Need desperate help with terrible student loan situation!?

HELP!!

I have yet to get my BA, I have 2 years to go .

I have accrued already about 100k (13% interest) in independent bank given student loans from %26quot;next student%26quot; (so all in all about 150 k by the time i have my BA in 2 years or so). Worst yet, My Mother is the co-signer on these loans.

I realize I have gotten myself in a bad situation financially and I have no idea what kind of job with just a BA in the social sciences I can get to pay off the1500 (10%) a month minimum payment for these loans.

Also, I have terrible credit (stopped paying credit cards years ago upon some terrible advice).

I am now so scared that there is no way i'll be able to pay these loans and I dont want to destroy my moms credit because she cherishes it. I am actually considering moving out of the country w/her.

My main Q is, I heard I that if i pay just 50 dolars a month and that they can't go after me or the co-signer like by go after her house or garnishing our wages, is this true?

Thanks.

Need desperate help with terrible student loan situation!?

If I were you I'd declare myself bankrupt - it's like a get out clause. You can't pay it back if you don't have it. I've come close to it myself.

Need desperate help with terrible student loan situation!?

wow why would you take out 150 k and still have 2 years left on your BA??? I mean seriously no school cost that much for 2 years I don't care if your even going to Harvard....

you f'd up big time and you need to pay for your mistakes and I thought my credit was bad at 683 yours is just down right horrible...

my only advice is to declare bankruptcy as you said it is an impossible amount to payback...

thanks for being another leech on society with your stupid financial decisions I can just hear those interest rates rising to cover your debt

My question for you is why would you spend on this money when you knew you were never going to be able to pay it back???? and then to boot you put your Mom's line of credit in jeopardy

Need desperate help with terrible student loan situation!?

I wouldn`t worry too much

as long as you pay them something every month a judge isn`t going to take your moms house

you could claim bankruptcy on the loans.

the homestead act makes it illegal for them to take the house , all they could do is put a lien on the property and the house.

Need desperate help with terrible student loan situation!?

When you get out of school and start getting your bills, you should start out at a pretty low monthly payment, set to having the full amount paid back over like, 20 years...

They will work with you as well on your payment plan, if you can't meet what they are offering to start with, call them, talk to them, you can probably work out a lower payment to start...

The key is to stay in contact with them...you can always seek deferments if necessary, but stay in contact and up to date...

what you don't want to do is loose contact with them and not make payments and go into default...at that point, they will go to a collection agency, and from there it can spiral into them taking your income tax returns, and eventually, after settling a lawsuit, garnishing your wages...

the KEY again is to STAY IN CONTACT!!

peace.

Need desperate help with terrible student loan situation!?

That's what my buddy did. I would talk to the loan's officer and make a deal which is affordable. And to make show of good faith.

Need desperate help with terrible student loan situation!?

Okay, if you're loans were taken out in the United States, here's a possible solution depending on the type of loans you took out for school. Also, it may depend on if your mom cosigned for all or some of the loans. I'm not really sure about that part of it.

You need to look into the %26quot;William D. Ford Federal Direct Loan Program%26quot;. Only use the US government website to access info. about this loan consolidation program. Other websites might not be as trust worthy, as there are always websites trying to look like government websites. This is the site and program that you want to look into:

http://www.ed.gov/programs/wdffdl/index....

This loan consolidation works by combining one or more federal education loans into a single loan. You do not need credit to qualify and it can also be income contingent (meaning that you pay back based on your income). I highly recommend this program!

It's also a wonderful program for people who are also in default with their student loans. When you apply, it automatically pulls you out of default.

Additionally, you will definitely get a lower interest rate by consolidating through this program if your loans quality. If you have variable interest rates on your Federal education loans, you may want to apply to consolidate with this program. The interest rate for a Direct Consolidation Loan is fixed for the life of the Direct Consolidation Loan. The rate is based on the weighted average interest rate of the loans being consolidated, rounded to the next nearest higher one-eighth of one percent and can not exceed 8.25 percent.

Call them and ask for an application if you think you will qualify (and I'm thinking you would, it all depends on the type of loans that were taken out).

You may apply for Direct Consolidation if: Individuals who have outstanding student loans or those who have defaulted but have made satisfactory arrangements to repay the loan(s) (or who agree to pay under the income contingent repayment plan). I am under the income contingent plan but I am not in school anymore. If you can qualify for this and are still in school, as with other student loans, it does not come due until you are out of school.

You should call the Federal Student Aid Information Center at (800) 433-3243 with your questions about this program and ask if the loans that you have will qualify.

On a seperate note, if you happen to be going to school for certain teaching, you could qualify for a loan forgiveness of up to $17,500.

Additionally, again depending on what kind of degree you earn, you could qualify for a variety of loan forgivness programs, do some investigating. For example if you become a doctor, nurse or another qualifying profession and you agree to work in an under privledged or rural area, you may be able to get a large part of your student loans %26quot;forgiven%26quot;.

Also, I am assuming that you are either going to a very expensive school or that your living cost are high because that it a lot of student debt to rack up in two years. Also, I will guess that you're parents have a high income and that you weren't able to qualify for federal (PELL) and state education grants? I don't know your situation but there are plenty of great state colleges out there that offer social science degrees that also offer a great education for a low price. Look into ways to lower your tuition, apply for scholarships, see if you can qualify for any grants. Talk to financial aid offices at your school or the school you are interested it. Research tuition rates.

As for your last question, no, that is not true. However, if you could qualify for this consolidation program, your loan payments could end up being low.

I wish you luck.

Need desperate help with terrible student loan situation!?

Ask the lender to give you a waiver for financial hardship. contact the school and ask for emergency help and ask for a live one on one meeting with school officials.You have that right.

Need desperate help with terrible student loan situation!?

First, you cant declare bankruptcy on student loans. You borrowed them and you or your cosigner (private loan) will have to pay them. I would call the lender and see if they can help, but with this high debt amount you will probably have to pay ALOT more that $50.00 to keep yourself out of trouble. Yes, they can garnish your wages and your cosigners too, plus take any tax refunds. Not to to mention that your credit will be shot. If you do go into default, you will NOT be able to borrow ANY student loans and will NOT be able to receive any grants either. Im confused how you borrowed so much and progressed so little. To be honest, things dont look good.