The income contingent payment plan is too high for the amount of expenses I have and interest rates are compound daily. How can I freeze my interest? I need a freelance job immediately to help payoff this loan.
2006-09-14 06:37:53 · 15 answers · asked by DW 1 in Education & Reference ➔ Financial Aid
Yikes, that's more in debt than both me and my husband were ever in with over 10 years of marriage...
I haven't been in school in many years, so I don't know how expensive it is...
I can't imagine borrowing more than I can pay back or why they let you do that...
I do not think student loans are covered on bankruptcy, since we just went through that because I lost my job due to disability...
I think if you are well enough to work, you are supposed to be well enough to pay back a loan...
All I can say is offer to pay them what you can actually afford each month even if it isn't what they requested, and try to make them see you can't do it very soon...
At least if they take you to court, you can prove you were trying to pay them and they were the ones who didn't accept it...
That makes you look good...
2006-09-14 06:56:19 · answer #1 · answered by aspenkdp2003 7 · 3⤊ 0⤋
First off, based on how much debt you have already you should have a relatively high degree- at least a masters. In that case, I would suggest finding a better job; if the area you live in has a crappy job market, move. If the feild you chose just doesn't pay well....well, you kinda should have planned that part ahead of time. You might need to take up a second job. Do NOT file bankruptcy, because that just screws up your credit and it won't get rid of government loans. I would try refinancing in some way or another and really try to get the lowest interest rate you can, cause that will absolutely be the death of you. Also, if you can't find another job you might try contacting your school to see how they can help find you placement somewhere better. Since you said you need a freelance job asap, I'm assuming you're in some kind of journalism/writing field. Check out www.writermag.com and similar websites, they often have listenings for people looking for one time articles, etc and in many different topic areas.
2006-09-14 15:06:16 · answer #2 · answered by Smashley 2 · 2⤊ 0⤋
Yikes!!! How did you ever get so far in debt!!!!!
Whatever you do, don't declare bankruptcy -- you will not be able to wiggle out of this loan. Federally insured student loans are not removed by bankruptcy.
You need to talk to a financial counselor right away. You borrowed the money and now you have to pay it off. The interest should be $600 or $700 a month, so with $33000 income you should be able to handle that. And then you will have to pay down the principal as best you can. But it is definitely going to take a long time.... :(
I hope you are warning all your friends and relations not to get into such a horrible situation.
2006-09-14 13:31:45 · answer #3 · answered by matt 7 · 0⤊ 1⤋
You need to look at refinancing this debt. Check your options to see if there is a better rate/payment plan. Otherwise get a 2nd job and use that income to supplement your payments until you can refinance it. Why do you have so much in a student loan?
2006-09-14 06:42:35 · answer #4 · answered by limgrn_maria 4 · 0⤊ 1⤋
If i borrowed $90,000 on student loan I better have a MBA and an awesome job now.
I still have a $5,000 student loan that has taken me forever to bring down.
2006-09-14 06:41:09 · answer #5 · answered by ? 3 · 1⤊ 0⤋
Get married. Have your spouse work and use the spouse's income to make your loan payment. Otherwise, get a better paying job or sue your schools for misrepresentation. You could also try getting fired and then seek a hardship deferment. Then, collect the unemployment insurance to pay down your student loans.
2006-09-14 06:46:57 · answer #6 · answered by The Man 4 · 1⤊ 2⤋
have you consolidated? Put the payments on the longest repayment you can...like 25 years...then the payments should be lower...then, once you pay down your other debt, start paying more towards your student loans.
If you've already done all that...I have no idea what you should do.
2006-09-14 06:41:33 · answer #7 · answered by Tessie 3 · 1⤊ 0⤋
I would try paying it off slowly, I would not suggest filing bankruptcy..it is a government loan, not a bank loan or car loan...it will always be there until you pay it off...trust me I have been paying on mine for almost 10 years now!
2006-09-14 11:29:15 · answer #8 · answered by spaceyinla 3 · 1⤊ 0⤋
you may no longer report financial disaster on a pupil loan era. you nonetheless could pay it lower back..in addition they have repayment plans like interest in straightforward terms and underemployed (in case you're in straightforward terms working PT ). in addition they have financial concern. It lowers your charge yet prolongs it
2016-11-07 07:56:11 · answer #9 · answered by lurette 4 · 0⤊ 0⤋
Get your loan from Ericson Finance Ltd now
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finance.ericson@hotmail.com
2014-12-04 05:09:44 · answer #10 · answered by Anonymous · 0⤊ 0⤋