OCCUPY STUDENT DEBT

Seriously!? After interest, my debt has DOUBLED. I don’t know what to do! I’m so lost and it seems like there’s no help. And these are just my federal loans! Any advice or help would be appreciated, I’m so stressed and lost.

Below is a breakdown of the student loans I have.   The first is a loan that I knowingly applied for before my first semester at college.   The other two loans shown were loans that were applied for and cashed by my mother without my knowledge.   After my first semester at school I returned home to find my family falling apart.  I decided to stay home and enroll in community college, which I paid for out of pocket.   About a year later, my sister called me and said she noticed some issues with her credit report and that she thought my mother may have taken out loans in her name.  After checking my own credit, I saw the same issues on my credit report.  My mother had taken out private student loans in both of our names, and I later found out that this was an attempt to pay off tens of thousands of dollars of debt that she had secretly racked up against my stepfather’s name.   Obviously this created a very messy situation.  After a lot of discussion and a lot of work by everyone involved to try and maintain our family, it was decided  

that my mother and stepfather would work to repay the loans in both of our names as soon as possible until the debt reached the amounts that my sister and I had originally borrowed.   Everything was going okay until my mother and stepfather divorced a couple of years later.   Since that point, I’ve fought tooth and nail to get payment from my mother every month, and most of the time in delinquency.   Months when I’ve made the payment in order to try and preserve my credit, she’s simply disregarded her end of the bargain.  I’ve recently engaged to my girlfriend, and I have mounting fear that this will end up falling on the both of us until I take over this entire debt on my own.   I have talked to attorneys and bankers and financial advisers to try and get advice, and I’ve held out on taking legal action because of the obvious problems it will cause 

in my relationship with her, but I’ve had enough of it.   Can someone who’s been in this situation help me, or explain to me what my best options are???  

Loan Details

Balance Overview

Type of Loan BalanceLoan Balance AmountLoan Balance QuestionsCurrent Principal Balance:$27,367.28

Late Fees:$0.00

Unpaid Interest:$131.62

Total Current Balance:$27,498.90

Loan Details

Print All Loan Details

DateLoan TypeStatusBalanceAction02/18/2005AlplnDelinquent$9,410.38View Detailsfor this entry10/19/2004AlplnDelinquent$5,286.39View Detailsfor this entry07/13/2004AlplnDelinquent$12,670.51View Details

The number of pilots being trained for the military has dropped substantially. Of those pilots, the number leaving the military to work at the airlines has also dropped significantly because they’ve seen the recent 50% losses in pay and benefits that have devastated that field.

Most new airline pilots have paid their own way though training. Pilots today will graduate from self-financed training programs in colleges and flight schools across the US to the tune of $100-$140K in loans. We will be greeted by a 5-7 year period of making less then garbage collectors in California. After 6 years of higher education most new airline pilots will qualify for food-stamps in their own states. Oh and yeah, did I mention we’re flying your plane too? That’s right. If you’ve flown on an airliner sometime in the last 10 years, chances are you trusted your life to a pilot on food-stamps. Do you know of any person capable of repaying student loans while on food-stamps?? No. We will all default. Turning 1/4 million dollar 20 year loans into $350K plans. In 2011, the average pilot income is $80K. We will never get out from under these loans now that our industry has been eviscerated by privatization, the destruction of the middle-class and the Great American Race to the Bottom.

Below is just ONE of my loans. I have 4 more just like it.

You know what…. Student loans will be stressing us out until we DIE! At age 65, I will never be able to pay them off. I would not have gone back to school at 50 years old to get n undergraduate degree and masters if I ad foreseen a debt of 90000. Pay what you can and live on!

Graduated in 2011 . I needed to get something more substantial then a retail job . For over two years I sent out countless resumes to help relieve my $150,000 debt . I am still working the same retail job and suffering in my payments . I need to pay about 1000 a month in loan payments and my paycheck is about 1200 a month to pay for rent, food, and phone . Need help from my drowning situation

(Sorry I don’t have a picture, hopefully the subject line will suffice).

Funny I thought I was doing the right thing, a good thing, you know by educating myself and not being one of those people society likes to poke at living off government housing and food stamps.  Now at times I think I would have preferred the government housing and food stamp route.  Sure there may have been some other options, but not in my situation.  I have decided that I will never get these loans paid off and I will not kill myself trying to do the impossible.  Thankfully, I only have federal loans which qualify for the IBR plan - though at the 15% cap which is still a little stiff.  However, I know there are deferrments if I cannot make the 15% cap.  In 25 years (the term of the IBR plan), at 51 years old, I will either be dead or very old. Should  I remain alive, I am pretty certain when I draw SS that my payment for IBR will be close to or at zero. Yeah I know what some unlike minded folks might say (and I am not calling names here), that I should have done this or done that to avoid my situation in life.  Well I didn’t and really couldn’t.  I can’t help I was born into a poor family, that I was raised during a time and with the mentality that you don’t go to college - you get married young and had children.  So to those that say coulda or shoulda, bite me along with these student loans.

My wife and I have $150k in debt, at an average rate of over 6%.  Most of it is federal loans.  To date we have paid about $10k, with most of that in interest.  

We both struggled to find jobs upon graduation in 2008 and at first took part time jobs paying around $10 an hour.  Over the past 4 years my wife was laid off once and I was laid off twice.

My wife now works at an inner city school and I am self employed in real estate.  We earn around $70k a year before taxes, insurance, soc. sec., etc., but even with our income based loan repayment we have over $1000 per month in student loan.  This has kept us from buying a home and starting a family.  We are currently living in my parents basement to help save money.

HR 4071 Would help save us thousands of dollars a year and help us to purchase a home and start a family.

I owe about $80,000 in student loans debt to the federal govermment, Chase Bank, and Wells Fargo. My monthly student loans bills exceed $2,000 a month. I have no money to start a family, no money to keep my work wardrobe professional, and barely any money for groceries ($100/month). I am making an honest effort to pay back my loans, but can’t see how we will be able to ever afford to start a family with this crippling debtPlease help us! This is land of the free. Please help. Please please help. Please.