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Posted in Student Loans
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nothingnilzero

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I Need Advice about my Student Loans
Earlier this year (Feb 2014) I declared bankruptcy. I had recently lost my job, had medical bills from a hospital stay (no insurance) and hadn't paid my car payment in months since I could not afford it. My slate has basically been cleared except for my $14,000 in student loans. I have been deferring them for 5 years now, but they told me I could not do it anymore. They offered a payment plan that I still couldn't afford and they basically demanded I do auto debit with bank account, which I don't have one. I'm not sure what to do really, I work two jobs and barely make $1200 a month, I have a wife/child who works but is paying her loans (we also agreed to keep our loans separate anyways) I understand defaulting is a "terrible" thing to do but at this point I don't really care. My question is, if I default will my wife be affected by it? All loans were taken out by me before marriage and my state is Indiana. Thank You.

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Go to Studentloans dot gov (If I put the actual website Credit Karma delays this answer) and file a consolidation for all your student loans and put yourself into an income-based repayment plan.  If your loans are already consolidated, you can still file a change of repayment into an income-based on that same website.  They calculate your income, family size and depending on the poverty guidelines in your state you may qualify for a zero per month payment.  A zero month payment still counts as a payment.  Don't delay, go online now and get it done before they try to garnish your wages or tax refund.

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