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Posted in Student Loans
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ans2063

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What's the best way to pay off student loans when your anual income is <$15,000 a year?
I've been out of school now for more than 4 years and have not been able to find a full time job. My student loans have ballooned to $75,000+. I've had to stay in school part time to defer the payments, yet they are still accumulating interest. Sallie Mae has since dinged my credit, even though my accounts are in deferment. This is serious! This debt, and the hopeless feeling that I'll never find a full time job is the leading cause of my depression and suicidal thoughts. Help!

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Income-Based Repayment Plan

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Hi! So sorry to hear about your difficulty in finding a job and the stress of trying to figure out student loan payments on top of it! That can definitely be a big burden to carry.

One option you should try to look into is an Income-Based Repayment Plan. That way your loan payments that are due are calculated based on your income (I don’t think you can apply for it while a loan is in deferment though, but I’m not positive).

Also, out of any creditor you have, your education loans are generally the nicest and have the most programs that allow you to catch up. The trick is to stay in communication with them and ensure you follow up on the needed paperwork quickly. 

I hope this helps!

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