How to consolidate my private student loans with bad credit. ?

Mar 22nd, 2010
by admin.

I have student loans with sallie mae. I have around 76,000 with private and federal student loans. I have ran out of forberence. I had to use my forberences in the past because of no job or not enough money to make payments. Well…now my payments is over 1500 a month. I will be starting a new job next monday. I will be making around 2000 dollars a month. My wife and I and my mother have a house together and our morgage is 1775 and i also have a son. As you can see theres no way I can make that high of a payment. i now have very bad credit because of the student loans. My mother was also the co signer for the loans and she has bad credit. My wife dosnt have very good credit also. I guess you can say that I dont have another co signer to use. I am trying and stressing on how to pay my loans and getting my credit back. If anyone knows or can give any advice please please do.

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6 Comments

  1. jml167 says:
    March 22, 2010 at 8:09 pm

    You need to talk to various student loan companies and see if they will consolidate your loans and let you make a lower payment. I use Citibank, and I have found them to be extremely helpful and responsive. I have heard bad things about Sallie Mae and their ridiculously high payments, but you may be able to talk to them about at least lowering your payments. Student loans are not supposed to bankrupt you, but you are expected to pay something back each month. See if they will work with you to lower your payment. Citibank’s website is http://www.studentloan.com. Check them out and see if they can help you.

  2. Matt J says:
    March 22, 2010 at 8:55 pm

    Students who are looking for a bad credit student loan should pick three schools they are most interested in, talk to the admissions office, and ask what is needed to apply in their school.A bad credit