(Closed) Student Loan Debt Ruining My Life

posted 5 years ago in The Lounge
Post # 3
Member
688 posts
Busy bee
  • Wedding: October 2012

@Pupperoni:  I am not sure what state you live in put some states will pay for your husband’s graudate degree if he agrees to teach in the inner city. I would recommend that you defer your loans but pay off the accumalated interest until you guys are better off to start paying your loans back sooner. Also see if you can get a federal job because sometimes they help with paying back some of your school loans. I have defered my loans put every month pay 100 bucks for the interest. I hope this helps!

Post # 4
Member
1705 posts
Bumble bee
  • Wedding: March 2012

@Pupperoni:  Have you considered working in a non-profit?  The pay CAN be lower (often is) but the benefits of income based repayment, loan forgiveness after 10 years (if you consolidate through the department of education), and assistance from LSC and other LRAP programs are helpful.  I work in public interest (though it was the route I would always have gone, regardless) and find that loans are less cumbersome.

Post # 5
Member
402 posts
Helper bee
  • Wedding: May 2013

You didn’t really say anything about your job situation. I went to law school (though a cheap one) and am making ends meet. What kind of firm are you working for?

Post # 6
Member
2433 posts
Buzzing bee
  • Wedding: June 2009

As someone currently in graduate school, this scares the crap out of me Frown

Post # 7
Member
3969 posts
Honey bee
  • Wedding: September 2014

Are they federal loans? There are income based repayment plans.

Post # 8
Member
3617 posts
Sugar bee
  • Wedding: September 2018

I was just about to post about my loan problems.  My loans are in the UK and I’ve not even started repaying (graduated this year) but they are threatening to fine me £150!  I have to inform them I am in Asia, but according to their website not until April.  By chance I went on their website, where I can view my correspondance and they sent a letter to an address I’ve not lived in for months (bear in mind they had the right phone number, different area code to the address) saying I needed to respond by THE END OF THE MONTH.  Here’s hoping the postal service here doesn’t fail me!

Post # 9
Member
4660 posts
Honey bee
  • Wedding: August 2013

@Pupperoni:  I’m in the same boat, with my undergrad! I didn’t even go to a school that expensive, but my family is very poor and couldn’t afford to help me at all, so my loans also had to keep me fed and alive for four years. I’m in debt up to my eyeballs, as the commercial says. I’d give my left hand (not even kidding, I don’t know why but I seriously pondered this one day) to be out of debt. It could be fifteen years before I pay it off, and the payments are incredibly high. So high I can’t afford it by myself and my already desperate family has to help. I feel so guilty and ashamed.

The loans are 100% private so they can charge whatever they want and I have no ability to pay based on income or anything.

I wish I could go back and not go to school at all.

Post # 11
Member
142 posts
Blushing bee
  • Wedding: November 2012

I have a lot of private student loan debt.. when I graduated I was making $10/hour and sallie Mae barraged me incessantly for their $550 a month payments. I feel your pain. Luckily I have found a better paying job and am able to make ends meet now, but my payments are still ugly. I plan to refinance with someone else after my wedding, since sallie Mae is absolutely inflexible. I would suggest making interest only payment if you can. I have some federal loans as well.  I as able to consolidate them all and then work out a payment plan according to my income. Have you been to http://www.loanconsolidation.ed.gov and studentloans.gov? They can help. I’ve found federal lenders to be nicer & more understanding. 

Post # 12
Member
699 posts
Busy bee
  • Wedding: November 1999

not sure where you’re located but in GA they have something called the Hope promise which pays for teachers education (or part of it) as long as they teach in the state for a ceetain amount of time. Maybe he could look into something similar in your state?

Also, why do they need your hubby’s tax info? My FI has student loan debt and am wondering why they’ll need my info when we get married..

Post # 13
Member
1545 posts
Bumble bee
  • Wedding: June 2013

i feel your pain mine would cost mor then half my monthly income too – if i could afford to pay that much.

Some are in forbearance and the rest i’m paying interest only or the lowest they’ll let me pay. No other choice – the money just plain isn’t there. 

The marriage thing is so stupid because they won’t combine the loans of two spouses but they’ll take both incomes into account. a few of my loans are in my parents names (two in my moms and one in my dads) impossible to combine them. But we go to get income contingent and they want both incomes to qualify but they still act like you only have one loan to pay.

THANKS FOR NOTHING SALLIE MAE!

Federal Loans are HORRIBLE! Impossible to refinance and you get locked in at the current rate so even tho the economy is shitty now and current loan rates are half of what i’m paying – i’m stuck with the higher rate for the life of the loan.

Post # 14
Member
924 posts
Busy bee
  • Wedding: January 2013

@Kate0558:  The not combining two loans is a good thing.  Before that rule went into effect, my FI combined loans with his ex-wife.  Yeah, guess who’s not making payments on her loans.  And she’s the one actually using the degree that these payments are for.  Ugh. 

It’s not nice to think about what will happen if you divorce, but it had to be done.  I don’t agree with taking both incomes into account though.

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