cancel
Showing results for 
Search instead for 
Did you mean: 

What should I do?

Established Member

What should I do?

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

Message 1 of 2
1 REPLY
Community Leader
Super Contributor

Re: What should I do?


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!

(BK7 d/c-08/2013/FICO-400's) ~ Current scores....Your guess is as good as mine! ???
Scores being held down by tons of INQ/New acts Smiley Wink
Message 2 of 2