Here is my situation. For a variety of reasons, we've had very low income since being out of college. I've been late on many student loan payments, and my monthly payments were huge to start with ($800+ a month for one loan, around $130 a month for another). Since I was late, my interest rate skyrocketed, and my credit score has gone down, far. I've looked into consolidation, but since they are private loans, not federal, no one will consolidate them. We asked our bank about it a year ago, and they were like, "Sure, how much are your loans? $15k?" 
Umm, no...I owe $71k to Sallie Mae and $16k to another company. Of the $71k to Sallie Mae, over $44k of that is interest alone. I am so scared and so screwed. Help? What can I do? I keep going round and round in this circle of being late on payments because they're so high, then the credit score getting lower, then not being able to consolidate even if I CAN find someone who will consolidate private loans.
And all of this is for a useless associates degree at a school that now has an awful reputation. My husband went there, too (so we have his student loans to pay, too), and when he goes on interviews, he is constantly told that our school is viewed as a joke by our respective industries. So needless to say, we're not exactly bringing in a huge amount of money.
Umm, no...I owe $71k to Sallie Mae and $16k to another company. Of the $71k to Sallie Mae, over $44k of that is interest alone. I am so scared and so screwed. Help? What can I do? I keep going round and round in this circle of being late on payments because they're so high, then the credit score getting lower, then not being able to consolidate even if I CAN find someone who will consolidate private loans.And all of this is for a useless associates degree at a school that now has an awful reputation. My husband went there, too (so we have his student loans to pay, too), and when he goes on interviews, he is constantly told that our school is viewed as a joke by our respective industries. So needless to say, we're not exactly bringing in a huge amount of money.
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