I have been paying (2) student loans a small one and a larger one seems like forever since I was a young mother. I am now 59. These loans have changed hands a few times, sold to different companies etc. The current company is Navient which I had been paying $98 a month, which was difficult but I had managed. They now want to go up to a repayment plan of $292 a month. I tried to get a lower plan and the lowest I could get it down to is $192, I CANNOT afford that monthly. I am a single grandmother raising 3 grandkids (19 year old, 17 year old & 3 year old Heart defect baby.) I make decent money but with daycare for the little one and rent etc I just can't pay a large monthly bill. I tried to look at forbearance and I don't qualify. I did the lower plans, like I said lowest I could get it down to is $192 a month for both loans. I just don't know what to do. Any advice?
P.S. Awhile back people kept calling me saying my student loan could get dismissed but it all sounded like a scam and they hounded me all the time.
What repayment plan are you on that is $192 per month? If it's an income-driven program, it's based on your income - capped at 10-15% of discretionary income based on your plan.
It also requires you to accurately fill out the number of dependents you have as well.
Read this: https://thecollegeinvestor.com/11856/secret-student-loan-forgiveness/
I did put how many dependents which would be 2 children and 1 adult. That was still the best I got $192. It is all very confusing to me. I just know I need a lower payment I can afford.
You can see all the options yourself here: https://studentloans.gov/myDirectLoan/repaymentEstimator.action#view-repayment-plans
There is no "secret" ways to save - it's all setup by the government.
If that $192 is really 15% of your discretionary income, you're probably having an AGI about $45,000 or so. You need to look at other areas of your budget to save.