Well I was just online last night and I decided to see how much my loan payment when up to this month. I am on a graduated payment plan and this is the month it goes up since I started paying a year ago. To say I was surprised is an understatement. My payments have nearly doubled and now went from painful to crippling. If I pay the payments I am supposed to I will be paying more than sixty percent of my net pay. After I researched online I found out that if I had defaulted on my loans and they garnished my wages they can only take at most fifteen percent of my net pay. Granted I can't default without destroying my parents credit and I won't do that. Why is it that trying to do the right and honest thing like paying your bills, is the one thing that no one wants to help you with?
It just sucks because I tried to be smart with money and not over barrow, but I honestly think I will now live in poverty for the rest of my life because I decided to go to college. I spent nearly eight years of my life to earn something that has done the exact opposite of what I thought it would. I am poorer and more unhappy than I was when I was just a dumb high school graduate. I just don't know what to do. It feels like I have everyone wanting me to fail and I just don't know how to deal with that. I really feel like I have no options left.
4 comments:
Is this a private loan or a federal student loan? Can't you switch the payment options? There is usually someplace on the website where you can find this sort of information. I'm personally thinking about refinancing my private loan because it's not a fixed rate loan and can't be consolidated because it's not federal. There has got to be some way to fix this! Don't give up!
I agree with Julia. There has to be something. I wish there was something I could do to help! :)
Colonel E- It is private, I'm already on a graduated payment plan, and the website and the people who work there equally useless. Part of the problem is the variable intrest rate and even most consolidation loans have similar variable intrest rates and similar payments from what I've seen.
Winter- If you win the lotto I would really like to borrow some cash. Other than that I don't think you can do much.
If I win the lotto I will totally hook you up. It would probably help if I played it though.
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