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.
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.