Hi,
I have 5 private loans, 2 are through Sallie Mae and 3 through NCT/AES. I have faithfully been making payments, even got a job just to do this (could have been a stay at home mom). With the addition of my second child and going back to work and childcare and my payments with NCT/AES went to full repayment and Sallie Mae is just at interest only, I can not afford to pay them.  I have a decent job with decent pay and my salary has gone to pay nothing but student loan payments and Child care so I can work and pay my loans. Now things have gotten out of control. My payments are going to go to over $1000/month and my salary will not cover all of it. My husband can not afford to support the family and pay the student loans so now I am faced with not being able to make my payments. I tried to contact the servicer of the loans and lenders who all give me the answer that there is nothing I can do but make the payment (exhausted all my forebearance and deferment. Obviously not an option, now I will be faced with not paying and most likely default in the future. I have no clue what to do, I am willing to pay if they could budge a little, but all my research tells me that nothing can be done until I default.
Is that true? Do I have to wait until they sue me to work something out? I also worry about my husband, this was all pre marital, can they do something to him? Nothing is in my name because thanks to the loans, it tanked my debt to income ratio so I am pretty mcuh not able to own anything ever. Will they sue him? He is not a co signer, but supports me and my kids, could they make him pay? I contacted a lawyer and am waiting to hear back but really am unsure of what to do in this situation since I will not be able to pay.