I have $45,000 college loan debt and I am jobless using an economic hardship for now?
Question by SinNubes: I have ,$45,000 college loan debt and I am jobless using an economic hardship for now?
I got married and had a baby so now Im a stay at home mom and we have enough money to pay the bills but not to pay on the college loans and I feel like I am getting overwhelmed by the interest alone and also cant afford to pay the interest so I want to eventually be a teacher but I need to be home with my baby right now but I don’t really know what to do? What should I do?
Best answer:
Answer by Alfonzo
About the only thing I can suggest is, contact an attorney to see if you can file for bankruptcy.
Borrowing money from a lender is a really bad idea without having a job set up after graduation. Sorry to hear about your bad luck.
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Tags: college loan debt, graduation, jobless, loan interest, pay the bills
The time to ask what “should I do” was many times in the past.
1. When you went to college and took out large loans.
2. When you graduated into a crappy economy and couldn’t find a job.
3. Before you got married.
4. Before you had a baby.
“I need to be home with my baby” is not an option unless you can demonstrate that the cost of daycare is more than the money you will bring in from being employed.
Didn’t anyone explain to you and your now husband that student loan debt is not dischargeable in bankruptcy and is not supposed to be around forever.
“We have enough money to pay the bills” yeah, in a lousy 1 bedroom apartment with the crib in the living room. If you are paying for a larger space, you need to downsize.
SinNubes, You’re in a tough spot! That interest is just going to keep accruing over time and your balance is just going to get larger and larger if you’re not paying on that loan. Even if you ever did or tried to file for bankruptcy, college loans are exempt. You can not get out of that debt. Good luck!
You need to stop “being” the baby. Get a part time job & pay your tuition. Period.
You’re jobless because you want to sit home with your kid. I want to sit home too but I have debt & a mortgage.
You are not very serious in clearing the Bank liability. The interest will go on adding up.
Before Bank takes legal action, better to go them and explain your problem and request them to give
longer duration to close the loan account in installments.
Money issues can really make one mentally and emotionally “crazy”, especially if you are ethical and near idealistic. I can relate to you and believe me, my case is worst without being detailed. Anxiety is fear of the unknown. Make sure that you have communicated openly to the lender and that you have been presented with options to take. At this point, stop worrying about the AMOUNT due. You have debt to pay but unable at this time; plain and simple. Yours must not be an isolated case and I am sure that they can work with you in a realistic way. Thought about taking home tutoring job?