My mother took out loans to fund my education with the best intentions in the world. Unfortunately because of some medical and educational setbacks, it took me 6 years to graduate and I’m sitting on around 100K in student loans, not sure how much is private and how much is federal :( After graduation I was laid off and then eventually quit my job while also being pregnant.
It took more than a year for me to get a job and by then all my creditors were calling or had called wanting me to start repayment. Even though I have a pretty good job now, a majority of my money is being eaten up by childcare and rent, as I live in a city with a high cost of living and I am a single parent.
I still have to worry about utilities, food, travel and credit card debts, I could not survive if my wages were garnished. I’ve offered small payments in concession to the creditors with hopes that as I get pay increases I can contribute more but they were not accepted.
What are my options to consolidate my payments and stretch out my loan period so that I can make manageable payments until better times come along?
What you will notice in the resources list below is that there are some really good options for dealing with your federal student loans. What you most likely what to look at is consolidating the federal loans and then putting it on the Income Based Repayment program.
The bigger problem is the private student loans. For those, the only two choices are either the programs the private lender offers or to wait till the loans are in default past their statute of limitations and then discharge those in bankruptcy.
But, if your mother took out these loans or guaranteed them, the lenders will go after her if you default.
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
Please post your responses and follow-up messages to me on this in the comments section below.