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My Student Loans Just Keep Getting Bigger as I Get Older. – David

“Dear Steve,

Student Loan Repayment. I graduated in 1990 with a $15,000 loan debt. I had to defer the loan as my first job was at the college I graduated from, but didn’t pay much.

Anyway, to make a long story short I paid when I could, but couldn’t ever make steady payments for a myirad of reasons.

It went into defauld twice whice added $5000 the first time and then another $8000 or so the next time, plus interest adding up at 9% which I consolidated from 12%.

Now it’s up over $33,000 and I’m 59yrs old(graduated @35). I don’t see how I’m ever going to pay this. And I’m currently unemployed.

I’m pretty sure over the years I’ve probably paid the original amount.

I there any way to get out from under this debt?


Dear David,

hidingUnfortunately I have heard similar stories from others. They went back to college later in life and wound up with a life of debt.

The good news is these loans appear to be subsidized federal student loans. In that case you do have some good options to deal with them. Read The Ultimate Guide to Dealing With Student Loans You Can’t Afford.

Let me know how you get along with this.

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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