Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Does anybody feel utterly hopeless about their defaulted private loan situation?

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  • Does anybody feel utterly hopeless about their defaulted private loan situation?

    Unless I am in 1 percent that gets my private student loans discharged because of an undue hardship, my life will be hell. I don't QUITE feel suicidal yet, but I haven't been taken to court - yet. But the hammer is coming. Right now my only source of income is baby sitting for 400.00 a month, which starts next week. I live in Virginia where they can take my levy my whole bank account.

    It just dawned on me today that maybe the answer is just swallowing a bunch a pills.

    Anyone else feel this way?


  • #2
    Hello Caroline, I'm sorry I know nothing about student loans so don't know exactly what you are going through. I have been around long enough to know about pressure and hopelessness. The fact that your situation is affecting you so much only means that you have a heart and that you feel things. I've tried babysitting and working with children in schools, it was difficult for me, so I switched majors. It takes a special kind of person to work with children, so I know you're worth keeping around.

    I can tell you that I moved as soon as I graduated college (days after) because I knew the state I lived in wasn't a good fit for me. I can tell you that people that I thought didn't care, actually did when it mattered. So, you may have some options you haven't thought of yet. Thanks for letting it out, and hopefully someone here can offer practical advice.
    BK7 Filed 7/10/12 • 341 8/15/12 • Discharged 10/17/12 • Closed 5/6/13 Thanks to everyone here!


    • #3
      Don't kill yourself over money, ever. You are more valuable!


      • #4
        Keep your cash out of the bank -- they can't take what's not there.
        There are laws about what they can garnish- you are probably under the minimum for that, assuming you are on the books.
        PLEASE talk to someone-- there should be some kind of free counsel somewhere, thru religious or community organizations.
        Keep coming here to vent- we are a pretty good support system and you might even find something to laugh about occasionally.
        Things WILL get better!!

        Keep On Smilin'


        • #5
          I am living abroad now for most of the year, and it seems that just about all the American English teachers I meet have just thrown in the towel on their student loans and figure to never be able to get out of the hole. If you are the adventurous type, it could be worth a look. China is begging for native English speakers as teachers.

          Learn to live on cash, get an internet telephone (i.e., MagicJack, Skype, etc.) while changing the number on your mobile phone. Consider moving to a state where your bank account can't be levied (if you are able to pay rent, rather than staying in your parent's basement, etc.) Consider moving around a lot, so you can't be located. Become officially homeless in the eyes of the law by putting down your official residence as some corner or park in your town (you can do that legally.) Get a PO Box.

          OK, so you won't have the white picket fence situation that had been promised to you. Guess what - there are a lot of other folks in the same situation, irregardless of their debt. Just continue to play the game until the political situation changes to allow private student debt to get into some type of income based repayment plan like the federal loans (I think it will eventually.)

          Good luck. Don't feel sorry about yourself. Consider it a big game, that you are doing your best at playing.


          • #6

            If you haven'y already done so, explore your options with the lender. In most cases, you can get a deferral for one or two years due to income issues. This doesn't keep interest from accruing, but it will stop the phone calls. It shouldn't get to the point of bank levies unless you are just totally ignoring their contacts.


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