The State Laid Me Off and Now I Can’t Afford My Student Loans

By on April 11, 2018

Question:

Dear Steve,

I am 51. Was fired from my job of 15 years because of State budget issues. It was financially easier for the former employer to fire than to lay off. I have student loans (defaulted) (Federal & private) I have not been able to pay anything on because I have had to literally start over. I make $9.90/hr. As the cash register keeps adding fees & my loans are bought and sold like stocks, I don’t know what to do to recover from this.

I need help but don’t know if bankruptcy will help ( since I make next to nothing. Work 5 jobs and don’t retire? Give up on seeing a refund check ever again? I don’t know what to do, where to start or what to consider.

Kelly

Answer:

Dear Kelly,

On your federal student loans, those need to be consolidated into a new Direct Loan and opt for an income-driven repayment plan to get you the lowest payment possible. Might be as low as $0 per month. You can on consolidating.

On the private student loans, read Top 10 Reasons You Should Stop Paying Your Unaffordable Private Student Loan.

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About Steve Rhode

Steve Rhode is the Euro-Video and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

One Comment

  1. Kelly

    April 11, 2018 at 6:14 pm

    Asked question about student loan repayment.

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