I have private loans with Sallie Mae totaling $37.000 plus federal loans in the amount of $85.000 totaling $127,000. The federal loans are deffered and I am not paying anything, but Sallie Mae gave me two years after I graduated in 2010, paying $150 every 3 month to put the loans in forebereance. In November I will have to start to repay, the amount they are asking each month is too much. I have not been able to find a decent job, I work as a substitute teacher and a private tutor and the income I have is just enough to pay my bills. I have tried to start the repayment but I cannot affort it. It seems they don’t care about it and all they want is the money. I am stressed out and thought about filing chapter 13 just to get them off my back for 5 years, but I do not have any other debt (except for my car I just purchased 3 months ago). I don’t think chapter 13 is the best option for me. Please help!!
Leaving those federal loans in forbearance is not wise. The balance will just grow.
Before you jump to a bankruptcy, which will just prolong the student loan problem. You could consolidate your federal student loans and get into the Income Based Repayment (IBR) program. It would keep those payments very low or at zero, based on your income.
Sallie Mae does primarily care about the money. That’s what they do. And absent any program offered by Sallie Mae, you are basically stuck on the private student loans.
Welcome to student loan hell.
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