I owe about $189,000 on my student loans. I moved from New York to Texas in search of work and got a new job, but I will only be making $41,000 a year. How can I remedy this? (via MarketWatch Picks)
Question: “I will owe about $189,000 on my student loans when repayment starts. I’m so stressed. I got let go from my job and lost my apartment. I have so much debt and moved from New York to Texas in search of work. I started work in e-commerce with an oil pump company, but I will only be making $41,000 a year. I’m 45 years old and living out of my car until I move into a studio on the 15th of this month. Help.
“It could help to give your student loan servicer a call before repayment starts again to talk through your options and figure out an arrangement that works for you,” says Safier. Plus, in most cases, any remaining loan balance is forgiven under income-driven repayment plans if your federal student loans aren’t fully repaid by the end of the repayment period in 20 to 25 years.
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