January 22, 2009
Assistance with paying off student loan debt?
jesslove14 asked:
I am up to my ears with student loan debt. How does someone pay off this debt if their pay check is merely enough to pay for day care and not very much else. Does anyone know of someone out there an organization or a company that helps college grads reduce their student loan debt?? Anything. I have tried refinancing and consolidating, but with the government being what it is, no one wants to do that any more… any help is MUCH appreciated.
Thank you!
I am up to my ears with student loan debt. How does someone pay off this debt if their pay check is merely enough to pay for day care and not very much else. Does anyone know of someone out there an organization or a company that helps college grads reduce their student loan debt?? Anything. I have tried refinancing and consolidating, but with the government being what it is, no one wants to do that any more… any help is MUCH appreciated.
Thank you!
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Comments on Assistance with paying off student loan debt? »
If you have not consolidated yet and your loans are federal ones, you might look over pages 34 and 35 of this book. It gives detailed descriptions of the types of student loan forgiveness programs out there.
Most people go to college to earn a higher salary beyond the basics of food clothing and daycare. If you are not getting this, I would suggest searching for a higher paying job or if not, at least find a second job to get rid of some of the debt. Perhaps at the daycare center your child goes to so it does not further increase your bill…. I believe Head start workers are one of the eligible forgiveness occupations on the list.
Call the entity that holds you student loan or visit the website. Ask for “economic hardship” deferment papers. You will submit details of your situation along with proof of your income. Hopefully, some adjustment will be made. You will still have to pay the loan, but the hardship status will help temporarily. The intention is that during this time you will secure employment that improves your situation.
My name is Amy I live in New Mexico (albuquerque).
I’m a 20 year old single mother. I started attending school and in my 3rd month my disabled mother got sick and with no child care i was forced to stop attending school. it was an 8 month process in order to graduate. I currently owe the school $654.00 for the time I attended. I wish now I could go back to complete my education, but in order to go back I must pay back the amount upon returning. I quit my job to attend full time, and due to the problems I encountered I do not have the money to pay them back right now but really want to go back now that everything has been taken care of. Do you know any programs that would be willing to help me out?
I agree.. call the lender and ask for deferment . they have several different kinds. economic hardship, underemployed, unemployed, interest only (you pay interest only for 2 years), income sensitive (pay between 2% -25% of income as long as it’s at least interest amount).. you can use all of these if you need to.. for about 10-12 years I think.. I am having to do that.. JUST be sure you call them and get the papers in BEFORE it goes past due..once it goes into default.. it’s too late.. they start garnishing wages. GL
Yes you can go for student loan consolidation. Following are the benefits of student loan consolidation:
# You consolidate loan from more than one lender
# Reduce monthly payments by up to 54 percent
# Can extend your repayment plan all the way up to 30 years
# No prepayment penalties.
Thus you can pay off your debts. They would provide you with an affordable debt management plan wherein you have to pay only single monthly payment.
You can refer to this source of a debt consolidation company named They offer all types student loan consolidation program.