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I’m Drowning in Student Loans Over My Head. – Thomas

“Dear Steve,

I have a huge student loan debt that I can’t seem to make head way on.

I have a $100,000 is federal loans that have been consolidated with Direct loans and are now with Sallie Mae and $15,000 in private loans.

My private loans i can handle making $124 a month payments.

My federal is what is killing me. I bring home $1200 every 2 weeks after taxes. I’m the IBR plan, by the time i’m done paying bills I have just enough let over to pay the IBR plan I’m on. My payment doesnt even cover the interest ever month and the loan keeps going up. What happens after the 25 years is up? What can I do to help my situation?


Drowning swimmer

Dear Thomas,

Please read The Ultimate Guide to Dealing With Student Loans You Can’t Afford.

Please post your responses and follow-up messages to me on this in the comments section below.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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