my wife and I now have $355,000 in student loans. the intrest alone is over thirty grand a year. we are now both making twenty grand a year. I now know that I picked the wrong career. but is there any hope?
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You have several options.
If the loans are federal, you can look into the new income based repayment program. Because federal loans aren't based on credit, I think that you can consolidate your federal loans with the federal government and pay only a reasonable monthly amount. This has worked for many people in your situation.
If some or all of the loans are private, you can wait on those to see if Congress passes HR 5043/S 3219 this year. If they do, you would probably be able to discharge most or all of the private loans through bankruptcy. Note that bills like this come up every Congress and never pass. Note also that if the Republicans take one or both houses of Congress this year, any student loan forgiveness goes out the window for at least a few more years.
If all else fails, you may have to default on your private loans. From my experience and from most of which I've read, private student loans don't lead to quick lawsuits. If your credit is already shot it may not matter anyway. I'm not recommending this but if it's food or student loans, pick food.
You can also see if the private lenders will accept a more reasonable payment.
Again, federal loans are much easier to work with. You can almost certainly get those down to a reasonable amount due to all the laws on the books. If you don't know if your loans are federal or private let us know and maybe someone can help based on the information that you have on the loans.
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