Can't go IBR due to previous joint considation
Date: Thu, 01/12/2012 - 17:41
I was interested in your perspective on our situation:
My wife got loans for her undergraduate, and I did a couple of 2-year study certificates in the early 90s, totally about 50k (35k her's, 15k mine). We were advised to put into a joint-consolidation loan FFEL which we did. We paid it down to about 40k over the first 8 to 10 years. Then we hit some financial troubles, deferred, reworked our careers and got master's. That 40k has grown to $75k due to interest alone! She has another 30k in grad loans, and i have 40k in grad loans. All told, we owe about $145k.
We both now work at public school. Our salaries aren't generous ($36k/yr and $26k/yr), and we've put our master degrees into the IBR, which is great. We are also trying for a home modification for our very modest home. We actually made less money for the last 7 years than we do now, but everything (food, gas, prop tax) has doubled, and now we no longer make ends meet. We have no car payments, no cable tv, don't drink or smoke, don't eat out, no cable tv, no cell phones. I go to work, and come home, and never spend a dime, and still I have less-than-nothing at the end of the pay-period.
Anyhow, we've been told that a previously consolidated FFEL isn't eligible for IBR DirectLoan consolidation. They are asking $700/mo, which we can't afford. Apparently there is no option for relief (that I am aware of anyway).
We aren't in default, though still in deferment. What do you suggest? If we go into default, do they take 15% of one of our salaries, or both? When looking up the loan in the NSLDS system, the consolidated shows up under her SS# only, not mine. We are still married and filing jointly.
Again, I'm interested in your perspective. Thanks for your time.
My wife got loans for her undergraduate, and I did a couple of 2-year study certificates in the early 90s, totally about 50k (35k her's, 15k mine). We were advised to put into a joint-consolidation loan FFEL which we did. We paid it down to about 40k over the first 8 to 10 years. Then we hit some financial troubles, deferred, reworked our careers and got master's. That 40k has grown to $75k due to interest alone! She has another 30k in grad loans, and i have 40k in grad loans. All told, we owe about $145k.
We both now work at public school. Our salaries aren't generous ($36k/yr and $26k/yr), and we've put our master degrees into the IBR, which is great. We are also trying for a home modification for our very modest home. We actually made less money for the last 7 years than we do now, but everything (food, gas, prop tax) has doubled, and now we no longer make ends meet. We have no car payments, no cable tv, don't drink or smoke, don't eat out, no cable tv, no cell phones. I go to work, and come home, and never spend a dime, and still I have less-than-nothing at the end of the pay-period.
Anyhow, we've been told that a previously consolidated FFEL isn't eligible for IBR DirectLoan consolidation. They are asking $700/mo, which we can't afford. Apparently there is no option for relief (that I am aware of anyway).
We aren't in default, though still in deferment. What do you suggest? If we go into default, do they take 15% of one of our salaries, or both? When looking up the loan in the NSLDS system, the consolidated shows up under her SS# only, not mine. We are still married and filing jointly.
Again, I'm interested in your perspective. Thanks for your time.
I don???t have any information about this issue. Let??
I don???t have any information about this issue. Let???s see what the other forum experts say.
Our forum expert will come for a short period of time. Let??
Our forum expert will come for a short period of time. Let???s see what they say.
It seems that you'll have to make the payment. I know you're try
It seems that you'll have to make the payment. I know you're trying very hard to make the payments. But, you'll have to try harder. The debt amount is really huge. :(
