Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Paying Your Bills
Profile Image

Question By
workerbeetryingtogetahead

0 Contributions
0 People Helped
Back taxes AND student loans...deadly combo...is there any way to make ends meet while paying them?
Hello, I won a large sum of money on a game show while I was in college. The taxes were not deducted from the winnings before they were presented to me and I did not pay them in. I owe approximately $40,000 in back taxes. In addition, I have about $40,000 in student loans to pay off. I am just starting in my career (as a single mother) and am making approximately $40,000/year. Does anyone have ANY advice as to how I could reduce my monthly payments, or consolidate my loans? I am working my way up the corporate ladder, but am having a lot of challenges with company expense reimbursements because I have so much money being taken out ofmy check, that I cannot afford to "front" the money for business expenses, and I also cannot get approved for a credit card. Help! :)

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
4 Contributions
0 People Helped

Yes, you may qualify for a federal loan consolidation for your student loans which has ICR (income contingent) or IBR (income based) repayment plans.  Your monthly payments will be based on your income.  I told my sister about it and her payments are $75 a month!  Plus if you work in a public service field, you may qualify for forgiveness of the balance after 120 payments on either of those plans.  Go to http://www.loanconsolidation.ed.gov/ to get started or find out more info.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.