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Trying but failed to get them to come down on payment amounts

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Anonymous
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Trying but failed to get them to come down on payment amounts

I have two student loans that just keep mounting with interest.  They want a combined 300$ + payment and I just can't afford it.  I have written them several times and even sent copies of check stubs, a letter from my boss stating my hours had been cut, medical bills and bills for prescription medicines.  Still, they expect blood out of a turnip. Is there anything I can do to get them to lower the payments so that I can afford to make them and still afford to live? 

Message 1 of 5
4 REPLIES 4
laz98
Senior Contributor

Re: Trying but failed to get them to come down on payment amounts

are they federal or private loans?  have you looked into the IBR (income-based repayment) program?

Message 2 of 5
Anonymous
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Re: Trying but failed to get them to come down on payment amounts


@Anonymous wrote:

I have two student loans that just keep mounting with interest.  They want a combined 300$ + payment and I just can't afford it.  I have written them several times and even sent copies of check stubs, a letter from my boss stating my hours had been cut, medical bills and bills for prescription medicines.  Still, they expect blood out of a turnip. Is there anything I can do to get them to lower the payments so that I can afford to make them and still afford to live? 



Look into something called a "financial hardship forbearance."  If your loans are with Sallie Mae I've found them to be very helpful over the phone. 

Message 3 of 5
Anonymous
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Re: Trying but failed to get them to come down on payment amounts

I currently have both loans on forbearance.  And have tried the income based.  They say I can afford the 300 a month payments.  I say I can't.  My ends won't even acknowledge each other much less meet.  The loans are through the Student Loan People in Frankfort, KY.  I want to be responsible and pay them but there are paydays that I don't have money for food or medicine.  I even make too much to get food stamps.  I just do not know what to do anymore.  Seems the harder I try, the worse things get. 

Message 4 of 5
laz98
Senior Contributor

Re: Trying but failed to get them to come down on payment amounts

have you made yourself a really strict budget?  i personally am bad about budgeting, but there are some threads here on the forums that give great ideas on what you should be looking for in your budget, as far as extra money.  make sure you have cut out everything possible, so you can see where the company is getting the impression that you can afford something when you believe that you cannot.  maybe you can contact some of your other creditors & get on hardship programs.  can't hurt to ask.

Message 5 of 5
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