I went to school and graduated with a bachelors degree in 4 sequential years time. During the time I was in school, my father lost his job, my parents had to declare bankruptcy and foreclose on our family home, and my father- as a result of all of these events- lost his mind, could not be brought back to his sane state of mind, and is now on a disability check of around $2,000 a month (maybe even less).
After graduating last may and planning on moving to LA to pursue my dream of 10 years I was hit with the repayment of my $80,000 debt. $50,000 with Chase Private Student Loans which has a 14% interest rate- and $30,000 with Sallie Mae.
For Sallie Mae, they offer a repayment plan and I owe 150 a month, which is manageable. However, with the additional repayment of Chase that they will absolutely not work with me on being 450- adding up to $600 a month which is more than my monthly rent and bills combined, I am feeling so desperate that I myself had a nervous breakdown at work- ps I have to waitress 2 jobs all the time and can’t pursue an internship in my field because of these repayments. So, I now have no job and had to get on an anxiety/depression medicine to deal with my daily panic attacks and crippling depression/suicidal thoughts. I contacted a lawyer to see if I could take them to court and declare hardship (since I know I can’t file for bankruptcy on student loans) and after everything was looking very promising and in my favor, I was told that I can’t go this route until at least 5 years of repayment.
So now I am in the position where I can’t pay these back (I’m a 24 year old female and literally dropped down to 94lbs because I can’t afford to buy food for myself and additionally my stress levels wouldn’t keep anything down anyway) What is going to happen to me if I am just not able to make payments? My Father can’t work because he is disabled but is a co-signer, will they go after my parents and what little they have? Will they try and sue me and/or them? Is there any kind of hope for me or am I doomed to choose between living in the purgatory without a future or ending it to get out? Please, any information you have for me would be so helpfull right now. Thanks so much for your time.
If these were government backed student loans you’d have a number of good options, as shown below. But unfortunately these appear to be private student loans.
In that case you’d have to work directly with the loan servicer or loan holder on any allowances or adjustments they would be willing to make.
Private student loans are a trap. Unfortunately many people were never advised of the dangers before they signed on the line. As a co-signer you father would be responsible as well if you were unable, unwilling, or not around to pay.
I wish I had better news on this but it wasn’t all that many years ago that Congress removed the eligibility of private student loans from inclusion in bankruptcy. It appears the easiest path to remedy the situation would be to lobby Congress to make then eligible to be discharged in bankruptcy again.
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.
Do you have a question you'd like to ask me for free? Go ahead and click here.
- Can I Send a Cease and Desist Letter to a Debt Collector? - August 19, 2022
- Clay Advisors – Same Debt Consolidation Loan Mailer, Different Name - August 18, 2022
- City of Chicago Goes After Strategic Financial Solutions and Monarch Legal Group - August 18, 2022