Student Loan Debt

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  • I enrolled in the Debt Management Plan through CareOne in February of this year. I have done remarkably well and am very happy to see my debt going down, down, down! However, I am still buried under a mountain of Student Loan Debt. I am wondering if there are any banks, companies, etc... that would work with me to help pay down my student loans. I have tried endlessly to make deals with some of the companies, but many just WILL. NOT. BUDGE. on payments! Making only $43,000/year makes it IMPOSSIBLE to pay over $3000 each month. I have already had 1 loan charged off which has completed destroyed my credit. I WANT to pay these debts, but I just can't. What can I do?

  • I completely feel for you - I am in the same boat and have had to let a private loan default just last month...  It's scary, but I simply cannot make the payments on it.

    All I can offer is to make sure that your federal loans are signed up for the IBR (Income Based Repayment) plan.  You will pay a monthly payment based on your income and family size - it will adjust each year.  After 25 years of payments, anything left over will be forgiven.

    I'm assuming the majority of your loans are private loans and therefore are not eligible for IBR.  As you know, there is nothing that can be done with them now.  There is legislation introduced (The Student Loan Fairness Act) that would modify private student loan repayment, but it's going nowhere...  All we can do is hope and pray that someday soon Congress will realize that the student loan bubble is bursting and do something to help us...  

    Good Luck!  I know we both need it:(

  • Hi Tiffanizz1e,

    Thank you for your Post. I am sorry to hear about your struggle with your student loan debt.

    Unfortunately, we can not assist you lowering your student loan debt but the following link may provide information to assist you with this debt.

    http://www.careonecredit.com/knowledge/guide-to-getting-information-on-student-loans.aspx

     

    I hope that this information helps.

     

    I wish you the best!

     

    Kelly K

     

    CareOne Community Support Team

  • Hi ondecker,

    Thank you for sharing your experience on our forum and offering suggestions regarding Federal Student Loans.

    I wish you the best in getting your debt paid off.

    Have a great day!

    Kelly K

     

    CareOne Community Support Team

  • I'm sorry to hear about your situation. I know this won't help you any but that is why I made sure my son only got federal student subsidized and unsubsidized loans due to our income. He is living at home with us instead of going to a school where he would need to pay for dorms or apartment/living expenses. I have had to use CareOne for my own debt so I am trying to teach him not to make my mistakes.

    I still don't see why these loan companies won't work with you though it's better to get a little money from you on some kind of payment plan than trying to get $3,000 a month which is unreal. I would try to send them something each month to at least show them your willing to work with them.

  • Hi DemetriaL,

    Thank you for your post. We appreciate you sharing your experiences and suggestions on our forum.

    I wish you the best and have a great day!

     

    Kelly K

     

    CareOne Community Support Team

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