27 year old with $200,000 in student loan debt and I really have no idea what to do about it. I make around $25,000 a year and as of right now I pay $32 a month towards my federal loans which total about $48,000.
The rest is in private and I make no payment on them since I can not afford to. The private loans, all $150,000 of them, is spread out between Sallie mae, Wells fargo, and AES which services them for about 3 or 4 different lenders. All are now in default.
I have tried repeatedly to get them to work with me but the total amount it just so much that my minimum payment for all of them would be around $1300 a month and I take home around $1500 a month so that is impossible. Most of them are now in collections and I send them back certified letters letting them know that I want proof that they have my loans but once I send the letters I never hear back from them.
I have no long term solution. I will never make enough to pay these loans. I was dumb in college and took out too much money. Then I graduated couldn’t find a job and and have been in and out of work since, all while not making payments.
Each loan payment is around $150-400 a month, which by themselves I might be able to handle but together I can not. It makes no sense to me to pay one loan only to have 6 more go bad.
I have gone through a bankruptcy to get rid of my other debt so now all I have is this student debt. What can I do?
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