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Help with student loan I took out when I was 23 and am now 59

Started by kim42wood, July 23, 2019, 10:12:49 am

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kim42wood

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.

TheCollegeInvestor

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/

kim42wood

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. 

TheCollegeInvestor

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.