Student Loan

[MohawkMuscle]

My wife has a very high student loan that was transferred to a collection agency. She pays the minimum on them but they never seem to go down.
She wanted to declare bankruptcy but the law says you cant declare for government student loans. What can she do cause she cant get a loan to pay it off and she is on maternity leave right now and we cant really afford those loan due to my current debts. Mine are normal... (car, rent, credit cards etc)

We went to go get a loan as a joint account but was denied because of her...

anyone know what to do?

 

[MohawkMuscle]

if you cant get a loan froim a bank..

whats the next best thing? I even considered a loan shark..

 

[davidg]

Vote Republican

 

[flex123]

money can ruin people. Sorry to hear about this, but you should know that paying the minimum on any sort of loan like credits cards ect...will only build up. It could take you over 20 yrs to pay off a $8,000 if you pay the minimum. See if you can cosign a loan with her or see if you can take out a loan on your own without her.

Otherwise your going to have to downsize your lifestyle. Sell stuff.

 

[MohawkMuscle]

It kinda sucks cause I was doing really good before I met her and she brought all these loans into our relationship.

I cant get a loan for the amount she owes... its more then my 2002 grand am!!!!!!!

 

[ConstantChange]

Adjust your lifestyle. Your married now so their is no such thing as her debt and your debt, it's all the same. You have a 2002 grand am. Um, ever thought about getting something cheaper!!!!!! You could find a good dependable driver for half the cost.

There are numerous things you could do, but they will all effect your lifestyle.

Do a cost/benefit analysis and figure out what is more important to you.

 

[MohawkMuscle]

we are not really married.. but have been together for over 2 years and have a 10 month old child...

But I know what you mean...

 

[FarBeyondDriven]

Student loans suck, but they are not like credit cards, the interest is alot lower and the government makes sure payments are high enough for pay off. Problem is people get tons of them in school then wind up 30grand in debt for a 20grand a year job.

With it in collections you probably cannot get a defferment. If it had not went in collections a deferment for maternity would of been possible. Think is next step they will turn it over to another collection agency, they all tack on a big fee. Then they threaten to turn it over to the feds, who can charge you 41% interest compounded daily.

I just got a 3,600 student loan outta default, took me a couple years. Now it is back on track. But I have already payed about 5 grand on it and still owe 1500. It's the collection agency costs.

Student loans can kill you. The only thing to do is get through it. And you want to be careful cause the amount she owes they may really come after you. They are federally insured and you DO NOT want to get the fed's into it. They will rape you, ever dealt with the IRS? They are ruthless.

 

[MohawkMuscle]

Im in canada...

but thanks...

any loan sharks here???

 

[builtbc83]

Tell her to try and find someone in her family who has good credit who would either take out a loan in their own name for her topay off her loans, or get that same person to co-sign on a loan that is in her name.

either way, YOU (at least as of now) are safe from them coming after you. You guys aint married, and the only thing they could try and do it take an 'communial property' (i.e. if you guys boght a car in BOTH your names)

good luck, and if I were you I'm not sure I'd be in any rush to get married...I know some on here will say that comment is real fucked up- but do you really want to start getting your salary and possesions taken away from you because of someone else's debt?....

Bern

 

[MattTheSkywalker]

Most student loans (in the US) allow you to get deferrals and forebearances. (Extended grace periods).

If the interest rate is low, don't sweat it, just oay the minimum, until you get a little bit furtehr along in your careers.

Also, sell the car.

 

[builtbc83]

Why should he sell the car- its not HIS loans. Fuck its not even his WIFE (or at least not yet)!!!!! Keep the car, and the kid, sell the girl

Bern

 

[MohawkMuscle]

lol not nice...

Ill keep selling "supplements" I guess

 

[circusgirl]

that sucks. SOrry to hear that. I'm still paying off my student overdraft...