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Student Loan Debt

by Kristi
(Minneapolis, MN)

Hello,

I have approximately $120,000 in student loan debt. I make about $20,000 a year and they require around $495 a month. There is no more deferments or anything left on these loans. I have no help with anyone and I am already on the income based repayment plan which I cannot afford.

My only hope is to not be 90 days past due or it goes to collections. This is my only debt, no credit card debt at all. In fact I had to do bankruptcy 3 years ago to get rid of that debt to try to keep up with the student loan payments.

I'd love to hear your suggestions about this debt, actually as 100,000 or more in this country would also like to hear too.

Thanks for any input to reduce this stress.

Kristi

Comments for
Student Loan Debt

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Mar 16, 2010
 student loan debt
by: Gerri

Kristi,

I don't have any easy answers for you. Unfortunately, student loans are one of the worst types of debt you can face if you can't pay. Because it is nearly impossible to discharge student loans in bankruptcy, there is really no incentive for lenders to negotiate.

Normally my advice would be for you to try the Income Based Repayment Program (IBRinfo.org). But it sounds like you've already done that. (If you haven't looked at IBR recently, you may want to take another look, as I believe there have been changes.) You may also need to look at whether you can go to work with a qualifying employer for the next ten years so at least there is a light at the end of the tunnel.

Kristi, one of the top experts on this topic is Alan Collinge of StudentLoanJustice.org. I'd encourage you to take a look at his site and efforts and see if you can get involved. Please let us know if you find out about options we should be aware of.

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