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55 with $80k in Student Loans - What can I Do?

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    55 with $80k in Student Loans - What can I Do?

    Quite some time ago, I had a vision of moving into a six digit income with the use of a professional graduate degree. Simply put, I borrowed for that education with student loans, consolidated them at 8% (which was a pretty good thing at the time), and then started out on my trek. However, there were quite a few bumps along the way which included a bad economy, lay-offs, or jobs that didn't quite let me make what it would take to survive and pay the student loan payment. Ok, now it's fast forward time. I have such a job and the payment on the student loan is around $620 per month with the payment schedule stretched to a 300 month term. I'm only paying the interest, and I know it.

    I'm 55, I don't have a great outlook to retire until I take the dirt nap, I don't have a lot of assets due to the problems encountered earlier, and I have the student loan thing hanging over my head which I'll take to the grave with me as it's about $80k at this point. I know that bankruptcy won't take care of it, I know that I'm not disabled, I know that I'm not going to be able to dodge it. The question centers around this: At some point, I will not be able to work. I will have a small amount coming in due to a state retirement, a little social security, and perhaps a smidgen or two of 401k's that will survive our current crisis. This won't be much, but may be enough to provide some cat food while I live in a box under the freeway bridge. What can I do other than die to get the $620 to reduce? What can I expect in regards to garnishment of my social security or pittance of annuity?

    #2
    Do you own a home? If so, do you have enough equity to borrow against it? You could get a home equity loan for a lower interest rate which would let you speed up the repayment process.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

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      #3
      Post a bigger portion of your financial picture.

      I know you owe $80k on a debt, and payment on it is $620. I don't know your other expenses.
      I don't know your gross or take home income.

      Do you usually get a tax refund?

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