Real Answers for Life’s Money Challenges
I am 75, and my husband is 83.
I am on an income-driven repayment plan and work primarily to pay my loans.
My IDR payment is $1,056 as of today.
Trying to climb out of debt? Here are50 ways to bring in some extra money this month.
I also draw on Social Security.
-J.
Dear J.,
The reality is that youre never going to be rid of these loans.
You probably dont want to work until the day you die.
And even if you did, its still highly unlikely that youd climb out of student debt.
That means youll need to be OK with seeing the balance creep higher and higher each month.
Your Email AddressSend Your Question
DISCLAIMER: Questions will appear in The Penny Hoarders Dear Penny column.
We are unable to answer every letter.
We reserve the right to edit and publish your questions.
But dont worry your identity will remain anonymous.
Thank you for your question!
Your willingness to share your story might help others facing similar challenges.
While we cant publish every question we receive, we appreciate you sharing your question with us.
Unfortunately, those with private loans have far fewer options for relief.
Anyone reading whos struggling with private student loans should contact their servicer to see what options are available.
you could contact your servicer to request a refund for any payments youve made since March 2020.
7 Ways to Make Money if You Hate People
Do you avoid people too?
Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
Thats a short-term fix, of course.
As of this writing, forbearance was scheduled to end Aug. 31, 2022.
I wouldnt count on this deadline being extended again.
Long term, the easiest solution is to stop working.
The same family with $100,000 of income would pay anywhere from $604 to $1,362.
But retirees who live primarily off of Social Security sometimes wind up with $0 payments.
Youll need to continue applying for recertification each year to keep your loan in good standing.
Youve been making payments for 16 years already, so its possible that forgiveness is in sight.
Some observers think its possible Congress will eventually make this break permanent.
To qualify, youd need to be permanently unable to work.
Many older borrowers meet the criteria but arent aware that they qualify.
This is one of the rare instances that youd qualify for full forgiveness if you meet the requirements.
The disease may not have a cure, but you’re free to make the symptoms manageable.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].
It sounds appealing right?
Check it out here!
