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Bdiggy 08-29-2011 08:06 PM

Student loan woes
 
Hey all. I have always found reasonable advice from people on forums for my cars, so i figured why couldnt I get advice from a financial forum.

I am 25 years old, I graduated High school in 2005 and decided to go to college at on of those rip-off schools you see on TV all the time. I went for about 8 months total before i dropped out, deciding it wasnt for me.

At the time I had only borrowed just under $20,000. After years of struggling, unemployment, underemployment and so on, I was unable to keep up with high payments thats sallie mae asked of me. They put the loan on forbarrence multiple times for me but after 2 years or so, all my options dried up. I have been crawling my way up the ladder in my career field and I have finally landed a job that pays well.

My big problem now is half my loans defaulted and the other half are just late. I have $26k in collections and another $16K that I still owe. So I now owe just over $40,000 for a loan that was originally $20K!!!!!

So what do I do? I really dont think its fair I pay Double what my original loan was. I want to start paying them considerable monthly payments to get back on track but I need to figure out how to get them to lower my debt to something more reasonable (maybe $25-28K?)

Is there debt consolidation options here for me? or am I just going to have to swallow this bitter pill. I want to buy a house someday and i cant afford to pay off $40,000 for the next 20 years.


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