MaxHarvard!

Don't sell the car! Don't sell the car! Can I make it any clearer? I was in a worse boat than you are in now. I work with my hands and don't have the very nice education that you have. But Christ dude, MAN UP!

Sell the car to a TRUSTED family member for a hundred dollars or so. All these Sallie Mae loan types can do is work out a payment plan with you. My grandfather went through the Great Depression with the additional burden of being a minority also. If he were still alive he would kick you in the can! And tell you to enjoy the car forever. Because life is too damn short. Rant off!

I'm doing what i can at the moment... so far no headway to speak of.

Max, I really think a home equity or second mortgage maybe the way to go here.

house, townehouse, or whatever, if you have equity built up from either appreciation or just regular amoratization you can pull some of those dollars out to help you.

If you can get a decent amount accumulated do not hesitate to contact your lenders and offer to settle the balance in full at a discount.

If you don't want to deal with this your self, there are many credit counslers that help to reduce debt for either free or minimal amount.

Good Luck!

That kinda depends, sometimes the rates are worse, but you could stretch it over a longer term to help.... I can try to help if you need any questions answered... Try to keep the car, and is holiday work an option? I havent read everything, but I work for a Mortgage Co, and this is what I do.....

I am so sorry to hear this. It is a common problem though. Luckily I stayed at a JuCo and paid out of pocket for the most part, and I should graduate with less than 20k in loans. As for the second job bit, Sometimes they help and then sometimes they hurt. You may want to look into whether that will bump you a tax bracket or not. If it does, you could be shooting yourself in the foot and hurting more in the long run.

Have you contacted your lender yet? How long have you been out? Have you consolidated or attempted a ReFi? They are all viable options as long as the payment history is good. If you call your lender and you get someone who is saying they are unflexible. Ask for a supervisor or hang up and call back. This is all that I can think of at the moment that Might be of any type of help. But I'm sure you've heard all of this from the financial advisors already

Thanks everyone for support and advice.

BLWN1: what kind of info can you give me that might help? Right now prime rate is about 6.5% if i consolidated now.

Hi, this is squid's wife, Amber. I am a mortgage lender and work with financial problems all the time. I was wondering if you have applied for financial hardship with the loans already? They will either continue to defer the loans or reduce your monthly payment for you depending on who services your loans. Also, if you own your home your can refinance your house to pay off your loans and possibly get a lower rate in the mean time. But I would probably try to get the payment reduced first, they ususally want to help out their students! If you want some help or someone to look over things for you at no cost, please contact me and I will do my best to help out! PM Brad (Squid) for my number.


Hope things get better for you!

If you are going to take on a part time job I would suggest pizza delivery. Its in the evenings, its part time, and its cash so you have your money NOW. Its not difficult to make $15-30 an hour, 15 being minimum usually if you with a big chain. Its a nice supplement to the regular income. I made myself a promise that no matter what, I would never sell my car, Im in debt from school as well but I have a few more years left to delay the payments. My soon to be wife works hard while I go to school and I work as much as possible and between the two of us it works out. I would also suggest taking a couple classes at a community college to defer payments more. Community college isnt usually too expensive and you will get a break on the payments, by then you should have a good idea of how it will all work out. Do you have any other cars? Sell them first. I like the idea of buying a cheap car cleaning it up real nice, then driving it with a for sale sign till it sells for more than you paid, then repeat as necessary. I hate to give away all my secrets but half price day at the junkyard is a great way to get parts to sell on ebay. You dont have to sell the car, just get creative about income. How much a month in loan payments are you looking at?

looking at around $300-350/month.

So far its looking like its going to be OK... we'll see, i'm going to put the T56 in. If i do have to sell it, that will bring a higher price.

you can easily make 400 a month working one part time night a week delivering pizza. It may sound like a lame job but its pretty fun if you like driving, besides it gives you an excuse to speed. If you can work friday and/or saturday night once a week you have it made. Thats a lot easier sacrifice than selling the pride and joy.