wrote:
I have 63,000 in Federal student loans, Im currently waiting for my discharge for chapter 7. I have 9 months of deferment after discharge remaining. Would I be better off toconsolidate my loans an what would be the best repayment option? I only make about $43,000 a year, After rent an over bills. I dont have much left over so Im looking for the most affordable options.
Thanks
Hi OP,
For SL's to be DC in a BK7, there has to be extenuating circumstances, so for the most part, they stay after the DC. I would advise calling up your loan provider after your offical DC, (they wont talk to you until then, because there is always a "chance" that it could get reversed, and they could be end up being IIB).
After DC, call them and ask for a new payment plan, consolidate the loans, and tell them what you CAN afford stating your current situation with a BK. My SL provider was actually very easy to work with afterwards, and put me on a new plan that was better for me for my first 4 yrs post DC, which was what I asked for. I told them at that point we could re-evaluate where I was to see about bumping up in payment.
Are you able to do anything that could provide you with additional money monthly like taking on a part time job, moving to a different apt/home (downsize), change your internet/cable plan if you have one to a basic one? I have a friend who also had a BK a few years ago, and she started delivering pizzas twice a week, for a few hours and makes $200-$600 extra a month for just a few hours of delivery. Hope this helps! Good luck to you!
