In 2010-2011 I attended a private graduate school in Chicago and racked up 70,000 in student loans (including current interest). After the first year I realized that the program was not as reputable as I previously thought and I removed myself from the program due to the fear of going into 250,000.00 in debt with no job opportunities. I originally took a 1 year leave of absence from the program before fully withdrawing so that my loan payments wouldnt start kicking in.
Now a year later I just received the letter that my loan payments will start at the end of this month. My monthly payment will be $1,098.00, and my loan is gaining over $400 in interest every month. I feel like I am suffocating under this debt and I dont know what to do or even what options I have.
For more information my loans are federal loans through Nelnet at interest rates of 6.8 and 7.9. I make $1400 a month.
PLEASE HELP STEVE!!
Well let’s see what we can do here. What you might want to do is see if you can consolidate your loans under a Direct Loan and then put them on an IBR plan to create a payment you can afford based on your income. You can use the links below to find out more and if your specific loans are eligible. I just don’t know about the types of loans to make a more concrete statement.
Student Loan Resources
You can use the following student loan resources to help reorganize, discharge or forgive your student loan payments.
The Overall Guide to Dealing With Student Loan Debt
Get Help For Your Student Loan Problem
Discharge Your Student Loans in Bankruptcy
- How to Really Discharge Your Student Loans in Bankruptcy. Many Can. But Never Try.
- A Look at Sallie Mae and Other Student Loans Discharged in Bankruptcy in 2012
- Federal Student Loans Discharged in Bankruptcy. A Look at the Surprising 2012 Data and Cases.
- These Private Student Loans Can Be Easily Discharged in Bankruptcy
- All Student Loan Bankruptcy Discharge Articles
Getting Sued Over a Student Loan
Private Student Loan Help
Student Loan Default
Student Loan Forgiveness and Discharge Information
- The Ultimate Guide to Dealing With Student Loans You Can’t Afford
- Obama Student Loan Forgivess Program
- Military Student Loan Forgiveness and Discharge Programs
- Student Loan Forgiveness or Discharge Can Create a Huge Tax Bill. Watch Out!
- Student Loan Public Service Loan Forgiveness – New Forms and Documentation Released
- Government Student Loan Disability Discharge
Watch Out for Student Loan Assistance Programs
- Student Loan Assistance Rescue Scams On the Rise – Buyer Beware
- Student Loan Assistance Report Out. Shows Danger of Such Programs.
Administrative Wage Garnishment
Student Loan Consolidation Information
- Student Loan Consolidation Payment and Interest Rate Calculator
- Student Loan Consolidation Opportunities and the Best Way to Lower Your Student Loan Payments
- Federal Direct Consolidation Loan Online Calculator
Specific Federal Student Loan Repayment Program Information
- Standard Repayment Plan
- Graduated Repayment Plan
- Extended Repayment Plan
- Income Based Repayment Plan
- Pay As You Earn Repayment Plan
- Income Contingent Repayment Plan
- Income Sensitive Repayment Plan
Maybe College Isn’t the Answer
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