I put both of my kids thru school using parents plus loans I have been paying on the oldest ones since she first went to school my youngest graduated but has went back for his masters but he took a six month break they were asking me to pay back more than i made in a month 1800.00 dollars im a dialysis tech i barely make forty thousand a year and thats with overtime neither one of my kids picked fields where they make a lot of money and have gotten married and started families of their own I am a single mom that pushed education because i didnt want them in dead end jobs like me what can i do to get the payments lower
I went with a company called Academic Support Center to help me with my student loan. My pay check was being garnish to repay my student loan. This company said they can get the garnishment dropped and lower my monthly payment. Are they legit or am I being scammed?
I started reading through this forum and very quickly felt like I was reading a bowl of alphabet soup! i never knew there were so many acronyms. Below is a short (honest, it is 1/3 the length of the original article) description of my situation.
I have a student loan that is seriously in default. I went to school for one year 2008/2009 and then went abroad to teach because I could not find a job during the bust of the economic bubble. 1 year passed and I was not in a position to begin payments. It has been 10 years now and I have not been able to (or just did not because of uncertainty) make one payment. After I got behind, a couple of legal sources told me just to save up the money and then pay it off - it would be ok. I have made some noble attempts to do so, but have been thwarted each time - most recently by a bout of skin cancer. I still live abroad, so have little contact with collection agencies, etc. The last letter I got showed a principal of about $20K, interest of $7K and an administrative fee of $8K. The university was a private one. The last letter that I got was not from a government agency. Iirc, the original loan was held by Wells Fargo, but that is not the name on the letter now. Can you please help me read between the lines? I think loan rehabilitation does not include people who have been delinquent for 10 years. I am in a position to put away at least $1K a month now for the next 2-3 years (barring some other medical crisis). I have a job now that provides excellent medical insurance. If things go well, maybe $1.5K a month. What are my options? Is there any way to get the admin fee waived or reduced? More about me: I am an English teacher in China. In the past 10 years, I taught in a small town in the USA in the northern plains for 2 years. It is very likely that I will be returning to the US to teach (also small town USA) starting in 2022/2023. I make about US$30K a year here. Related to this...obviously I am not good at managing money. If saving up for a lump sum payment is a good idea, ss there some kind of savings account that I can open that will not let me take money out (unless for personal emergency)and also maybe give me a little interest? I am still living abroad. I have no assets to use as collateral for a loan.
I am looking for help in any form now. I am especially interested in links to articles that will explain all of these terms - and any that are relevant to me. I don't mind doing due diligence reading and studying but I have NO idea where to begin.
I am 68 years old, retired. Living overseas with no car, no car insurance, etc. Keeping expenses low. I have $170K in consolidated Parent Plus loans. I make my regular student loan payments. When I return to the US next year (health issues) I will be 69, my only debt will be the student loans, with $830 monthly ICR based payment. I do not own a home, car, jewelry, etc. Nothing of monetary value. Based on my research, my only options appear to be continuing with $830/month payments, or default and let the government take the 15% of social security, $270. Are there other viable alternatives?
Not really a fan of doing it. You're shifting the risk from yourself (which, yes, sucks, but there are a lot of programs and options), to your home (with no options except to lose your home).
You didn't say what type of loans you have - which definitely shifts the decision. Federal loans is likely a hard no. You give up income-driven repayment, loan forgiveness plans, and hardship options - like right now during Covid-19 Federal loans are paused with 0% interest. That's amazing.
Also, what if (in the unlikely situation) they do pass loan forgiveness - even partial. They aren't going to offer that on your HELOC. Only for Federal loans.
Private loans are a maybe, but you have to ask yourself if the risk is worth it.