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Anyone else struggling to get ahead due to student loans?

My husband and I both graduated from a four year college and have full time jobs making decent money. Our credit card debt is almost gone, but we seem to be drowning in student loans. Since the companies are selling our loans all the time, the bills seems to be multiplying. Anyone else relate?

Answer Question
 
sydash11

Asked by sydash11 at 2:18 PM on Mar. 3, 2011 in Money & Work

Level 13 (1,062 Credits)
Answers (7)
  • I feel ya! My student loans make it hard to get too far! I'm hoping to pay them off this summer!! But I get it!
    Musicmom80

    Answer by Musicmom80 at 2:19 PM on Mar. 3, 2011

  • yes. my student loan place sold our loans to another and it added almost 2000 more to my loan. It pissed me off but there is nothing I can do about it
    mommy_of_two388

    Answer by mommy_of_two388 at 2:19 PM on Mar. 3, 2011

  • There's no way out of them either.. or way to make it easier. I feel like I'm drowning in them.
    sydash11

    Comment by sydash11 (original poster) at 2:23 PM on Mar. 3, 2011

  • have you asked about getting a payment based on how much expendable income you have? some places do this, i have federal student loans so it kinda keeps them from doing too much to me in the way of changing my amounts. i did have some through sallie mae and they sold them but it didn't change my amount. it's odd that they are allowing this.
    angevil53

    Answer by angevil53 at 2:23 PM on Mar. 3, 2011

  • Ask about different payment options. Also, have you utilized all your time for forbearance & deferments? You can put off paying on it for quite sometime by using those. Can you consolidate them? Sometimes that results in a lower payment.
    Anonymous

    Answer by Anonymous at 2:29 PM on Mar. 3, 2011

  • How can selling your loan change your amounts? That doesn't seem legal. You owe what you owe. You signed a contract. They don't get to change the contract. I've never had a student loan. My husband did, but that was paid off LONG ago, but we have had our mortgage sold. The new company tried to mess with our escrow cusion and I got out the contract we signed and told them they were in violation and I didn't care what they put in their new loans with their new customers, but they couldn't change the terms of our loan. I got the escrow reduced. That isn't right.
    Anonymous

    Answer by Anonymous at 2:35 PM on Mar. 3, 2011

  • We're super lucky that we just paid off the last of our student loans.

    We also thought we were drowning in them. The only way to get rid of them is to attack them with every spare penny you can find. If you budget $250 for your utility bill and it comes in at $240- then get online and put that extra $10 towards them. I know it sounds dumb- but it's that whole- how do you eat a whale thing? One bite at a time.

    I'd recommend checking out the book Total Money Makeover, by Dave Ramsey or joining the Dave Ramsey Fans group here on CM. We didn't think we could get out of debt either. It took a lot of work and a lot of sacrifice- but if you want it bad enough, you'll find a way to do it.

    Good luck!
    Erica_Smerica

    Answer by Erica_Smerica at 8:17 PM on Mar. 3, 2011

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