help with student loans (credit, sell, income, work)

[topher5150]

My wife had a huge surgery in August and took two months off of work to heal. We have been having a hard time with our bill including student loans. Is there a way to work something out with the student loan people until we get back on our feet again?

[bradykp]

you'd have to call them directly. forbearance might be an option.

[brocco]

i'm sure they will work with you. just call them. it would likely only be a problem if you have had problems paying on time in the past

[topher5150]

Will forbarance have any negative effect on my credit?

[Briolat21]

forbearance is when they voluntarily suspend your payments, no it generally should not have any negative effect - because they are not requiring payments, and you are not paying.

Basically its neutral.

However missing payments or paying late will.

Forebearance and deferrment (both options depending upon the situation) exist specifically for extenuating circumstances and yet people rarely take advantage of them.

Also consider income-based-repayment if the overall payment load is difficult for you to handle. Its a great program but so few people know much about it that it is underutilized.

[MaseMan]

I think it may partly depend on if these are government student loans or private as well.

[topher5150]

Originally Posted by MaseMan

I think it may partly depend on if these are government student loans or private as well.

both, Sallie Mae, and First Mark Services

[Swingblade]

Another option you might consider is selling one of your kidneys. I saw a story of a young guy on Nightline that is selling his kidney for 50 Gs to wipe all of his loan. He said he has done major research and he is comfortable with the idea of going through life with one kidney.

[Briolat21]

You can't legally sell organs in this country.

They did just approve a law which allows "reward" (restaurant discount coupons, movie ticket vouchers, etc.." to be offered for at least some donations (the law was in response to bone marrow, but probably applies to all donations)..

but I don't think you can pay your student loans using discount coupons.

I saw a preview for that nightline, and it looked as though they were highlighting people doing illegal/suspicious things using craigslist.

[AlfredB1979]

Originally Posted by Swingblade

Another option you might consider is selling one of your kidneys. I saw a story of a young guy on Nightline that is selling his kidney for 50 Gs to wipe all of his loan. He said he has done major research and he is comfortable with the idea of going through life with one kidney.

I'd rather just take my chances (and answer one of those ads) and hope things work out as a sperm donor if it came to that.