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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » Student Loan Consolidation, I have about $60k in student loans?

Student Loan Consolidation, I have about $60k in student loans?

I have about $60k in student loans. I only worked a few years after graduation and am now staying home with my 3 kids. I don’t see how I can go back to work anytime soon as all my kids are 2 and under and won’t be in school anytime soon. We can’t afford to pay on my loans with my husband’s salary.

They have been on deferment for soooo long.

So what happens if I don’t pay them? I know my interest keeps going up and up and up.

I’m not looking for advice telling me to go to work. It is not an option for us at this time.

Thanks

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2 Responses to "Student Loan Consolidation, I have about $60k in student loans?"

  1. Unknown says:
    What happens when you don’t pay them?
    the interest will keep accumulating. You may have 60K now, but after a year the amount you owe may be 65K and another year it may be 70K and after that 75K

    After you go into default your interest rate will increase and the lenders will start charging you “penalty fees”. So instead of owing 75K, you suddenly owe 85K … then a bit longer your debt is now 100K.

    If you are unwilling to go back to work while your husband is not (he does not work 24/7, he can watch the kids) then HE needs to get a second job (or a third) to keep this from getting out of control. After you are in default, they will seize your income tax return refunds and garnish your paychecks.

  2. Andrew says:
    If you leave them in deferment then they will continue to amass penalties and interest. You can never get away from student loans, unless you enlist in the armed forces (which I know someone that has done so to get out of paying of his high amount in student loans). Other than that, it’ll just be the elephant in the room staring at you until you pay it off.

    http://www.dixiloan.com/student-loan-consolidation.html

    Regards,
    Andrew

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