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not that i condone it, but leaving the country probably is an option to start over.
but assuming you want to continue living in the USA, i think you just need to put money towards paying this back and however long it takes, you need to own up to it and pay them back.
as i stated before, focus on the private loans first since they have the highest interest so get those paid off first. then move on to the federal loans. it can take decades but such is life sometimes.
suze orman is entertaining (albeit not the brightest tool in the shed) but i don't think she'll be able to give any advice here beyond what i just said.
OK, so I called Sallie Mae's collection agency and they are willing to settle my $109,855 for $70,000 (principal), but it needs to be upfront, no payments. Those loans are currently six years past due and I have never made a payment on them. Why won't they take payments? Is that normal? My federal loans are under control with $120 a month payments.
My husband makes $45,000 and I am currently unemployed so our total household income with 5 people is just $45,000. However, until very recently, childcare was not an option for my kid (special needs), but now it is so I have been in the process of transferring my teaching certifications to the new state where we live. I should be working as a teacher next school year. I will make about $45,000 now because of my past teaching experience.
Problem is that my husband does not want anything to do with the loans my ex blew on stupid crap. Someone suggested a solution based on his income/credit. This was a discussion we had at the very beginning of our relationship, so I don't hold that against him at all for not wanting to pay for it. And I love the security that him having great credit and a good steady income brings to our household. In fact, he has suggested that my credit score ultimately doesn't even matter because of his great financial history, but I'm not to keen on that. People die, people get divorced, what if he dies and I have to take care of our kids with my credit? Or what if he leaves me and I can't finance anything myself, kwim? So, I have to get this figured out.
I suppose when I do go back to work next year, I could just throw all of the income that doesn't go to pay for a nanny, taxes, and an extra car to travel to-from work (we are a 1 car household now) toward the loans. That would *really* suck because we really need the second income, but I'd be in the clear in 5-8 years. Our budget right now is pretty much month-to-month with very little wiggle room. If I could just get that $70,000 for the private loans and pay the federal off over 25 years, that'd be great. However, they only gave me 60 days for the settlement offer so I'm not sure how that would work.
OK, so I called Sallie Mae's collection agency and they are willing to settle my $109,855 for $70,000 (principal), but it needs to be upfront, no payments. Those loans are currently six years past due and I have never made a payment on them. Why won't they take payments? Is that normal? My federal loans are under control with $120 a month payments.
My husband makes $45,000 and I am currently unemployed so our total household income with 5 people is just $45,000. However, until very recently, childcare was not an option for my kid (special needs), but now it is so I have been in the process of transferring my teaching certifications to the new state where we live. I should be working as a teacher next school year. I will make about $45,000 now because of my past teaching experience.
Problem is that my husband does not want anything to do with the loans my ex blew on stupid crap. Someone suggested a solution based on his income/credit. This was a discussion we had at the very beginning of our relationship, so I don't hold that against him at all for not wanting to pay for it. And I love the security that him having great credit and a good steady income brings to our household. In fact, he has suggested that my credit score ultimately doesn't even matter because of his great financial history, but I'm not to keen on that. People die, people get divorced, what if he dies and I have to take care of our kids with my credit? Or what if he leaves me and I can't finance anything myself, kwim? So, I have to get this figured out.
I suppose when I do go back to work next year, I could just throw all of the income that doesn't go to pay for a nanny, taxes, and an extra car to travel to-from work (we are a 1 car household now) toward the loans. That would *really* suck because we really need the second income, but I'd be in the clear in 5-8 years. Our budget right now is pretty much month-to-month with very little wiggle room. If I could just get that $70,000 for the private loans and pay the federal off over 25 years, that'd be great. However, they only gave me 60 days for the settlement offer so I'm not sure how that would work.
Either a loan from a relative or counter the offer with settling one of the small loans for less than full, and then increasing income. Once your income is up then you do the same thing again for the next loan.
What he dies or leaves you? Well life insurance would help with the first part, getting a job and start taking care of your crappy financial situation starts to help the second. The second should be rather obvious and not something you should still be waiting to do
What he dies or leaves you? Well life insurance would help with the first part, getting a job and start taking care of your crappy financial situation starts to help the second. The second should be rather obvious and not something you should still be waiting to do
True about life insurance I guess, did not even think about that, but I still need to get this sorted out. I want financial independence on my own, not being dependent on my husband.
Getting a job is obvious, yes, but up until very recently, not possible for our situation given our kid's special needs. We're starting our search for a nanny, but that will probably be a long process. Along with getting my teacher certifications in order in the new state, at best I could hope to be teaching this summer.
True about life insurance I guess, did not even think about that, but I still need to get this sorted out. I want financial independence on my own, not being dependent on my husband.
Getting a job is obvious, yes, but up until very recently, not possible for our situation given our kid's special needs. We're starting our search for a nanny, but that will probably be a long process. Along with getting my teacher certifications in order in the new state, at best I could hope to be teaching this summer.
Either a loan from a relative or counter the offer with settling one of the small loans for less than full, and then increasing income. Once your income is up then you do the same thing again for the next loan.
How would I counter an offer?? Any tips?
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I want financial independence on my own, not being dependent on my husband.
