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Author Topic: Out of options  (Read 2162 times)


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Out of options
« on: July 29, 2017, 01:06:18 AM »
I have significant student loan debt and am in financial difficulty.  I have used my forebearance.  I applied for an income based repayment plan that the calculator on the lenders website showed a payment that I could handle.  However, I got notified this week that my payment would be higher than my original payment by another $400!  I contacted them right away and explained that I want to pay but I can't pay $1700/month!  That is a house payment!  I was then told that I should have applied for a different income based plan, paid a $5 fee and was told that they would opt me out of the approved plan and change my application.  I got an email today telling me that my application for the same plan had been received.  So I called back, I was told that I didn't qualify for anything else because when I consolidated my loans I had included $3970 in Parent Plus loans for my son which made me ineligible.  I am almost 60 years old and have never been felt so humiliated, stupid, or embarrassed in my life.  I was told my only option is to go back to my original plan which is $1300/month.  I advised I can't pay that either.  I asked what would happen if I didn't pay the full amount each month and was told that I would still go into default at some point.  I am terrified that I am going to lose everything, my marriage, my home, and there is no where to turn.  Yes we make good money but due to other financial challenges are in a bad place.  As a result my credit has already dropped and I can't refinance with a private lender.  I am scared for the future of our children in this country who along with their parents don't grasp the impact of student loan debt and all the little known details that can wreak havoc.  I thought I had researched and had a plan in place, then life happened and no one cares.  I don't know where to turn.


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Re: Out of options
« Reply #1 on: July 30, 2017, 09:27:38 AM »
Sadly, because you have a Parent PLUS Loan in your consolidation loan, you don't have very many options. The only real option to lower your payment is to opt for the extended repayment plan. This will be your lowest payment amount.

Here's a full article that breaks it down: