is there any way to have some or all of it forgiven, without joining the army or peace corps? i am a single mom and am trying to make ends meet and i cannot pay my loans as much as before my baby was born due to child care ...
i need help to fugure out how to either pay it off or get it forgiven... or something... it's bigger than some people's mortgages..! yipes...
i'll take all suggestions. thanks!
2006-12-19 05:43:41 · 5 answers · asked by Linda M 3 in Business & Finance ➔ Credit
it's like a loan forgiveness program... it deducts from your school loan as opposed to you paying it...
2006-12-21 09:50:12 · update #1
Have you considered taking out a home equity loan to consolidate the school loans and perhaps get a lower rate and payment?
I don't know your situation but most employers will assist with school loans. Inquire with your HR dept.
2006-12-26 01:41:38 · answer #1 · answered by Jazon 2 · 0⤊ 0⤋
If you have a disability that prevents you from ever working again you can have the debt forgiven. Your doctor will have to fill out a form.
If you can work then take advantage of the education you got and get a better job. Maybe you're spending too much money on other things. When you take out a student loan you are making a commitment. You'll always have the education so find a way to pay the loan.
2006-12-27 04:21:49 · answer #2 · answered by annie 2 · 0⤊ 0⤋
You can file for a hardship deferment.....call the lender....you have options.......not a lot, but some.....
Actually.....I've heard of some teaching gigs that will pay off your loans entirely if you commit to teaching in a rural area or inner-city......for two years......in addition to receiving a salary and maybe living quarters......desperate times mean desperate measures...what's two years vs. carrying student loans for the rest of your working life?
Nowadays, you don't have to have a "teaching" degree to get hired - just a college degree.....think outside the box
2006-12-20 03:09:21 · answer #3 · answered by Paula M 5 · 1⤊ 0⤋
You may want to consider changing careers temporarily (you haven't mentioned what your degree is in) so that your debt may be partially forgiven. I know that in certain teaching and nursing fields were there are shortages, certain states participate in forgiving debt in trade for time in service.
Following sites are just a couple of examples. Certain professions know they can't be competitive in salary so they compensate in other ways.
2006-12-27 04:48:01 · answer #4 · answered by Jess T 1 · 0⤊ 0⤋
Why not contact the lender and explain the situation? You may be able to negotiate no-interest or debt lowering to help. There are avenues such as Consumer Credit Counseling available that could help too, recommend checking on line.
2006-12-26 10:32:46 · answer #5 · answered by Rick 3 · 0⤊ 0⤋