Get Out of Debt Guy

My Opera Singer Wife Will Never Get Out From Under the Student Loans

Posted January 20, 2015

Dear Steve,

My wife has several federal student loans from grad school dating back to around 2005

She also took out two private student loans through Chase in 2005 and 2006

It has been sold several times and now is with AES. The interest is killing us. She sings opera, I'm a personal trainer. we simply don't make enough. She pays $500.00 a month and it only goes to the interest.

We've been looking online, and talked to a family lawyer but we've all been told too bad it sucks to be you. What can we do?

I'm on loan deferment, we have her federal loans deferred, but now we don't know what to do about these private loans.

They say we can't defer, and paying anything less than the $500 a month just results in defaults and or being told we've payed late, etc. Is there a way to get those loans into a federal repayment plan?

We're at our wits end, and we hardly survive as it is.


Bethany and Amanda

…Click here to read 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.