I owe over 24,000. I have exhausted all options to get help. I am on a graduated repayment program. The only thing left for me. This means my payment will go up every year until its paid off. OH GOOD!! In the early, formative years I was irresponsible, took about as many forbearances as I could for as long as I could. Interest built up. Then, in my adult years, I lost my house, my marriage and a child. I needed more help, forbearance, condolidation. Thats why I owe twice as much as I used to. Now, I have a 17 year old who is going to college next fall. I want to be able to help her, but mainly I want this debt paid off before I retire in 5 years. I am 49. I have worked at the Post Office for 25 years. I have a stable job and income. I lost my 2nd home..bought it as a single mom, interest only, refi…part of that group!!! I wanted to provide well for my daughter and did the best I could but I was upside down. I rent now.
I am reading more and more about Obama’s student loan repayment program. My mom was so happy to hear on the local news that there may be help for me…possibly even loan forgiveness. Well, I was excited for myself and the millions of other people who may have even more loan debt than myself. I was excited, let me stress that. As I continued to read this morning, I realize there may not be any help for me yet again. It appears that this will only help those who take out loans 2012 and later. Those before 2012 MAY be able to get help according to their income. Well, here we go again. I am in the working poor catagory. I never qualify for anything. I make 53k a year. It is going to take me till the day I die to pay this thing off. 9% interest. I’m stuck, I think. Can you wave a magic wand and give me some hope? Can you tell me something I may not know? Is there any hope for me? My loan is with ACS-Affiliated Computer Se rvices…ACS. They are the Department of Education’s primary outsourcing company
Well I might have some good news for you. I’d contact your loan servicer and get off the graduated program and get on the Income Based Repayment (IBR) program which will lower your monthly payment and can eventually lead to a discharge of your student loan debt.
You can always call your loan servicer and talk to them about what options may be available for you. If you have any doubts about government program eligibility you can use the CFPB student debt repayment assistant tool to see what is available.
Please post your responses and follow-up messages to me on this in the comments section below.
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.
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