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November 26, 2012
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What are my options?

:iconhumanknotgirl:
humanknotgirl Featured By Owner Nov 26, 2012
Three months ago I got kicked out of university due to financial problems and inability to pay. I moved back in with my family after that happened. I am now more than fifteen grand in student loan debt, and ineligible for financial assistance. The job I recently acquired is not panning out, and there aren't any other places hiring in my area (considering I submitted 45 applications and/or resumes during that timeframe and only got two responses overall).

I can't move from this town because I lack the means. I can't join the military because I'm medically ineligible. At this moment, college is the least of my worries and everything's boiling down to paying money that I owe. The only way these loans are going to go away is if I somehow die. Faking my own death is really not something I want to do.

Anyone be in this situation before? What should I do to get out of it?
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:iconglori305:
Glori305 Featured By Owner Nov 26, 2012
My husband and I are paying off his student loans from going back to school 6 years ago and getting a new 2 year degree.

It was a year out of school before he was able to find a job in his field, since the new field was supposed to increase our income and allow us to pay the loans, and we had to start paying on them in 6 months, we fell behind, and have been behind the 8 ball every since.

We just keep calling the loan companies and making payment arrangements, and trudging on.
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:iconhumanknotgirl:
humanknotgirl Featured By Owner Nov 26, 2012
Are there any penalties to worry about?
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:iconglori305:
Glori305 Featured By Owner Nov 27, 2012
If you stop paying it will first go to a collection agency (usually allied interstate, and we have one loan with them, they are complete dicks) and if you stop paying that they will garnish your wages, and take your tax refund until things are paid off.

If they have to go thru the tax refund and wage garnishment thing, you will have extra fees added on to your loans, for the legal work they have to do for those, and those extra fees will also acrue intrest.

If you change jobs, and they have to garnish your wages at a new place, they will tack on more legal fees.

Also negative hit's on your credit score, and that would mean that moving into a new apartment would be difficult, getting a new car would require cash up front, and many job's run a credit check prior to hiring someone, so you are usually stuck at the same job.

Not to mention collection calls, which if you start avoiding, they will track down every emergency contact number you ever left with the school and call people like your parents to try to get ahold of you.
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