| EXTREME DEBT HELP PLEASE?

EXTREME DEBT HELP PLEASE?

junk_account23 asked:


my wife got a loan for 40,000 for the french culinary institute. she’s been in school for about 2 months and not until i started checking her paper for this, did i find that the interests for this are 61,000. so now we have a debt of 101,000. this is to be paid in 15 years or so by making payments of 600 a month. I also made her get a credit report and she has other debts (about 10,000 total) but what worries me the most is the 101,000 student loan. what can i do about this? I’ve heard of student loan consolidation, would that help? do you have any advice? we’re not professionals or anything, we actually live with her mom and don’t have money to even pay rent, what can we do?
it is 61,000 and the interests is 13%. she doesnt have to start the payments until november of next next year. we called them today and they confirmed this, the loan is through sallie mae.
her mom is her cosigner. as a matter of fact at the beggining she said she would pay for it, but she thought it was only 40,000. then she started backing up and now we just found out that it’s actually 100,000.

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Comments

3 Responses to “EXTREME DEBT HELP PLEASE?”

  1. v b on May 28th, 2009 7:55 am

    Even at 30% interest (which is what some credit cards charge), there’s no way the $40,000 has exploded to $61,000 in 2 months. Interest just doesn’t work that way.

  2. buttercup =) on May 28th, 2009 10:01 am

    i am so sorry

  3. Yellow fruit of the loom guy? on May 29th, 2009 4:26 am

    It sounds like you and your wife are not communicating at all about money. As long as your are married, this is your loan, too.

    See if there is a non-profit consumer credit counseling service in your area which is a member of the Better Business Bureau. They can probably give you better advice than we can without seeing all your paperwork.

    What I can’t figure out is how someone with no income could have been lent $40,000. Who is her co-signer?

    Are you talking about the French Culinary Institute of America in New York City?

    You need to find this school and see its website.