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Anyone have advice on repaying school loans? NEED HELP!

I ended up getting pregnant with my third baby while using protection during my third year, and now I have to work to help support my family. So I had to quit school (really.. no other options). Now I need to start paying back my loans. I have been trying to save all year, but ofcourse we have had to use money for emergencies and I have hardly enough to pay for one month of loans while out on baby leave (which I don get paid for).

Even when I go back to work after baby, my loans are too much for us to afford. Right now I am trying for deferment for most of them, but some I can only do 3 month forbearance. I am confused at applying for deferment because my DH is the main income, but my income pays for loans... Without my income, we cant pay them at all. Not sure how to go about this...

Anyone have ideas? I am so stressed out.

Answer Question
 
VelvetCat

Asked by VelvetCat at 2:32 PM on Oct. 18, 2010 in Money & Work

Level 10 (400 Credits)
Answers (16)
  • Is there anyway you can go back to school, even if online? If you can just take 1 or 2 classes, you won't have to worry about it. You can also take every other semester off without have to repay.
    Erin814

    Answer by Erin814 at 2:34 PM on Oct. 18, 2010

  • Call whoever you have your loans with and tell them that you want to be on an IBR (Income Based Repayment) plan. You can look up online for an IBR calculater this will give you an idea as to how much you would have to pay. Your payment can be as low as $0.
    jnd951999

    Answer by jnd951999 at 2:37 PM on Oct. 18, 2010

  • I found a link to for you on the IBR!

    http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRPlan.jsp
    jnd951999

    Answer by jnd951999 at 2:39 PM on Oct. 18, 2010

  • I would assume you should be able to ask for a deferment (sp?) since you are unemployed. I'm in the same situation, my DH works full time but I am unemployed and they granted it to me. Also, if that doesn't work, call and ask about lowering payments month to month.
    fluppyducky

    Answer by fluppyducky at 2:42 PM on Oct. 18, 2010

  • No option for going back. And I have already been out long enough ha I have to repay now. I will check ou the income based repayment. But my question still is... DO i HAVE to include DH's income..? SInce his name isnt on my loans, can I JUST put my info?
    VelvetCat

    Comment by VelvetCat (original poster) at 2:44 PM on Oct. 18, 2010

  • I agree with checking out the IBR.

    Good luck!
    SleepingBeautee

    Answer by SleepingBeautee at 2:44 PM on Oct. 18, 2010

  • If you're married, the government sees his income as yours and yours as his.
    Erin814

    Answer by Erin814 at 2:45 PM on Oct. 18, 2010

  • Then if they see it as 'ours', we dont make enough either way to pay back loans, so then what?
    VelvetCat

    Comment by VelvetCat (original poster) at 2:48 PM on Oct. 18, 2010

  • After you try everything and if they still decide that there is a $ amount that you should be paying, then you either pay it or they can begin proceedings to garnish your wages. Hopefully, you'll get something worked out though, at least temporarily, but you'll eventually have to pay.
    Erin814

    Answer by Erin814 at 2:51 PM on Oct. 18, 2010

  • On an IBR plan you will have to give them copies of your tax return and proof of income. It would include your spouses income. If you don't make enough then on an IBR your payment should be $0. You have to reaapply for IBR once a year.
    jnd951999

    Answer by jnd951999 at 2:55 PM on Oct. 18, 2010

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