Over my head and so very unhappy. Help  iVillage Member
Registered: 04-07-2003 Over my head and so very unhappy. Help
Tue, 04-08-2003 - 12:09am I am so glad I found this site. I have
a long story I have to share because honestly no one else wants
to hear about it, and I can no longer talk to my parents about
it because they feel terrible that they can't help.  My husband
and I just consolidated our student loans. Together. I wish we
hadnt now becuase it was consolidated at a median rate between
out two rates and now we owe (are you all sitting down?)
$160,000 payable over 30years which with interest adds up to
almost a half a millon dollars. The monthly payments are $1300.
thats more then half of our earnings! I know we qualify for a
hardship deferrment but the interest still accures on the
unsubsidised loan at a rate of $600 a month. We also found out
that you cannot claim bankruptcy on student loans. There is just
no safety net for over-borrowers!! We have nothing of value to
sell either. I keep fantisizing