[cubba]

My issues involve my student loans. My student loans are beginning to enter repayment within the next couple of weeks as I have recently graduated (May).

I am suffering from an extremely high amount of student loan debt. My total loan debt is in excess of $150,000. Of that amount $108,000 is owed to private lenders (Sallie Mae & American Education Services).

I am employed as a public educator making roughly $38,000/year. My income cannot keep up with this extreme amount of debt.

I am a first generation college graduate and didn't have a full grasp on
financial aid however; Sallie Mae still approved me for near $60,000
over the course of my undergraduate and graduate studies even though my
major(s) were considered in the decision of the loan approval
process(without co-signers too).

Of course my actions could be deemed "financially irresponsible"
although I would classify it as "financially ignorant". However, I
strongly feel that the private lenders were the irresponsible ones by
allowing an unemployed, future lower-income profession student take
out nearly $100,000 without even a co-signer at 22-23 years old.

I am well-versed with my repayment options however, no repayment option that any of the lenders offer are economically feasible for me. I strongly feel that my case is very unique and needs special attention. Forbearance, deferment, etc. are not viable solutions for my situation. Furthermore, bankruptcy is not an option according to some lawyers because this is not “financial hardship”. If this is not “financial hardship” I’m not sure what is.

Where are things going to end up for future "ignorant" student who
follow my path? Secondarily, I strongly feel that some type of legislation needs to be enacted to protect unwise students who are focused so much on getting their education that they take all steps necessary to ensure finances do not get in the way.

I am requesting your advice/opinion on the course of
action you recommend I take. I appreciate your time and look forward to
hearing from you.

PLEASE NOTE: I KNOW THAT I WAS VERY IRRESPONSIBLE HOWEVER THAT IS NOT THE ISSUE. THE ISSUE IS BEING ABLE TO REPAY THE LOAN IN AN ECONOMICAL MANNER.

[seniorjudge]

Have you talked to the lenders to try to work out a deal?

[cubba]

I've spent a countless amount of hours describing my situation with my lenders however, I have yet to find resolve. Trying to get to the right person via a telephone is nearly impossible. I have been researching and consulting on this issue since Feb and little progress has been made.

[Mr. Knowitall]

Check with your colleges to see if they offer any sort of assistance program for college students entering certain professions which are deemed to serve the public interest, and if education would qualify.

[roncherry]

Please advise me at if you find an answer. I fall in the unable to repay category. I filed bankruptcy 6 or 7 years ago and the attorney failed to try to get my student loans included. No way to get credit if you owe and no way to make enough money if you have bad credit. We need some sort of legislative relief I guess.

[cubba]

I'll be sure to keep you posted. I know how difficult discharging SL's are but considering my best repayment option totals $1100/month (55% of total net income) what are my realistic options?

[almazul]

What happened with this? I'm facing wage garnishing and i have to talk with them tomorrow! I'd be grateful for any advice (other than jumping off the bridge!)
is there a statute of limitations on these things?
argh!
Distraught in Oakland

[cubba]

I'm still weighing my options before I proceed. I'll be sure to post an update if anything unveils itself. How did the garnishment go?

[hfinkel]

Please advise me at if you find an answer. I fall in the unable to repay category. I filed bankruptcy 6 or 7 years ago and the attorney failed to try to get my student loans included. No way to get credit if you owe and no way to make enough money if you have bad credit. We need some sort of legislative relief I guess.

If you filed Ch 7 bankruptcy, you could still file Ch 13 bankruptcy anytime after the Ch 7 is discharged and at least have your payments rescheduled for 3 years. Although the loophole allowing student loans to be dischanged was supposedly closed several years ago, I still hear of people getting them discharged from time to time. It depends on whether you have a bankruptcy attorney willing to argue the matter before the judge. That might be a challenge.

[almazul]

Mine were GSL (stafford) loans...Originally $12K, now they want $30K!!! Incredible! They said I could "settle" for $19K! What kind of deal is that?

I'm worried b/c they are threatening wage garnishment and it seems I have no recourse -- or i haven't found one on these sites...I can't really afford the payments they want (to avoid wage garnishment) -- I only have a temp job. This does not sway them; I must say they seem heartless and blood-suckers. And then they have the nerve to get all moralistic on you! even though they don't know the first thing about you!