I just can't repay student loans, what to do?
Asked by worriedI took out a $50,000 federal PLUS loan for my son, however I just can not afford to repay this. I am bi-polar and have never had a steady job. I make about $1,500 a month, I don't own any property and have never been married. I am in deferment now, but how long can that last? I am 57 years old and so will be receiving SS soon. Will they take this from me? I know this was a huge mistake and I am not trying to make excuses. Is there anything I can do? Is there anyway to transfer it over to my son? Thank you.
Favorite Answer
Answered by shea_1923
You took it out for your son then he should pay it back himself. Especially if u didnt use any of the loan money. Ususally you can call the people you recieved the loan from and setup a lower payment plan if you have problems paying the amount they ask for every month. Talk to your son about helping you pay for the loan that you got for him..the least he can do is help with it.
You took it out for your son then he should pay it back himself. Especially if u didnt use any of the loan money. Ususally you can call the people you recieved the loan from and setup a lower payment plan if you have problems paying the amount they ask for every month. Talk to your son about helping you pay for the loan that you got for him..the least he can do is help with it.
