I need help..

[Chased]

I'm 21, I managed to rack up about 110,000 dollars in debt. 80,000 of it is currently in Private School loans. When I was doing some research on Filing I couldn't help but notice the big "School loans do not fall under Chapter 7 or 13". I can't pay them. My Income is about 38,000 a year and Im currently under a debt management program for my credit cards which are about 11,000+. But after the management plan is done with me, My car payment, insurance, Electricity and Rent wipes me clean. I don't even have enough to buy food or gas most of the time. I've been really good about not using credit cards and have not bought anything clothing/entertainment related in many months. The loan company wants about 600+ a month and I just can't come up with it. What should I do?

File 7

[Help!]

The AES loans are administered through Wells Fargo, but they are non-dischargeable student loans (not signature loans). One possibility would be to have AES consolidate them into a single loan with one lower monthly payment. The interest rates aren't likely to get much lower, so now is probably the time to do it since you'll be paying them back over an extended period of time. Here's a link to their consolidation website:

http://www.aessuccess.org/manage/consolidate/index.shtml

Good luck!

[MFC]

I do have a second job. I just can't do it. I'm getting so depressed working 55+ hours a week... I thought schooling was suppose to make your life easier. And now I can't afford to finish it.

[Minnymouth]

Ok, your 21???
Time to buckle down and pay back for your education. Working 55 hours a week is not bad at all..... some folks work 60 and 70 just to make ends meet....

So quite having the pity party, get it in gear, get on a budget, and start paying back your student loans.

What would you do if you had a wife and kids????

[JRScott]

I do have a second job. I just can't do it. I'm getting so depressed working 55+ hours a week... I thought schooling was suppose to make your life easier. And now I can't afford to finish it.

I understand. This is a common problem with folks who have gone to school on credit, to many of them have ended up with loans that cannot be discharged and are to burdensome on them.

I think the link someone provided for consolidation might be a way to look into it.

Another possibility is to see if you can put some of the loans into forbearance until you can possibly pay off one or two (this will be hard though as most only allow a limited number of years in forbearance).

To help with food you might check with local churches. Most will help out those that need it. Some have big boxes of food at low prices, some will give food on a monthly basis etc.

How much is each of the individual loans?

Can one of the cosigners pay one of them for you until you can get a better economic footing?