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Drowning in Debt - Next Steps?

Started by purpleisblack, July 19, 2015, 05:23:21 am

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purpleisblack

We are drowning because my husband and has been in and out of employment, I have kept a steady income but not in the field I went to school for.  We have two beautiful children an taking "risks" have to be more calculated in our stage of life.  My husband is currently trying to pursue his career in Audio Engineering, but this is slow to come.

I looking for some insight in reducing or even eliminating student loan debt.  By all means I believe in paying back what is owed, but with our current financial situation I can't see that we can. 

When I looked at the links that about reducing student loan debt and or eliminating it, it seemed as though it was only for volunteered positions, medical or military.  Is this correct?

My loans are through Sallie Mae.  My husband has a loan through Sallie Mae and Great Lakes.

Any information or guidance to the first step in this process we can get would be great!

TheCollegeInvestor

The best place to start is to make sure that you're on the best repayment plan for your income. If you've never touched your repayment plan, you get defaulted in the Standard 10 year plan. If that's too expensive, you could look into an income based plan, such as IBR or PAYE.

You didn't say what your job was, but if it is in public service at all, you should look at Public Service Loan Forgiveness. Your husband won't have any forgiveness plans available in his field, but you might.

Hopefully by changing your repayment plan you can set yourself up for success.