u/brokeboii94

Please be kind, I am going through it right now.

So I’m struggling with student loan debt. I was very naive in my 20s and pushed to be in school as long as possible. I have about $130,000 federal mostly from undergrad and 173,000 private mostly from grad school. The original amount I took out for grad school was in total about 105k over 3 years from 2020-2023 but I was given high interest 15% loans from Sallie Mae and it’s accumulated almost 70k in interest because I wasn’t required to make payments in school and I don’t have a co signer. I figured when I graduated I would have the ability to get a higher paying job making six figures but that hasn’t happened. I’ve been at my job for 3 years I take home about 3600 a month after taxes which is enough to live on for just me and Sallie Mae wants me to pay them 2500 a month which just doesn’t work. I’ve been trying to put in resumes but I haven’t been successful. I was in a 6 month grace period after graduation and that expired. I asked Sallie Mae for a forbearance last November and they gave that to me for 6 months but that ends next month and I have a good feeling they won’t allow me to pause payments anymore.

I can pay my federal student loans because the income based plans work within my budget but I can’t afford what Sallie Mae is asking. I don’t have any major assets outside of my car and 18,000 in retirement. As far as my other debts, i have about 2000 on a maxed out apple card and 1200 on a 7400 limit chase freedom unlimited. I also have a car loan which has about 23,500 left on jt and ive been making payments consistently. I spoke to a lawyer and he advised me to file for ch 13 and we could try the AP in 5 years but i would prefer to file for chapter 7. Is there any chance i can get relief? Or am I screwed? I know student loans are difficult to discharge but with the situation I’m in, it wouldn’t do any harm to try.

So I have massive private student loan debt. I took out about 4 of them from 2020-2023 at 15% interest for grad school. I was approved without a co signer. Wasn’t required to make payments in school and I ended up graduating in May of last year. Was on a 6 month grace period and they wanted me to pay them $2400 a month which doesn’t work because I make 3600 a month. They gave me a 6 month break on the payments but they are wanting 2500 next month. I owe alot more now than when I took them out due to interest. I spoke to an attorney today and he suggested I file for chapter 13 to stop student loan collections, he said I could do it for 5 years and part of his fee would be rolled into the plan. I could keep paying on my car as usual and that would be deducted from my disposable income and he said we could file an adversary at the end of the plan. He didn’t recommend chapter 7 though.

So from 2020-2023 I was a graduate student and I used private student loans from Sallie Mae to finance my studies because federal loans wouldn’t cover the cost. I now owe a lot of money because they approved me without a co signer but with a 15% interest rate and I can’t pay them so I may default soon. I had fluctuating employment while I was in school and in 2021 I had a teaching job but was laid off in June. I went back and looked at the paperwork and I put my income on the applications as follows. I did not list an employer or how long I worked there and I wasn’t asked to verify with paystubs.

2020- approved, no income listed

2021- 47,500, approved in early June (I put what I believed my yearly salary was but I only worked there for 6 months before being laid off although I didn’t know I was going to be laid off)

2022- no income, approved

2023- 60,000 approved in late March. I wasn’t sure why I put this number but I wasnt required to make payments in school and I was a student who was doing gig work and actively job hunting and I got approved for the loan on March 1, I got an interview set up with my current employer on March 27 and signed the paperwork on March 28. I started the job I still have now on June 8 making about 50,000 a year. I made 28,000 total in 2023, 51,000 in 2024 and 52,000 in 2025 before taxes.

In 2022 I put in 2 applications for personal loans because I wasn’t sure if I could include financial aid in the income box if I was a student. On the first personal loan they told me they needed to see proof of income and I realized that was not the case so I didn’t pursue it further. On the second personal loan application, I was able to put my income as other, scholarships and stipends and it was denied.

I read a story about a guy who got charged with making false statements for a loan application and bank fraud because he applied for and was given 2 personal loans after he was laid off from his job but in his application he stated that he worked at his old employer making 70,000 and 60,000 and he had worked there for a year and a half which was a lie. So he quickly defaulted on them and the feds came after him, so this has been making me feel sick because I always want to do the right thing. I’m not sure if I’m overreacting but I’m worried they’re going to investigate me if I do default on my Sallie Mae loans.

