How does one manage a 35 grand loan debt?

Question

I mean, jeezus. I feel traped with no way out ):

Get a job? Yes. Easy? No.

Answer 1

my husband and i are going through this c**p too, we made a commitment to pay an amount we could easily afford. after a few months we were able to double the amount we paid each month. Just get on the phone and set up a payment plan thats suits you. the companies don't want you you to be late or under on your payments they will cut you some slack to be sure they get paid. as you get employment and hopfully raises up your amounts you pay each month... Good Luck and hang in there it will take awhile but you'll get there!!

Answer 2

Try using: http://DebtAnswersNow.com

I used their service a couple months back and they consolidated all my debt and lowered my total debt about 25%.

Answer 3

I would suggest paying off.

You knew that you would have to pay it back when you took it out.

Do whatever it takes to make good on it. If that means working 2 jobs and 18 hours a day, then do it.

If people do not pay off loans they take out, it makes it much more expensive for the others that do pay off their loans.

Answer 4

If payments have you strapped right now you can talk to your lender/servicer about different repayment plans that are open to you.  With that amount of federal loan debt (providing it is all federal) you can opt for up to 25 years to pay your loans back, rather than the standard 10 year repayment plan.

What this will do is lower your monthly payment.  Now keep in mind that if you if take 25 years to repay this debt you will probably have paid back something like 100k in loans because of the interest you will pay over the life of the loan.  This strategy is good for starting out when jobs are scarce, or your starting income makes living paycheck to paycheck tight.

Eventually you need to be doubling up on payments and paying them off as soon as possible.  With federal loans you also have forbearances, economic hardship deferments, and unemployment deferments if you need them.  Make sure you strategize to payoff any private loans you have first because these will be your costliest.  

Hope some of this information is helpful to you.  Good luck!