Student Loans - in over my head (help)

[new0602]

I'm hoping anyone can give me some insight on my Student Loan situation.

I have about 50k in Student Loans. (between 1993-1997)

5K with Sallie Mae

45K Federal Loans

++++++++++++++++++++++++++++

 

I consolidated them (when I had no idea what I was doing) in 2000.

I have made minimal payments on them (2k) and continue to defer. I have not been able to afford the payments. My credit is not bad, but my score is VERY LOW because the balances are so high and I haven't been paying them. (That's what lenders have told me) I have 7 pages of "account closed due to transfer or refinance." ... all of the loan holders are on my credit report. And I want that off.

 

Sallie Mae has me @ 90 past due in 2005 (ugh, I didn't know my deferment was up)

I've been told by a number of consolidators that I don't qualify for a lower rate because I consolidated in 2000. My current rate is 7.625% Federal 4.5% Sallie.

 

What can / should I do? How can I turn this ship around? I can only afford $200 per month on these loans. It just doesn't seem like I'm ever going to get good credit with these loans over my head.

[rhl]

new0602,

 

You mention "...continue to defer." Are you currently in school?

 

I'm hoping anyone can give me some insight on my Student Loan situation.

I have about 50k in Student Loans. (between 1993-1997)

5K with Sallie Mae

45K Federal Loans

++++++++++++++++++++++++++++

 

I consolidated them (when I had no idea what I was doing) in 2000.

I have made minimal payments on them (2k) and continue to defer.  I have not been able to afford the payments.  My credit is not bad, but my score is VERY LOW because the balances are so high and I haven't been paying them. (That's what lenders have told me)  I have 7 pages of "account closed due to transfer or refinance." ... all of the loan holders are on my credit report.  And I want that off. 

 

Sallie Mae has me @ 90 past due in 2005 (ugh, I didn't know my deferment was up)

I've been told by a number of consolidators that I don't qualify for a lower rate because I consolidated in 2000.  My current rate is 7.625% Federal 4.5% Sallie. 

 

What can / should I do?  How can I turn this ship around? I can only afford $200 per month on these loans.  It just doesn't seem like I'm ever going to get good credit with these loans over my head.

<{POST_SNAPBACK}>

[new0602]

no, I'm not currently in school

[rhl]

no, I'm not currently in school

<{POST_SNAPBACK}>

new0602,

 

Does the following apply to you?

Borrowers that are out of school are eligible to consolidate if they:

 

1. - include at least one Direct Loan

 

OR

 

2. - include at least one FFEL

 

AND

 

- have been unable to obtain a Federal Consolidation Loan with a FFEL consolidation lender or have been unable to obtain a Federal Consolidation Loan with income-sensitive repayment terms acceptable to them.

Source: http://loanconsolidation.ed.gov/borrower/beligible.shtml