i have sat out of school for a year now for various reasons post-divorce. i really want to get back in but state of tn said that my parents made too much (it is 24 here before you can claim independence unless you can prove you have lived on your own for a year-could not do). now that i am 24 they said that i made too mcuh last year to qualify for aid (i worked 2 jobs to make 24000--70 hour work weeks!). needless to say, i can no longer delay payments (been a year). my loans totalled $3000 at 3 and 4 % each. i send them $45 month. they at first kept sending me bills for $100 a month. NO WAY i can pay that. i sent 2-3 letters(stating i would send a minimum $45/month). then i startd receiving threatening letters from them and their collection agency. now the letters have stopped for 2 months now (i have only had to be paying them since july-started in june). they always cash my checks. i have tried calling alot but each time after 30 minutes have given up. i was told they will not garnish your wages if you pay then something. this is frustrating. i assume everything is ok b/c they stopped calling. if i were to pay them $100 a month i would have $150 a month for my meds, food, gas, etc! any ideas, help, similar problems. btw, this was with sallie mae.
question
- Thread starter cardiosurg
- Start date
With $2000 per month in income you should be able to find the extra $55 per month to pay off the loans per your agreement and I think this would be the best option. I would start by writing down your income and each and every expense (down to the 60 cents you put in the pop/soda machine at work). Then find places to cut.
Some options to save money include no splurging on food and alcohol (eat cheaper meals at home/bring lunch to work/no clubs...buy cheap beer and drink at home with friends/no vending machines), no cable TV or internet (use the public library or school computers), no cell phone or pager (one phone is enough; no need to have both a land line and a cell phone), sell an automobile and use public transportation/bicycle/walk (this could easily save you $100 per month on gas and insurance), and at last resort try and find a cheaper apartment (this is really obnoxious to do but often a good way to quickly gain an extra $100-200 per month when it is needed for loans).
The other thing is of course to find more sources of income. You could sell any expensive items you have, but this is usually hardly worth the trouble...the money you make is gone before you know it. Finding a better paying job sounds like a reasonable option (or at least one job for which you can work those same 70 hours and earn overtime for 30 of them). You could also try and add some hours. According to your figure you are earning about $6.50 per hour which means if you could add only 9 extra hours per month (a bit over 2 hours per week) you could earn the extra $55 you need to cover the loan.
Three and four percent are pretty cheap loans so that is a good thing (as long as your default in payments hasn't allowed them to increase the rate as it does with most credit cards as an example). The other nice thing is that you are in Nashville, one of the cheapest big cities in the U.S., easily half the cost of living as compared to New York, Boston, or San Francisco. When you are ready to get back into school you should be able to get federal student loans.
Some options to save money include no splurging on food and alcohol (eat cheaper meals at home/bring lunch to work/no clubs...buy cheap beer and drink at home with friends/no vending machines), no cable TV or internet (use the public library or school computers), no cell phone or pager (one phone is enough; no need to have both a land line and a cell phone), sell an automobile and use public transportation/bicycle/walk (this could easily save you $100 per month on gas and insurance), and at last resort try and find a cheaper apartment (this is really obnoxious to do but often a good way to quickly gain an extra $100-200 per month when it is needed for loans).
The other thing is of course to find more sources of income. You could sell any expensive items you have, but this is usually hardly worth the trouble...the money you make is gone before you know it. Finding a better paying job sounds like a reasonable option (or at least one job for which you can work those same 70 hours and earn overtime for 30 of them). You could also try and add some hours. According to your figure you are earning about $6.50 per hour which means if you could add only 9 extra hours per month (a bit over 2 hours per week) you could earn the extra $55 you need to cover the loan.
Three and four percent are pretty cheap loans so that is a good thing (as long as your default in payments hasn't allowed them to increase the rate as it does with most credit cards as an example). The other nice thing is that you are in Nashville, one of the cheapest big cities in the U.S., easily half the cost of living as compared to New York, Boston, or San Francisco. When you are ready to get back into school you should be able to get federal student loans.
i do not think you know as to how much rent is in nashville along with my $200 a month in just edications and medical bills. plus i am having to pay $400 a month on credit cards bills (my cards were stolen by an ex and we never could prove it--found out too late--long story)
