Sallie Mae Loan Sharks

B8

Put it on hardship deferral for six months.

This gives you some time to get ahead of it and get another job.

What is your degree in?

Also, fuck your loans. You first pay your housing, food, utilities, and transportation, and then you worry about loans. That's their problem if you run out of money, not yours, at least for now

>>1563074
I can defer it for up to 12 months, but I don't know how much that will help me.

My major was Game Development and Simulation but I only got an Associates degree.

If I don't pay, then they charge my mother $700 each month and my credit goes to shit.

>>1563112
The interest that is going to accrue over that 12 months deferred will make you kill yourself. i'm sure you're stuck in the 8.5% boat I am.

>>1562953

IBR.

Income Based Repayment. You apply for it, then your payments will be based on your income.

My current payment is $0.00 per month.

But that interest is still growing....

>>1563112
You took out huge loans for a 2-year degree in game design?
Did you go to a for-profit school, too?

>>1563344

No, Sallie Mae doesn't do IBR. Private student loans are a pure ball breaker. I'm thankful mine are with the government, but still, I'm fucked, too. Difference is I'm nearing 40, so talk about feeling like a faggot.

I guess you could ask a food bank for groceries, and hopefully shave $100-200 off your monthly expenses.

>>1563120
THIS.

My wife deferred her undergrad loan payments to do an internship that paid for her masters. First of all, learn how interest works to see how terrible this is. Say you owe $50k at 6% over 10 years(just making this up). Your payment is going to be $555.10 a month. At that balance, the interest applied will be $250, with the remainder going toward principle.

If you defer for 12 months, the interest owed is going to go into a "sub account" that must be paid off before you can touch the principal again, so basically you're taking out a loan on your interest.

At the end of the 12 months this "sub account" will look like $3349.31.

So you resume the same payment($555.10).

First month: Interest is still $250, the remainder, which is $305.10, will go toward the subaccount. So now you've reduced that from $3349.51 to $3044.41. Rinse and repeat. I little quick math shows you're going to be in this state for another 11 months before you can even start to dent the principle.

It's a very bad situation, just don't do it.