My question involves collection proceedings in the State of: Georgia
I started going to University in late 2004 and finished in 2009. Going to school was the worse thing I've ever done. Sad. I studied abroad and borrowed about 150,000 total -- I now own about 430,000?! The capitalized and high interest rates complied to the point it's just astonishing. Every time I talk to a Sallie Mae rep, they are flabbergasted at my loan amount (scary).
Sallie Mae originally ask payments of 3,500 every month. They understand I cannot make this monthly payment and put me on a rate reduction program, which helps a great deal. However, I'm still making 1,800 dollar payments every month currently. That means I work at my current job for Sallie Mae ONLY. My second job pays for gas and if I'm lucky lunch once in awhile (forget going out). I'm forced to live with my parents and the way things are going, I'll live with them forever.
Great, the real kicker is that I payed about 17,000 last year to Sallie Mae and my Loan Amount INCREASED! Shocking... I'm not even close to bringing my total down, so it will continue to increase and increase! I may own 1 million in the next decade?
I haven't defaulted on any loans, I don't have kids, and I don't have any disabilities, other than a stressed out brain and a broken heart -- I have consolidated my Federal Student Loans which is a god send. With that said I wish Private Student Loan are treated like Federal Loan, it would give millions of Student a fair break, which I thought was the purpose of going to school in the first place -- ignorance.
My question is, do I have a chance to file Bankruptcy and win the case?
I understand that each state treats each claim different, but do I even have a case to be considered, hardship maybe?
I like many others want to pay what I borrowed, but I can only work 90 to 100 hours a week.
Should I hope and pray that Legislation changes soon?
Thanks for any advice and I wish anyone in my situation the best of luck, and hope for the greatest accomplishment I can fathom -- being debt free.
Best wishes,
Debtor for life-

