Student Loans are causing me unreasonable anxiety.

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marie81455
New Member


Date Joined Jun 2010
Total Posts : 2
   Posted 6/20/2010 4:37 PM (GMT -7)   
Hello,
i dont know if anyone else out there feels like i do. I made the decision to go to college and needed to take out a student loan. So I did..but this school cost much more than i thought. I dont have much money myself i come from a family without money as well. i wanted to go to college and not have to live so poorly. I had every intention of graduated earning my degree and having a great job....that didnt happen. after one academic year at my school I was informed i cannot take out the rest of my tuition without a cosigner. I didnt have one. If i had known this would happen i wouldnt have taken out any at all. i couldnt afford to continue my education.I couldnt afford to pay it back. I cant get a better job...so I went back to waitressing and then salliemae started sending their bills and calling me everyday at least 3 to 4 times a day. i borrowed 27,000 dollars and now they say due to interest i owe 36,000. So my payments are $463 a month MINIMUM. i cant afford it. these people can take your tax returns harass you for the rest of your life.....I have two children and i know that i have a blessed life but as soon as I even remember that these people have a financial choke hold on me i get this pain in my chest. My breathing becomes erratic.I cry til it hurts. As if this has ruined my life. they are bailing out car companies but what about working mothers who cant afford the ridiculous interest hikes. I actually had a representative from salliemae tell me that the only way to get out of this aside form paying..is dying.i have feelings of hopelessness and a sense of impossibility. 15-20yrs of minimum payments! this isnt a house!How am i ever going to give my children a future when this is hanging over my head? Im about to file bankruptcy because its that bad. Yet student loans are protected so i am unable to do anything about it. I have tried so hard to make things better but i cant afford it. i dont live a lavish lifestyle! I buy my clothes at the salvation army. I drive a car thats 10 years old. Why does college have to be so expensive? There has to be help out there......i cannot do this on my own. I dont want my children to be affected by this...Its killing me.

debaser
Veteran Member


Date Joined Nov 2006
Total Posts : 1745
   Posted 6/20/2010 5:42 PM (GMT -7)   
For now keep making your payments and try to relax. I'm pretty sure there are some options available to you. This isn't something you can make go away, but perhaps restructure in such a way that you can live with it. Even if you don't file bankruptcy, this is an issue a bankruptcy attorney would know a lot about. Consult one...do not rely on your loan servicing company to tell you what your rights are.

Celey
Veteran Member


Date Joined May 2007
Total Posts : 1284
   Posted 6/20/2010 9:49 PM (GMT -7)   
Marie, have you ever filled out a FAFSA? If you have such financial trouble, you could probably qualify for a Pell Grant... which is money you don't have to pay back... *It's a lifesaver for me as I don't have a family supporting me*
I think I am being picked on by life, sometimes. But's that okay. Life and I are good buddies... I know life doesn't mean no harm. It just is the way it is. I can accept that.


stkitt
Forum Moderator


Date Joined Apr 2007
Total Posts : 32602
   Posted 6/21/2010 6:22 AM (GMT -7)   
Marie,

I am so sorry you are going through a rough time but glad you posted here on HW. I have never had a student loan but I did find a link for you that may be helpful.

http://www.salliemae.com/after_graduation/manage_your_loans/repaying-student-loans/starting_repayment/income-based-repayment.htm

I hope you will find some information that will help you. Remember to take it one step at a time.

Gentle Hugs,

Kitt

debaser
Veteran Member


Date Joined Nov 2006
Total Posts : 1745
   Posted 6/21/2010 10:41 AM (GMT -7)   
A Pell grant would cover the cost of books for a single class when I was going to school.
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