Consolidating private loans in default

Often, we think we’re doing okay, but the financial house we’re building is just a house of cards.

Financial hardship doesn’t always enter with a bang.

And that leads to even more debt and a damaged credit score.

If you’re facing student loan default, you’re not alone.

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.

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