I owe a lot of private student loans. I also have federal loans. Original borrowed amount on the private loans are about 105k over 3 years. Each loan has about 15% interest so now that amount has ballooned to 170k and I am unable to pay them. Sallie Mae gave me the loans without a co signer but the almost credit card interest rate was the catch. I figured out Through my job I get a tuition waiver to go to our local university so I decided I’m going to try and go for a second masters degree with my tuition waiver and buy some time. Sure I understand interest will continue to accrue but if I do nothing and the loans go into default, the same thing will happen. I Reached out to Sallie Mae and they confirmed if I go back to school, they will defer the loans. So I figured I could get another degree with better earning capacity and not take on any additional debt while having breathing room to figure out how I’m going to pay them back. You can still take out loans if you have the tuition waiver but given what I owe, it would be best to avoid student loans. That’s why I initially didn’t want to go back to school but it seems like a viable option now.

So I graduated with my MPA degree about a year ago. I have worked in state government for the last 3 years but I’m interested in transitioning to the private sector. My dream job is working in FAANG doing consulting or marketing. Through my job I get a tuition waiver where if I take classes at our main university, tuition is free up to 6 hours per semester. They have an online mpa program and also an evening program for those like me who work full time and the tuition waiver only applies to the evening program. I am thinking an mba would increase my earning potential and I could potentially come away with another degree without breaking the bank or getting into more debt.

One of the best pieces of DLC I’ve ever played. Spoilers follow.

I actually felt really bad for So-Mi. She was dying just like V was so I ended up betraying reed, did everything I could to help her including getting through an entire squadron of government goons at the airport. As soon as she admitted to me that she actually cured herself and lied to me, I decided to turn her over to reed and we’re chill now. apparently I still get the phantom liberty ending so I called him and handed her over. Don’t regret it one bit because she was never really honest with us from the beginning.

So I made some poor financial decisions when I was in grad school by taking out a large amount of high interest private student loans with no solid plan to pay it back. The original amount was about 147,000 and with interest now it’s at 170,000. The reason why it was so much is because I was paying out of state tuition my first year of grad school which was very expensive and my first semester I had health issues so I had to drop out and start over. I finished my degree and am currently working in my field but I can’t find a better paying job. It’s keeping me up at night and I keep convincing myself If I don’t pay I will go to jail because that’s a lot of money but everyone I’ve spoken to about this keeps saying that’s not going to happen. I actually live a pretty modest lifestyle, I live by myself in a one bedroom apartment and the only asset I have is my car. To me the simplest way to deal with this is to simply pay it every month but they want me to pay them 2500 a month and I take home 3600 a month so the math simply doesn’t work. Some people have suggested doing a side gig but I’m not sure what I could do that would net me the money I need.

So I made some poor financial decisions when I was in grad school by taking out a large amount of high interest private student loans with no solid plan to pay it back. The original amount was about 147,000 and with interest now it’s at 170,000. The reason why it was so much is because I was paying out of state tuition my first year of grad school which was very expensive and my first semester I had health issues so I had to drop out and start over. I am currently working in my field but I can’t find a better paying job. It’s keeping me up at night and as someone who is ocd and obsesses over things I keep convincing myself I did something illegal and If I don’t pay I will go to jail because that’s a lot of money but everyone I’ve spoken to about this keeps saying that’s not going to happen. I actually live a pretty modest lifestyle, I live by myself in a one bedroom apartment and the only asset I have is my car. To me the simplest way to deal with this is to simply pay it every month but they want me to pay them 2500 a month and I take home 3600 a month so the math simply doesn’t work. Some people have suggested doing a side gig but I’m not sure what I could do that would net me the money I need.

So I made some dumb financial decisions when I was in grad school and took on a lot of private student loan debt at high interest rates. I currently work a 9-5 that supports just me but I’m trying to avoid going into default and many people suggested trying to get a side gig but I’m not sure what side gig I could get to pay what I owe. I currently bring home 3600 a month and they want me to pay them 2500 a month. Is there anything I could do on the side to make this payment? As you can imagine I’m very stressed out about this.