To keep this as short as possible:
I have 3 outstanding loans with Sallie Mae - One large $35,000 loan plus two smaller <$2,000 loans. After graduating college I only had enough income to cover the two smaller loan payments and not the bigger one. I planned on forbearing on the large one plus one of the smaller loans, but due to a clerical/communication error I ended up forebearing on the two small loans, leaving the large loan to fester and gain interest for over a year without my knowledge. I know, it's fucking dumb, I've already accepted that reality. Please do what you can to not rail me over this in the comments, it wont help.
After realizing what had happened, the interest rate was already out of control. I had a job at that point for a while but was laid off and couldn't find work for over a year. The interest rates on all loans continued to grow and grow until now I to pay 12.5% on the $35k and ~10% on the two small loans. All told I now am forced to pay $1,550 a month plus an additional $300 to other loan carriers.
Thankfully I have a stable job now, but I only make $1,200 per check. This barely lets me cover my student loans, let alone car payments ($207/month), car insurance ($280/month), gas ($80/month - I travel ~100 miles a day for work) and cell phone ($70).
I can feel the weight of these student loans get heavier and heavier with each passing month and I'm starting to get legitimately frightened for my future. What are my options here?
Submitted April 13, 2017 at 08:35PM by whatsaphoto http://ift.tt/2osjTSm
