Get Out of Debt Guy

I Was the Biggest Jerk to Get So Buried in Student Loans

Posted January 7, 2015

Dear Steve,

I have $130,000 in private student loans from Wells Fargo, Sallie Mae, Citibank and Discover. The minimum monthly payment is $1,595. Since graduating in 2011 with a liberal arts bachelor's degree, I've made monthly minimums through myriad part time jobs, usually several at once, odd jobs and temporary positions through a staffing agency--never finding full time work and nothing within a million miles of my degree field.

I lost the temp job I did have the Friday before Christmas and the loan companies are already escalating contact with me and my family (both parents are cosigners because I was the biggest/STUPIDEST jerk alive in 2008 and I wanted to go to a private liberal arts college.)

I called and begged for mercy beforehand, but there is no mercy to be had. No legal recourse, excellent or otherwise: as of December 28th, 2014 I've stopped paying my student loans altogether.

…Click here to read the rest of this question and my answer.

Steve Rhode
WRAL Get Out of Debt Guy

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About this Blog:

Steve Rhode has had careers in opthalmology, real estate and as the head of a nonprofit debt counseling firm. On his blog, he offers hard-won, free advice about getting out of debt, consolidation and making the right choices as you manage your money.