I am posting this over here from the BK board - listers suggested I do so...
Hi all - very new to the board. I did a LOT of reading here and like the fact that everyone seems so supportive.
I did a Chap 7 discharge and it was final in Nov. of 2006, but I still owe $127,000 in student loans. (Masters degree)
(my first loan was from the 1980's, at 10.25%, the second in the early 1990's at 8.25%)
I refinanced all the loans at 8.25% (who knew the rates were continuing to go down), but my situation is BLEAK regarding fixing my credit.
I work 2 jobs, both part-time. No health insurance.
(I am in Michigan, so since we have been in a recession since 2004, getting a new full-time job isn't an option. I have tried.)
I make $12,000/year, have been on and off food stamps, and can barely pay utilities. This has been going on for over 10 years now, which is why I finally did the BK, even though my family fought me on it and insisted I not do it.
I have taken every deferment possible over the years, (hardship, etc.) and this July will no longer be eligible for any deferments.
I have sold everything possible thing I owned that had any value on ebay, my parents are retired and on a fixed income, I have no relatives that can help, and I couldn't afford the $3,000 attorney fee to have my bankruptcy attorney file a motion to discharge the student loans.
(He told me it had to be done separately from my original filing)
I thought bankruptcy would have helped me and given me a clean slate to start over, but between this and my medical bills last year, (I fell and had to go to the emergency room) I am seeing myself go back into the same situation as before.
Does anyone on the board have any suggestions?
Full Version: paying back SLoans on 5k/year?
QUOTE(somebidder @ Mar 20 2008, 07:40 PM) 
I am posting this over here from the BK board - listers suggested I do so...
Hi all - very new to the board. I did a LOT of reading here and like the fact that everyone seems so supportive.
I did a Chap 7 discharge and it was final in Nov. of 2006, but I still owe $127,000 in student loans. (Masters degree)
(my first loan was from the 1980's, at 10.25%, the second in the early 1990's at 8.25%)
I refinanced all the loans at 8.25% (who knew the rates were continuing to go down), but my situation is BLEAK regarding fixing my credit.
FYI...you would NOT have benefited from interest rates coming down. You rate was calculated based on a weighted average of the rates you originally had, capped at 8.25%.....so you got as low as you could possibly go. Those 80's interest rates were killers.
I work 2 jobs, both part-time. No health insurance.
(I am in Michigan, so since we have been in a recession since 2004, getting a new full-time job isn't an option. I have tried.)
I make $12,000/year, have been on and off food stamps, and can barely pay utilities. This has been going on for over 10 years now, which is why I finally did the BK, even though my family fought me on it and insisted I not do it.
I have taken every deferment possible over the years, (hardship, etc.) and this July will no longer be eligible for any deferments.
I have sold everything possible thing I owned that had any value on ebay, my parents are retired and on a fixed income, I have no relatives that can help, and I couldn't afford the $3,000 attorney fee to have my bankruptcy attorney file a motion to discharge the student loans.
(He told me it had to be done separately from my original filing)
I thought bankruptcy would have helped me and given me a clean slate to start over, but between this and my medical bills last year, (I fell and had to go to the emergency room) I am seeing myself go back into the same situation as before.
Does anyone on the board have any suggestions?
Hi all - very new to the board. I did a LOT of reading here and like the fact that everyone seems so supportive.
I did a Chap 7 discharge and it was final in Nov. of 2006, but I still owe $127,000 in student loans. (Masters degree)
(my first loan was from the 1980's, at 10.25%, the second in the early 1990's at 8.25%)
I refinanced all the loans at 8.25% (who knew the rates were continuing to go down), but my situation is BLEAK regarding fixing my credit.
FYI...you would NOT have benefited from interest rates coming down. You rate was calculated based on a weighted average of the rates you originally had, capped at 8.25%.....so you got as low as you could possibly go. Those 80's interest rates were killers.
I work 2 jobs, both part-time. No health insurance.
(I am in Michigan, so since we have been in a recession since 2004, getting a new full-time job isn't an option. I have tried.)
I make $12,000/year, have been on and off food stamps, and can barely pay utilities. This has been going on for over 10 years now, which is why I finally did the BK, even though my family fought me on it and insisted I not do it.
I have taken every deferment possible over the years, (hardship, etc.) and this July will no longer be eligible for any deferments.
I have sold everything possible thing I owned that had any value on ebay, my parents are retired and on a fixed income, I have no relatives that can help, and I couldn't afford the $3,000 attorney fee to have my bankruptcy attorney file a motion to discharge the student loans.
(He told me it had to be done separately from my original filing)
I thought bankruptcy would have helped me and given me a clean slate to start over, but between this and my medical bills last year, (I fell and had to go to the emergency room) I am seeing myself go back into the same situation as before.
Does anyone on the board have any suggestions?
Who did you consolidate with?? And do they offer income sentive repayment?
Sallie Mae - they do offer income sensitive repayment, but with 4% being the minimum amount they will accept, that comes to $200, which is half of my total income for the month, and that is completely impossible for me to do, with gas prices, food prices and utilities going up like crazy...
I should mention that 5k is my take-home - I get a place to live as part of my salary, which is why I figure it at 12k.
bump??
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