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Defaulted on Student Loans

W

Willoughbyva

Diamond Member
What are my options? I bring home about $1,400.00 a month, but have to spend about $500.00 a month in gas. Can I consolidate my loans or is there any way to ask for forbearance or what can I do? I can't afford to pay them back right now. I have been looking for a better job for the past 9 months, but am unable to get even an interview. My life feels hopeless. Plus I have health problems that I have to have insurance where ever I work at.


You can flame me if you want, but I need some good advice.


Thank you for your time.

Perry
 
Can you not pay them off monthly? What were you late one payment or something? I figured they would just add in a small late fee or something.
 
why are you spending 500 in gas? Look for a new job harder, 1400 a month is nothing if you went to school.
 
wow. i would move or get a job closer. $500 a month in gas?


if you are in default i beleive time for forbearance is past. though they will work with you on it. offer to pay $50 a month and they will accept it.
 
I forgot the monthly payment. I think it is about $300.00 a month, but am unsure. I have about $26,000.00 in student loans.


Perry
 
I am guessing that whatever you do for your job, if your income level is $1400 then there are going to be TONS of jobs that pay similiar. You need to get another job, even if it pays merely the same, in some capacity that does not require incidental cost of living to be so high.

A job that requires $500 of incidental cost of living increase should be paying you $5000/month for you to find it worth your time BECAUSE there are so many jobs that pay $1400 a montyh without requiring the employee be exposed to $500 extra cost of living expense.
 
I would go back to school, and be a professional student, if I had to pay $500 in gas a month. I spend $30 a week in gas. And have student loans that i pay monthly that is the same amount in fuel cost. Good Luck!
 
Originally posted by: Willoughbyva
Also I have to drive over 100 miles a day to and from work. My car gets 18 miles to the gallon or there abouts.


Perry
Click to expand...

You have to, or you choose to?

There are NO other jobs within a 99 mile radius of your home that pay $1400/month?

There are no other homes within a 99 mile radius of your current work-site?

You need to make a change, defaulting on your loans will not solve any of the problems you mention are afflicting your life right now.
 
You need to move and find a better job.

$1400 take home is what, approximately $1700 before taxes? That means you're getting $10.60 an hour as a college graduate. Hell, even if you're not a college graduate, $10.60 an hour in certain parts of the country is still relatively weak.

Hell, pick up a part time job waiting tables. 2 Nights a week and you'd probably average at least $100/night. That's an extra $800 in income.

And this isn't even factoring in that gas figure. $900/month is your effective take home pay, which is equal to $5.63/hours, or $6.76 before taxes. Get a job at the McDonalds around the block for crying out loud.
 
Originally posted by: Willoughbyva
Also I have to drive over 100 miles a day to and from work. My car gets 18 miles to the gallon or there abouts.


Perry
Click to expand...

So you're driving 100 miles a day for 8.75/hr (net) job? You know retail (ie mall jobs) will pay you more than that...

Most clerical jobs that require no college degree will pay over 10/hr pre tax, I really don't understand why you're driving 100 miles a day for something that pays highschool entry-level wages.
 
Working at the gas station around the corner would NET more money per month then driving 100 miles a day for a $1400 a month salary.
 
Did you just purposely ignore the notices they sent you that you're due for repayment? I remember I was sent 2 or even 3 notices about repayment on my loans.

The one thing I remembered from our loan officer is that you DO NOT want to default on your loans. If you do, your interest rates spike up to 22 or 24% (cant remember what the rate is now) and that will go on your credit history.
 
Call them. Due to a crossed paper trail, I defaulted on my loans (I didn't pay for about 6 months) about 5 years ago and the Dept. of Education worked with me on a rehabilitation program and when it was done the derogatory marks on my credit report were purged. I cannot stress enough, call whoever holds your loans and ask about your options.
 
If you're paying $500/mo in gas to get to that job, you might consider moving close even if it costs $100/mo more in rent, or getting a lower paying job closer.
 
Originally posted by: jtvang125
Did you just purposely ignore the notices they sent you that you're due for repayment? I remember I was sent 2 or even 3 notices about repayment on my loans.

The one thing I remembered from our loan officer is that you DO NOT want to default on your loans. If you do, your interest rates spike up to 22 or 24% (cant remember what the rate is now) and that will go on your credit history.
Click to expand...

yeap then you go to collections. I'll look for your file here soon.
 
My job pays about $10.50 an hour. I live where I live because it is the house I grew up in and tho I don't own it the costs of living there are about $300.00 a month, which includes taxes, insurance, and utilities. Even tho it is out in the sticks.

I did not graduate from uni. I still have 6 classes to go before I can, and I haven't attend school in 4 years. I know I need to make major life changes, but it is hard to do because one medication I takes costs $600.00 a month, but with my insurance it covers it.

Thanks for all your help. I think I will try to take waggy's advice and offer to pay a little bit a month.
 
You know what, forget what I said before.

Go see a shrink. Immediately. If you can't see the gaping problem with your situation, coupled with your feelings of depression, you're in big trouble.
 
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