< Previous
To Top

Student Loan Advice

I can't afford to pay my student loan. During the last three years, I have been unemployed for about nine of those months. During the two years and 3 months of employment, I just did not have made enough to afford to pay for rent, etc. (and all the costs associated of being a father of a two year old and being the prime "breadwinner").


I have just started a job at $13/hr. Once it goes permanent, I will make $35K base and commissions which may go up to 20K per year. But, until then, what do I do? I don't want to default. I would like to get a house one day. A lot of people have told me that defaulting on student loans looks very bad on one's credit report.

My question: How do I inform them that I can't pay right now? I have already forebeared the most that was allowed. Can they reduce payments (to like $100/month even that may be too high right now!). I need help. Advice would be very appreciated.

By jcoreyL from Atlanta, GA


Student Loan Advice

You will have to contact them and see what arrangements can be made. I'm surprised if they haven't been calling you. If they call you that would be a good time to talk to them about it. (11/29/2010)

By redhatterb

Student Loan Advice

If these are loans from the federal government you can request to be put on the Income Based Repayment plan. I wouldn't wait for them to contact you. Call and explain your situation and ask what options might work for you. (11/29/2010)

By lah34a

Add your voice! Click below to comment. ThriftyFun is powered by your wisdom!

Related Content
In This Article
Student Loan Advice
< Previous
January 31, 2011
A man holding a sign that says need money now.
Advice About a Student Loan in Default
Woman Buying Car
Car Loan vs. Paying Cash
Getting a Student Loan
Getting a Student Loan
Frowning piggy bank wearing graduation cap being pressed by a metal clamp labelled "Student Loans"
Defaulting on Student Loans
Birthday Ideas!
Ask a Question
Share a Post
Desktop Page | View Mobile

Disclaimer | Privacy Policy | Contact Us

© 1997-2017 by Cumuli, Inc. All Rights Reserved.

Published by .

Generated 2017/09/08 02:20:06 in 423 msecs. ⛅️️
Loading Something Awesome!