Need help with useful info
Date: Tue, 02/07/2012 - 18:20
Hi, I was hoping somebody could help me out here with some useful info.
I stopped paying student loan payments about 6 months ago because it just wasn't working. I couldn't get ahead. I needed to save to buy a semi-reliable car to keep my job. I make enough money to pay my rent, car payment, credit card bills, food, cell phone, gas, and other small essentials.
I was finally getting in a position to be able to get back to paying student loans and now I learn that I am in defualt. I figured it was coming but couldn't do much about it.
I owe 22k to the US Dept of Education Direct Loan Servicing Center.
I owe 30k to SallieMae in 3 different signature student loans.
And I owe 17k to Wells Fargo for a Private Student Loan.
As for other debts:
About 8k in credit cards.
About 8k in a car loan.
My credit used to be in the high 700s before I mistakingly started taking out student loans to get a degree. Since graduating I've been trying to get out of a hole. I got bad advice as I was uninformed and naive when I took the loans out while in school.
The US DEDLSC has said they would accept payments from now on. But we're talking close to $300 a month. The loan will be taken out of default from what they said.
I have not been able to get a hold of SallieMae as of yet. I will be calling tomorrow, first thing as the number I was given said they were closed. But I can't imagine they will be that easy on me. I'm expecting they're going to want between the $200-300 a month range.
Wells Fargo has not been accomodating. They took all the money I had left in my checking account and they want $300-400 a month to pay off what I owe. And judging by what I have read here, it sounds like they will sue me as well.
Is this really what it has come to? We're looking at $800-1000 a month in student loans? Which isn't much difference from what it was before, which was about $750 a month when I was paying them.
What options do I have here? If any?
What's the point? What if they just all sue me and they can battle over the 25% of my net pay for wage garnishments. That will come out the same or cheaper than what they want now. And hold my tax refund... who cares, it was all going to paying the bills anyway.
It feels like I need to stop paying the credit cards to give to Paul.
Are there ANY other options that I don't know about?
Thanks in advance.
I stopped paying student loan payments about 6 months ago because it just wasn't working. I couldn't get ahead. I needed to save to buy a semi-reliable car to keep my job. I make enough money to pay my rent, car payment, credit card bills, food, cell phone, gas, and other small essentials.
I was finally getting in a position to be able to get back to paying student loans and now I learn that I am in defualt. I figured it was coming but couldn't do much about it.
I owe 22k to the US Dept of Education Direct Loan Servicing Center.
I owe 30k to SallieMae in 3 different signature student loans.
And I owe 17k to Wells Fargo for a Private Student Loan.
As for other debts:
About 8k in credit cards.
About 8k in a car loan.
My credit used to be in the high 700s before I mistakingly started taking out student loans to get a degree. Since graduating I've been trying to get out of a hole. I got bad advice as I was uninformed and naive when I took the loans out while in school.
The US DEDLSC has said they would accept payments from now on. But we're talking close to $300 a month. The loan will be taken out of default from what they said.
I have not been able to get a hold of SallieMae as of yet. I will be calling tomorrow, first thing as the number I was given said they were closed. But I can't imagine they will be that easy on me. I'm expecting they're going to want between the $200-300 a month range.
Wells Fargo has not been accomodating. They took all the money I had left in my checking account and they want $300-400 a month to pay off what I owe. And judging by what I have read here, it sounds like they will sue me as well.
Is this really what it has come to? We're looking at $800-1000 a month in student loans? Which isn't much difference from what it was before, which was about $750 a month when I was paying them.
What options do I have here? If any?
What's the point? What if they just all sue me and they can battle over the 25% of my net pay for wage garnishments. That will come out the same or cheaper than what they want now. And hold my tax refund... who cares, it was all going to paying the bills anyway.
It feels like I need to stop paying the credit cards to give to Paul.
Are there ANY other options that I don't know about?
Thanks in advance.
Soaplady, the student loan expert, is the best person to answer
Soaplady, the student loan expert, is the best person to answer your question.
You don't have much option. You'll have to pay $800-1000 each month. You should have thought about it before stopping payments on the student loans.
