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  1. #1
    Join Date
    Feb 2011
    Posts
    2

    Default Unmanageable Student Loan Debt

    My question involves collection proceedings in the State of: Vermont
    ^ I live in vermont

    Went to school from 2004 to 2008
    Went to school in PA from Fall 2006 to Dec. 2008 with 2 summers of classes
    Went to school in NH for 2 years

    Have federal/private loans with Sallie Mae: $124,120 with about 15k in private loans. Monthly panyment currently is 574 dollars for the federal and 75 dollars for the private. This is an interest only repayment plan for 2 years. This ends Feb. 2012. At this time my monthly payment goes up to 1.4k

    Have ferderal Loans with AES: 11k at 80 dollars at 71 dollars a month for 20 payments then 120 dollars after for the rest of the payments

    Have federal Loans with DirectLoans: 3.5k at 50 dollars a month

    I only use deferment when I can not make a payment.

    For sallie mae i have 17 months left of economic hardship.

    My current job is what I went to school.

    What can i do? I have 137k in debt for an undergraduate degree.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Unmanageable Student Loan Debt

    I'm not certain what "My current job is what I went to school" means. Other than, perhaps, you went to the wrong school.

    Most or all of your loans are nondischargeable in bankruptcy absent a showing of undue hardship. So far you haven't identified any hardship ("I borrowed too much" isn't enough) that would justify a partial discharge (and full discharges are unusual even when evidence of hardship is compelling).

    You can try negotiating with the servicers for your loans to pay them back on a longer schedule.

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