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...

Jodi-Mesa

Brain (2,795)

You know something that may give you confidence as well as a well-thought out plan is a financial adviser.

It will cost you about $150-$200, but it will save your sanity and they are not "debt consolidators" but people who will help you figure out a plan to save, invest and pay debt while teaching you healthy financial habits.

One trick I learned to get a little cheaper financial planning advise is check out a credit union. Since you are a student, I am almost positive there is a credit union that you can join. You have to pay a membership fee, but they usually have a staff Certified Financial Planner who can help you sort out your affairs. The cost of the membership fee is FAR less that that of a CFP fee.

If it makes you feel better, if you get healthy financial habits now and stick with them from the get-go, you will probably be in better shape in 10 years than the average student who has less student loan debt and even a higher paying income.

Good luck!

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