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Debt Consolidation Forums Student Loans and Education Debt forums

Worried about student loans & paying off my DMP

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After moving out to California, I injured myself pretty badly and ended up not working for two years. Needless to say, my credit cards went through the roof. Last year, I enrolled in a dmp program and I pay $1,222 per month - it kills me, but through careful budgeting and extra money each month from tutoring, I think I can live with it. I have paid for over 1 year so far, almost 4 more years to go.

The big problem - my student loans are current in deferment due to economic hardship. I can put them into forbearance for 2 more years, but I have almost 4 more years left of my DMP! I have a big problem on the horizon. What the !@#$ should I do? Should I have just gone the debt settlement route?

I've thought about some type of 2nd income stream - but now I'm actually watching the get rich from derivatives things on TV. I would just love to complete my DMP, then tackle the student loan. This is such a pain in the ass. What should I do, or at least investigate?

Hi expressgmatprep and welcome to the boards, I hope that you will find alot of support here and answers to your questions. I assume you have a full time job the question is can you take a second job at least part time to get some of the debt paid down even more or to help pay the student loans, what you need now is a sure thing, a sure paycheck and not an investment that may or may not pay out.. that is my suggestion for now but chekc back as others will chime in also.. good luck

Sub: #1 posted on Mon, 11/06/2006 - 17:57


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Welcome to the forums. I would register and have a debt counselor contact you. They do this type of thing dailey and are professionals. It never hurts to get advice. They may have options that you do not know about. Good luck to you please register and keep us up on your progress. KYSIDE38

Sub: #2 posted on Mon, 11/06/2006 - 18:10


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Hi Ashley, thanks so much for posting a reply. Unfortunately, I do have a part-time job..but a good idea would be to find a steady one. I have my own business preparing people for the GMAT (an exam you have to take to get into business school). It's seasonal, but I love the work.

Sub: #3 posted on Tue, 11/07/2006 - 00:14


Getting a part-time job will definitely address your debt problems to some extent. Be on the lookout for better opportunities and sources of income to pace up your debt repayment process :)

Sub: #4 posted on Tue, 11/06/2012 - 22:54

daniel.radcliffe0110 daniel.radcliffe0110

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