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Massive student graduate loan - did not graduate

Started by tonkawonka, October 08, 2015, 11:16:36 pm

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tonkawonka

Hi,

I need help and would appreciate any advice or input.

I attended a Medical school in the Caribbean for two years.  Long story short, I did not graduate medical school (due to personal reasons).

Now I'm left with a massive debt (a little over $200,000) which are mostly Fed Loans.

Right now, I have an income based plan to help me pay for my loans.  However, the amount is so much, I'm just essentially paying off any interest that is on the loan.  The interest capitalizes every month, so it seems I will never be able to pay off this loan.

At this point, it seems I will never get this loan paid off, especially if I'm just barely skimming off some interest every month.

Does anyone have any suggestions on what I can do to be able to at least try to get this loan amount decreased instead of having it increase every month due to interest just piling up?

Any help is much appreciated.

Thanks.

TheCollegeInvestor

Well if you're on IBR, it doesn't really matter how much you pay because after 25 years, the remaining balance will be forgiven.

However, do realize that you'll pay taxes on the amount forgiven, so try to save for that.