crunched the numbers with the bank and if i paid my debts in full, i would have $100 dollars left to live off of every month.
thankfully i've been in master's school and have been able to put them on forbearance but they're active now and but i only make 60k per year. my parents and i used to share the load, but fancy cars became more important.
i'm refinancing to get a longer term and longer grace period until i can get a higher paying job and hopefully be able to pay but does anyone know any other ways i can get relief and stabilize my credit score in the meantime?
update: these loans are private
i have over $200k in student loan debt and over $2k in monthly payments. i can't survive like this
by inStudentLoans
Posted by AcanthocephalaDue624
19 Comments
Have you looked into one if the IDR plans?
Are these federal or private loans?
Sounds like Parent PLUS loans. Is that the case?
The only solution is to make more. Easier said than done but needs done.
Options are limited for private loans.
You can speak with your lender and see what options they give.
You can request an altered payment amount, payment time frame, etc. Interest still accrues though like normal regardless.
The only since advice I have is to not be bitter towards your parents for not paying debt you incurred. The “fancy cars” is their right, with their money.
It’s simple math, the $$$ coming in has to be more than the $$$ going out. You need to ruthlessly cut your expenses and, if necessary, increase your income/earnings (i.e. pick up a second job, donate plasma, etc).
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I get it! I have $80K in private and $110K in federal. I have refinanced and it dropped private loan payment quite a bit. Only options for myself are to deal with it or work even more to pay off earlier.
I know government loans you can’t even get rid of with bankruptcy and only die with death. Are private loans the same? Or can you declare bankruptcy on them?
With private loans your only real option is to increase your income. Refi lower when you can. 🫤
Private loans means bankruptcy is always an options…? It’s not ideal but it’s better than starving and you’ll bounce back faster than struggling for 15 years.
At that high of loans you likely either need to be living with parents (even with a high income) and throwing a lot of your income at loans for a few years until they are under 100k
Or consider bankruptcy/refinancing
What are your schools and majors of your degrees?
Student loans are harder to shake with bankruptcy than other debt but not impossible, especially private.
At that price point it might be worth talking to a lawyer about your options.
Why did you go 200k in debt for a degree that only earns 65k
I hope you are becoming a doctor or an engineer something in a high income field until then he will just have a lot of interest on top of that $200,000 so you’ll probably close to 210 by the time you finish
How old are you? You could always declare bnkruptcy. If you’re young enough, your credit will reset in 7 years and you can still do things like buy a house without being locked out of it in perpetuity
What are you in school for? Is there a high paying job waiting for you?
For private, talk to a bankruptcy attorney. 7 years of shitty credit might be worth $200k. Really you’ll need cash//debit card for 1 year, then you’ll get a shitty credit card with a $1,000 limit, as long as you pay it off each month you’ll be fine. By year 3 things are pretty much normal except you wont get a home loan.