The other day I was looking up some options for my student loans. I have a private loan I have to pay each month and was trying to see what I could do to lower the payment down since it looks like congress will not be passing unemployment (they suck I hate them)
Anyway childishness aside I am now facing the reality that I can’t do it. I owe about $100,000 all together and the only job I have been able to find is part time at about $600 a month after insurance. I’m checking to see if I can get rid of insurance and get Medicare instead as I really can’t afford the insurance and feel that just because my company offers it doesn’t mean I should be forced to pay $140 a month for it.
Anyway back to my point, I found out that with my private loan if it’s not paid up and my mom, who is a co-singer passes away or files bankruptcy, they can require I pay the whole thing up front or I default right away. Now for most people there not worried about their parents passing for a while, my mom on the other hand is 62 and it’s getting to that point where you do start to plan for that. She also is thinking of filing bankruptcy.
Frankly I don’t see me ever having enough money to pay that off all at once. It’s up to $14,000 now as I couldn’t afford to pay in school. It’s so hard to pay when your in school when every place you apply keeps telling you that “you can’t work and go to school” BS I know, but the only job I could get gave me 12 hours a week. So not only could I not live on that I had to pull out more loans to live on.
Yeah, so I’m really thinking about saving my money as it will take me at least 15 years to pay this loan off and I’m not sure my mom will be around that long. I hope so! but you can’t count on hope.
Going to be thinking on this one a bit, since I have decided college is a joke and probably won’t go back anyway. Really wish I could file bankruptcy on them, but that’s not an option either.
It’s sad when I college educated person is realizing she would have been better off having a couple of kids and living off welfare. It’s a sad state our country is in when we start thinking that way.
