Defaulted Student Loan $75K and unable to pay.?
I owe $75,000 on student loans, which is delinquent now. I am surfing the Internet for a solution that I doubt I will find. I make around $ 1100.00 a month. How can I get red off this big time student loan? Loan consolidation does not help, simply I am unable to pay, I work under people who have less education than I do. Man this sucks and is humiliating. Please somebody give me some hope and a way to get a decent job.
With federal student loans, you cannot get out of the debt. That’s poor students can qualify such huge loans in the first place…. you are guranteed to pay them back. The government will see to it. You can be as delinquent as you want…. and in fact, the lenders are probably excited that you are. Means more interest for them in the long term. And they know, one way or another they will get their money. You won’t get out of it.
Now I’m interested in what your major was if you have graduated and can only get a job making 1100 a month??? That seems absurd! You do have the option to return to school to major in something that will qualify you for a better paying job… or go back and get master’s degree in something. While in school you can defer payment again and get more aid. Could you go to school at least half time and keep your job? It might sound like a lot of work…. but might be worth it in the end. Your job sounds like a dead end.