I have over 200,000 in federal guaranteed student loans. I live in Bensalem, PA. I make about 1500.00 take home every two weeks. I own a house and owe about 70,000 on it. The house is located in a working class neighborhood. it is cheaper to own then rent so I have not sold the house. I could sell the house for 130,000 and after paying off current mortgage and fees etc. I would have about 50,000 to put on the student loan. That would leave me with over a 150,000 in student loans and I would have to look for a place to rent.
I owe about 2500.00 on credit debt. Over half the loan is interest that has accumulated over the years. I search everyday for a better paying job but seem to have no luck. being promoted where I work is based on who you know not what you know. The IRB payment is currently 685 for 20 years. I haven;t had a raise for five years. i am at the end of my rope and not sure what to do. I don’t like working where I work. IT was once a good place to work but now because the managment all are friends and family if one person doesn’t like you they all treat you differently.
Anyway, I am 50 years old and will be paying until I am 70 provided I don’t get sick or any unforseen circumstances come my way. I realize now what a mistake I made. My saying is ” I thought I picked up a gardner snake but later realized I picked up a rattle snake”. So now I am weary and just feel broken. I have heard more than once that I took out the loan so I should pay it back and the most common one is that ” tax payers shouldn’t bail me out for a mistake I made”.
I have been working since I was 12 years old. I had a paper route and when I was 14 I was paid to help out at a mom and pop store, at 16 years I got my first real paying job. But now it seems like more and more I am being punished for working. I feel like how a mortgage is underwater.. I feel the same way about my financial situation in that my student loan is underwater and I am drowning. Unfortuantly I can’t declare bankruptcy not even chapter 13 —- chapter 13 would be an option I could go for as I feel the judge would set a 5 year repayment plan I could afford—-and no lawyer will take on the student loan to try and justify a hardship in a bankruptcy hearing. I also take anti-depressant and sleeping medication. I am tired :(
Is there any class action lawsuites in regards to federal student loans to allow for bankruptcy or somekind of reogranization? Do you have any suggestions?
I have some questions for you first.
- How much do you make a year?
- Why can’t you file bankruptcy. Have you filed in the past?
- Can you confirm your credit card debt is $2,500 and not $25,000.
- Did you consolidate your loans first into a Direct Loan before enrolling in the IRB plan?
Please post your responses and follow-up messages to me on this in the comments section below.