Student Loan Debt Relief
Date: Mon, 06/01/2009 - 19:20
Student Loan Debt Relief
At the moment I've amassed HUGE debt through student loans (50k+) and feel trapped and without a degree (all the money spent and I'm about 1-2 years off). I'm 20 years old and working for just over minimum wage as a book-seller for Barnes and Noble. There's absolutely no way that I can try and live in the horribly debt-siezed state known as California AND make even the most minimum of payments to SallieMae.
As it stands I receive numerous harassing phone calls, emails, and standard mail requesting payment and I feel constantly shut off from the company when I try to contact (through email generally, phone sparingly).
I'm at a point where I feel that leaving the country or declaring bankruptcy might be the best choice for me but I'm scared to commit to either of those responses for, hopefully, obvious reasons.
Anyone in a similar predicament or have lived through a similar situation want to share some advice?
If I were to leave country I'd most likely want to head to Canada but I'm not familiar with whether or not close ties between the two countries may see my debt carry over.
Have you look into consolidating with the Direct Loan program?
Have you look into consolidating with the Direct Loan program?
You cant file bankruptcy on it and legally immigrating to canada is not easy unless you qualify and without a degree I dont see any special skills. Plus they can pursue you there too.
As far as bankruptcy I've been told that student loans can at ti
As far as bankruptcy I've been told that student loans can at times be filed if I can convince those handling the case that such loans are undue hardship.
As for immigrating to Canada taking time, I know this and moving out of country would be something I'd do at a later date, not necessarily on a whim or with any sense of immediacy.
I've looked into various Debt Relief solutions and I'm not sure about which ones are viable, well-trusted, and going to be able to help me. I've heard positives and negatives, overall I'm rather lost when it comes to starting help-wise.
There are no debt relief solutions for student loans other than
There are no debt relief solutions for student loans other than buckling down and paying them. Places like Student Loan Relief Organization are rip offs and these loans cannot be included in debt management programs. And with only a debt of $50K, you wont be able to BK...the judge looks at your age and your ability to pay over your work life or the next 25 years. As for immigrating to Canada, it wont happen...I am Canadian and have been thru the immigration process to the US and I know of many who who have tried to go the other way. You dont have the job skills.
At this point in time, look at consolidating with Direct Loans. Get back in school and finish....go to a state school. Work a second job. You need to be concentrating on ways to pay it off, not ways to avoid it. They wont go away....
i don't know anything about student loan collections abroad, but
i don't know anything about student loan collections abroad, but being a student loan debtor myself, i sympathize with your situation..
As for filing bk on them, you are right student loans can be discharged in bkbut it does not happen often. However, this rarely ever happens. Economic hardship longterm may qualify for discharge. But usually the situation has to be extreme, like in a car accident and vegatative state afterwards without any possibility of regaining employment due to disability-may qualify..They are very difficult to get discharged period.
Your best bet, if you are in default is to consolidate with direct loan program and make the payments! Or your credit will suffer for a very very long time. Student loans almost never go away unless they are paid or upon death...Finish your degree and you will be in a better financial outlook in terms of repaying....theres a lot of us in the same boat as you! good luck..