Need help desperately about school loan debt!

HELP!!

I have yet to get my BA, I have 2 years to go .

I have accrued already about 100k (13% interest) in independent bank given student loans from "next student" (so all in all about 150 k by the time i have my BA in 2 years or so). Worst yet, My Mother is the co-signer on these loans.

I realize I have gotten myself in a bad situation financially and I have no idea what kind of job with just a BA in the social sciences I can get to pay off the1500 (10%) a month minimum payment for these loans.

Also, I have terrible credit (stopped paying credit cards years ago upon some terrible advice).

I am also aware that bankrauptcy is not an option for school loans, at least in most cases.

I am now so scared that there is no way i'll be able to pay these loans and I dont want to destroy my moms credit because she cherishes it. I am actually considering moving out of the country w/her.

My main Q is, I heard I that if i pay just 50 dolars a month and that they can't go after me or the co-signer like by go after her house or garnishing our wages, is this true?

BTW, to clear up some potential confusion, I am not a freshman, I have been in school now for 6 years, but do to working fulltime, not always passing all my classes and having changed my major 3 times as well as having spent whole year learning abroad I ended up with this much debt, high interest and still 2 years to go just to finish my B.A. in social sciences.

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Submitted 356 days ago...

Skoolie

Brain (2,357)

First off I get very upset hearing this because I don't believe you should have to kill yourself going into debt just to go college. Tution is way too high and so many people go through the same thing you are going through. Including me and I don't want you to make the same mistakes I did.

I'm assuming you are being billed for the loans even though you are in school. A lot of my loans gave me 6 months after I graduated before they kicked in. I guess thats how long they think it will take for you to get a job.

You need to have good communication with your loan companies. There are usually programs they can put you in, or they can defer your loan since you are still in school and do not have a job in your field. Deferment does not affect your credit negativily.

I can tell you that out of all the loans I had I missed one and didn't pay on it for a few years. I totally forgot about it because it was my smallest loan at about 5,500 bucks. It took a long time before they caught up to me. I had to go into a volunteer program to pay 360 up front and then about 100 bucks for 9 months to get out of default. Once I'm out of default they will take the negative out and clear my credit. Don't let it get that far, there are plenty of ways to work this out with the loan company.

Explain to them these facts.

1. You are still in school and do not have a job in your field.
2. If you have a job an estimate of how much you make in a month.
3. That you want to know what programs or what you can do to make sure your loan doesn't go into default. Ask them what is best for your situation and they will help you out.

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