How can I get around my husbands student loans?
Ok heres the thing, I want to go to college. I had a child in highschool so never applied then. I married & now that the kids are older (12, 10, 9) I want to go back to school. Every time I apply for aid I get turned down because of outstanding student loans. I have called them and they are my husbands not mine. They told me that I married him, hence I also married the outstanding loan. I know we are married but its not my fault he never paid the loan back once he was out of school. Its a 40,000.00 dollar loan and its just not in the butget right now to make 250.00 monthly pmts, which is what they want. All we can afford is about 50.00 a month, which will take a lifetime to pay back to 0.00. Is there any way aroun his student loan besides divorce?
Try a William D Ford consolidation, it will pull the loan out of default in 30 days and set you up in an income contingent repayment plan, the payments will be based on your disposable income not the balance of the loan. Its a federal program for people who have good intentions on the loan but cant afford to make the full payment. You will get all of your title IV benefits back (financial aid, student loans) so you will be able to go to school. Get started here:
http://loanconsolidation.ed.gov/borrower/borrower.shtml
