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I am paying almost HALF of my income out in student debt. No one can afford to do that. This is a new demand for payment. New debt. Do I have any options? My total bill is less than $5,000: so I haven’t found a consolidation loan. I can give them 25% of my total income, but not 47%!
Please read below and advise…
I attended University of Phoenix, was assured that I would not incurr additional expenses outside of loan. Now I have original loan, citibank loan, and U of P is after me for additional money. The original loan company was applied to for U of P loan, they said they covered it, balance reflects change, but citibank is coming at me saying they paid! Citibank refuses to provide proof that I borrowed the money, but are attempting to attach to my credit. U of P will not accept lower payments, without attaching my credit. Original loan is the only one with a sane payment, and I am out of deferments, unless I go back to school and add MORE debt.
This huge amount of payment is obviously temporary, the problem is that they all want to be paid right now.
Another thing… Can Citibank attach my credit without providing me proof of debt? How do I protect myself from this?

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Hello. I am currently a substitute teacher in the state of NY. My income is about $20,000 a year however, I have over $100,000 worth of student loans. My loan payments are over $2000 a month which is more than my monthly income. I took out the loans with 3 different cosigners because at a point, my parents weren’t getting approved to cosign for me because they bought a house and their credit got shot. I’ve only been out of school for a year, but it just seems like it will never happen. What makes it worse is that the majority of these loans are from private loans, not Staford. (About $100,000 of it.) They are currently on hardship deferment but I can only do that for so long. I don’t have any credit really to get a consolidation loan, and I am not asking my best friends dad again to cosign for me on a consolidation loan for over $100,000. Banks aren’t even giving out loans now because of everything. I’m also forced to go back to school and finish my Masters degree within 4 years to retain my certification, which costs money. I don’t what I am going to do. I don’t necessarily want to give up my loans, but since they are private loans, would I qualify for chapter 11 bankruptcy since i am working as a civil servant? If anybody has any suggestions please let me know. Thanks!

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I have a couple of private student loans. The reason being having gone to a private school. I expected to get a descent paying job right out of college. Worse-case scenario, have more than one job for the time being. I stayed in the city where my college was located for a few months and worked part-time at a pizza shop. I had no luck finding a second job or a full-time job. The job market is down. I’ve looked and looked and no luck. My mom requested that I move back home and I agreed, figuring I might have better luck finding a job there. I have not been able to make any loan payments and I am two months behind. My great-grandmother was my co-signer and the lenders keep calling and hassling her. I understand that’s what they are supposed to do, but is there anything that can be done? Consolidation is an option, but there’s no money coming in anywhere. I know that when she signed as a co-signer she made herself liable for my short-comings, but is there another way around this? I would ask my mother for help, but she is no position to hand over money. Please offer me any advise possible. Thank you.

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I believe my student loan prior to consolidation was either Stafford or Perkins. Both S + P have programs where you teach schools or volunteer with organizations so that they can forgive a certain portion of your student loan debt.

Does the fact that I have consolidated with Citibank void me from these programs? Do banks, such as Citi, have programs like these? Also, would Citi know what kind of loan I have (Stafford vs. Perkins) or is this a totally new loan only with Citi, since I consolidated? Thanks much.

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Like a fool, I went to a very expensive school that I could not afford, but got the tuition from Sallie Mae. They are a terrible company and I do not want to work with them anymore.

My question is:
What would be a good company to go through in consolidation all my Sallie Mae loans?

I know I would most likely need a co-signer, which I don’t have.
I didn’t know I cout try to re-negotiate the interest rate. They haven’t been the nicest company. After my co-signer forgot about approving one of the loans, he had me (sort of unintentionally) accused of identity theft. It wasn’t the kind of thing that involved law enforcement, it was just with Sallie Mae. I explained the situation to them and they always flat out refuse to work with me on any issue.

I was just on the phone with a rep a little while ago and she asked me why I’m having trouble paying the bill. I explained to her how difficult it is to pay more than a thousand dollars per month while working part-time. She just paused for a second and then asked for the money.

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If you go to grad school and have some other debt such as credit card debt, would you be able to get a student loan to cover that debt? Sort of a debt consolidation, except your getting a student loan to cover credit card debt.

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I consolidated my loans when I was still going to school about four years ago i consolidated three times with the same company, i was looking at my records on the nsds and im sure a mistake was made between the first and second consolidation, as suddenly there is a difference of more than five thousand dollars between my actual loans, and the consolidation total-and 90% of my loans were subsidized, so interest couldn’t account for five thousand dollars. after that second one, my loans got consolidated one more time, now my loans are being held with yet a different company, and this company just tells me they have nothing to do with it, i need to take it up with the company that reconsolidated, i don’t feel that’s my responsibility, for one thing-and what good would it do anyway? If the company who has the loan now doesn’t want to check it’s history and seems happy to hold me accountable, is there any kind of law or some process I can initiate on my own, that would determine liability

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So here’s the deal… I’m 21, married, have a 7 month old son, and will be graduating in a year and a half (hopefully with an accounting degree). I’m getting mailed all these “deals” about consolidating my loans. Is there a catch? Are they really good deals? Some of them say to “consolidate by June 1 to lock in low rates.” Are the rates really going to get high enough to seriously consider consolidation? Should I do it while I’m still in school? What about refinancing… is it an option? I’ve reviewed some of the other questions on this topic, so please try to be specific to my particular situation. Thanks

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I’m a college student in my last semester of school (14 weeks to go!!!)

Any advice on consolidation and repayments?

In particular, about the monthly payments. Have you had any options to make the payments over the longer period and when you had additional money did you pay extra?

Were they honest about the monthly loan amout?

Have you found that there are any problems with paying extra on the principal or paying more than one month at a time?

Have you found any concerns about penalties for missing or late payments? I’ve heard that they really raise up the interest rate if you are even one day late.

Any suggestions on loan consolidadation companies. I’m getting 3 or 4 companies contacting me each week and it’s difficult to know what to look for.

Thanks for any advice you may have!
Sorry about the typos, I did not do a good job of proofreading my question.

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I’m trying to repay my debt but I am having a very hard time. I have about 40k in debt including interest I’ve accumulated (over estimate, to be safe) most of which is 1 private and 1 federal student loan (probably 35k worth) and the rest are utility bills that are years past due. I’m in my twenties, not a home owner, and currently not a student. Most all of, if not all of, these debts have already gone to collections. I work a job with unsteady hours so I’m never sure how much my pay check will actually be for, this makes it very difficult to budget. Not to mention, I simply don’t make much money. I’ve been actively looking for a higher paying and steadier job but haven’t had luck, yet.

I was wondering if debt consolidation would be a good option for me. I’m wary because so many other people here on yahoo answers have said that they are scams that ruin your credit rating and leave you owing more than you originally did. Is this true? If so, are there other ways to consolidate your debt that are safer? I’m told bankruptcy isn’t an option for me because it will not cover student loans, the vast majority of my debt. Is this true? My biggest worry is my student loans, I feel confident that I could pay off my past due utility bills.

So my main question here is, what is the best option for an impoverished twenty something to pay off crippling student loan debt?

I really want to go back to school and finish my degree, but I don’t know how I could possible afford going back to school when I’m drowning in so much debt from past student loans.

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