Help, I am FREAKING OUT

Anonymous · ‎06-17-2009

Okay, so I was not smart when I started school. I had no clue about credit. I maxed all loans out to support me and my children as I am a single mother. I have since learned how important credit was and do not want to ruin mine. I graduated in December and my loans are coming due. I have about 50K total that inclueds a private loan with Sallie Mae.

Sallie Mae says my first payment is due 7/2 and is 193.00. There is no way I can pay it and support my children. I make less than $7. an hour and am a single mother that gets no child support.

I have read that I can not consolidate my PL with the others. Can someone please give me advise as to what my options are regarding all my loans.

luckyme703 · ‎06-17-2009

You can request an economic hardship deferral... I've attached the link below for their elgibility calculator. Good luck!

http://www.salliemae.com/after_graduation/manage_your_loans/calculators/economic_hardship_deferment_...

Anonymous · ‎06-17-2009

Whatever you do, don't let the loan go into default.

Anonymous · ‎06-17-2009

Is that deferment just for medical students while in residency? From what I have read (don't understand it) there are only two types of deferments for private loans and they are internship and in school. Does anyone know if that is true?

I hope I can avoid default that is why I am freaking out.

Anonymous · ‎06-17-2009

Okay, so I have had several times when I was able to get hardship forbearance. It's definitely do-able/available when you just don't have the means to pay. They usually give it to you in increments (like 3-6 months) but I believe you can ask for it again after the time is up. IN the meantime do NOT default!! Find a way to make a payment, even partial, if you don't get the forbearance before the loan comes due.

And perhaps you might look into another job....for a college grad you should definitely be able to find something at least at $10-14 an hour....people ARE still hiring. Check out craigslist.

But call the student loan people TODAY, like right NOW, right now!

Anonymous · ‎06-20-2009

Not sure where you live or what your degree is in but less than $7/hour?? Dedicate as much time as possible to finding a new job - if needed try to negotiate for moving costs if you're highly qualified for the position to get moved into a better area if jobs are that bad where you currently live.

laz98 · ‎06-22-2009

@Anonymous wrote:
Not sure where you live or what your degree is in but less than $7/hour?? Dedicate as much time as possible to finding a new job - if needed try to negotiate for moving costs if you're highly qualified for the position to get moved into a better area if jobs are that bad where you currently live.

$7 would be ok here. not everyone believes in starting you at something other than minimum. you also have to consider the economic differences across the country.

Anonymous · ‎06-22-2009

I reside in MS, and starting pay for someone with a BA in Psychology is about 14K so I am actually making more than most here in the state. The jobs are also very hard to come by. I had thought about going on to get my Masters degree; however, starting pay with a Master is less than 19K. I fifured the difference in the amount of loans I would end up with would out way the benefits of the additional pay.

It is also VERY hard to find a job here in the field. Moving is not really an option as I have two young children who have been moved around enough and it has impacted them already.

llecs · ‎06-22-2009

bsbaby0704 wrote:
I reside in MS, and starting pay for someone with a BA in Psychology is about 14K so I am actually making more than most here in the state. The jobs are also very hard to come by. I had thought about going on to get my Masters degree; however, starting pay with a Master is less than 19K. I fifured the difference in the amount of loans I would end up with would out way the benefits of the additional pay.

It is also VERY hard to find a job here in the field. Moving is not really an option as I have two young children who have been moved around enough and it has impacted them already.

IMO, find a new job in or out of your field. Effective on 7/24, federal minimum wage will be $7.25/hr. Getting paid at minimum wage, with no benefits like vacation or bonuses and working 40 hrs per week will gross you over $15,000. The prev. minimum wage rate is/was $6.55 which would bring you $13.6k.

Anonymous · ‎06-22-2009

@Anonymous wrote:
Okay, so I was not smart when I started school. I had no clue about credit. I maxed all loans out to support me and my children as I am a single mother. I have since learned how important credit was and do not want to ruin mine. I graduated in December and my loans are coming due. I have about 50K total that inclueds a private loan with Sallie Mae.

Sallie Mae says my first payment is due 7/2 and is 193.00. There is no way I can pay it and support my children. I make less than $7. an hour and am a single mother that gets no child support.

I have read that I can not consolidate my PL with the others. Can someone please give me advise as to what my options are regarding all my loans.

Definitely go for the hardship forebearance, but I must agree with other posts.....you need more income. If you are a college grad, you need to go put in your application at every TEMP and Job Placement agency within 50 miles, post your resume on Monster.com and the other majors, Craigslist and go to the state workforce commission.

There is no reason, with some applied confidence and persistence that you can't double your income. No matter what kind of temporary help you get on the loans, ultimately only more income will solve your problem. Otherwise you are going to destroy your credit which might hurt some of your future career options and make it more expensive and difficult to obtain the credit you might need, like auto loans, etc.