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Ask The Get Out of Debt Experts

We Are Suffocating in Student Loan Debt. It’s Killing Us.

Frustrated

Question: Dear Steve, My husband and I have $260,000 in student loan debt, we’ve paid $35,000 toward this debt in the last 5 years and it’s gone up $30,000. My husband makes $36,000 a year (I am, currently, a SAHM who cannot find a job), we are obviously suffocating in our debt. I cannot find a lawyer who is willing ... Read More »

    How Can We Get Collectors to Stop Calling My Father for Student Loan Payments?

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    Question: Dear Steve, My dad is over 75 yrs old with diabetes and needs a break from the creditors that harass him about his granddaughter’s loan from a private christian college she attended. He volunteered but now we want him forgiven for cosigning. How can my daughter and I help him this time around. She pays each time however sometimes ... Read More »

      CFPB Targets Student Loan Assistance Advertising

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      Yesterday the Consumer Financial Protection Bureau (CFPB) sent letters to search engines and asked them to beware of those companies offering up student loan assistance advertising. The letter said: “I am writing to alert Google that student debt relief scammers may be targeting student loan borrowers through the company’s search products. There are over 40 million Americans who collectively owe ... Read More »

        I Consolidated My Student Loans But They Left Some Sallie Mae Ones Out

        Magnifying Glass - Q&A

        Question: Dear Steve, Hi, a few months ago I consolidated my student loans through a FedLoan servicing company. They consolidated my loans from Sallie Mae, Navient, and Nelnet. I was told by one of their employees after I agreed to consolidate the loans to not contact them any further. A few months passed and my credit dropped significantly so I ... Read More »

          Will I Be Stopped at the Border for My Old Student Loans?

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          Question: Dear Steve, I live in France. I have lived in France for over 20 years. Last year I did my first income tax return for the United States using the amnesty program. This year I had a tax refund of $1000.94 well I have a student loan debt I knew I would not get the thousand dollars and I ... Read More »

            Can I Punt This Student Loan Back to My Ex-Wife? – Gene

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            Question: Dear Steve, My parents are signer and co-signer for a huge private student loan over $100,000 which was used to cover expenses for my ex-wife over 10 years ago. We since divorced and as part of our divorce agreement, we divided liabilities on her student debt and removed her name from some of the loans (the loan company then ... Read More »

              You Sure Sound Like You Have Financial PTSD

              Sometimes the financial recovery from a natural disaster can seem impossible.

              Question: Dear Steve, I want to avoid filing bankruptcy! My current financial situation is so stressful that I am constantly dealing with severe anxiety, nausea and extreme highs and lows. There is no doubt it is hurting my ability in my sales career which then effects my compensation since I am a commission-only sales rep. I have multiple student loans. ... Read More »

                Why Do I Keep Getting Calls From Student Loan Assistance Companies?

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                Question: Dear Steve, I recently started comparing my student loan debt to the Picture of Dorian Gray. I was young and naive and wanted what I thought all people valued, an education. So I sold my soul to get what I wanted, blind to the implications that selling your soul can do to your mind and physical body. The only ... Read More »

                  Picking the State You Live in Based on Debt Collection Protection

                  Writing Q&A, Questions and Answers on a blackboard.

                  “Hello Michael, I would love to get some info on being sued in a state where you don’t live. I am close to the point where I stop paying my credit cards and wait out the 5-6 month to try to get a settlement. The total credit debt is 100K (some business cards some personal). We have moved a lot ... Read More »

                    When To Do Nothing About Overwhelming Credit Card Bills

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                    I answer many reader submitted debt and credit questions that are submitted to my site using the “Ask Michael” feature. From time to time I receive enough information of someone’s current hardship, as well as a clear picture of monthly cash flow and bills, to be direct with my feedback, rather than offering generalities with my own follow up questions ... Read More »

                      The Government Did a Bank Levy for My Mother-In-Laws Parent Plus Loan

                      The actual granular data presents a surprising reality.

                      Question: Dear Steve, Thirteen years ago my mother in law took out a Parent Plus loan via Wells Fargo for my wife to go to college around age 19. Last year she stopped making payments due to situations we are unaware of. A representative from WF called and left my wife a voicemail last week about debt collection and with ... Read More »

                        Is There Any Hope to Stop a Student Loan Wage Garnishment?

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                        Question: Dear Steve, I’m wanting to know who I can contact so I can come up with a plan to pay back my student loan, being that my tax return was garnished. Is there some type of plan I can try to go into so things don’t get worse for me and who can I contact. On credit report it ... Read More »

                          I’m About to Lose Everything. Help!

                          May-the-Fourth-Be-with-You-20131

                          Question: Dear Steve, I have been trying to get a loan to pay off my credit card debt. I am unable to do so as my credit score is to low. I have been checking into debt management but I don’t know what I am doing and I am scared of all of them. I truly need help as I ... Read More »

                            Should We Take Money Out of Retirement to Pay Off Mortgage?

                            Savings-Account

                            Question: Dear Steve, I am 63 years old. Retired. 401 $300,000 + plus pension & SS. Wife 62 retired drawing SS small 401 $45,000. We are retired and need to have more disposable income. We only owe $17,000 on our house with an interest rate of 5 3/4. If I took out money from 401 to pay off house we ... Read More »

                              Why Can’t I Put My Parent PLUS Loan in an Income Based Repayment Program?

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                              Question: Dear Steve, I have significant student loan debt and applied for IBR and was denied, due to there being a PLUS (parent) loan in my record. I did not participate in anyway in the creation of any PLUS loan. My suspicion is that it was created fraudulently using my identifying information from when I co-signed on a loan for ... Read More »

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