Comments on: Recession Effect: Student Loan Forgiveness Programs at Risk?

By: Stephanie

Stephanie — Tue, 09 Jun 2009 20:58:00 +0000

My parents re-mortgaged their house to consolidate $20,000 of my student loans, not including the one that had gone into deferment. Currently, I pay my parents $500 a month toward the debt. Now, if I file bankruptcy, my parents will loose their home. If I am unable to pay my debts at this point, my parents will be financially compromised, as well as myself. I�??m not sure that my parents assisting me was such a good idea, but at the time, it seemed like the only viable option. After two months of stress, I finally landed a full time job paying $8 and hour, and was very blessed to do so in this economy. But that ended at Christmas time, due to economic cutbacks. Again, after two months, I was able to land a part time job making $10.50 an hour. I am currently looking for another full time, or part time job with little success. In this economy, I am very blessed to be employed at all. Many of my friends, and people I know are getting laid off here and there.

By: Carol

Carol — Tue, 09 Jun 2009 20:57:27 +0000

With the economy starting to have financial strain, the job did not come through for me. Now I was living in Nebraska, my home town, devastatingly in debt, without a career and making $11 an hour. I was dealing with the most stressful year of my life and with overwhelming financial demands. I applied for a one year economic deferment for a $37,000 student loan and it was granted. But what happens when the defirmint ends? I am only locking the monster in the closet for a short time. It will be back, meaner and scarier than ever.

By: Bill

Bill — Tue, 09 Jun 2009 20:56:58 +0000

I hear all of these words of council instructing us to avoid debt and not purchase things that are not needed. I am currently living in a 2 bedroom house with my husband that we are renting. The dream of owning a house, and raising children seem farther and farther away. At this rate, it will take nearly 8 years to pay off my debts, and I am 36 years old now. I do not see how we can survive without my husband and I both working full time, and that is not including renting or owning a place of our own, and how can we possibly raise children in that situation?