When I began taking out student loans for university, I had a fool-proof five-year plan for paying them off. Although being a server in New York City can be wildly lucrative at the right establishments, I was working at the kind of restaurant where breaking 0 during a weekend shift was considered good money, and a “raise” meant helping ourselves to as much beer as we could handle without getting caught by the manager.
I was going to go to graduate school, become an elementary school teacher, work in a high-needs public school for five years, and have the rest of my federal debt forgiven. If I stuck with the plan, I didn’t need to worry about those loans at all. We cannot reduce, amend or discontinue the deduction without written authorization from the U. Between paying for both my rent and living expenses, and saving a little bit of cash for going out, it felt like I had nothing left over for my student loan payments.
Loan servicers are the ones that can help with any issues you have regarding your student loan.
One thing that Navient student loans does exceptionally well is keeping their customers up to date about their loan.
Many borrowers who previously had their student loans serviced through Sallie Mae were happy to hear about this when they found out that they would be switched over to this new, unknown company. This means that they handle all of the billing and services associated with your loan including repayment plans and loan consolidation.
I was also broke and about ,000 in debt to the U. So, while I tried to figure out what career I wanted to pursue, I went back to serving to pay the rent.
I had no idea what I wanted to do career-wise — I had some vague idea of doing something in book publishing — but other than that, I was at a loss. I funded all of my college and graduate school living expenses on my own by waiting tables.
This was absurd so I called the international Sallie Mae and tried to plea and negotiate a lower realistic payment. With there being no teaching jobs in NJ and my girlfriend having a teaching degree, she is pretty much not going to be able to pay back this loan.
We had visited a bankruptcy lawyer today and this is the info we got.
You will need to stop paying the loans because you physcially cannot pay them. THe lawyer said they can only garnish your wages at max of 10%...