Private College Student Loan

47% of income paid to Student Loans?

I am paying almost HALF of my income out in student debt. No one can afford to do that. This is a new demand for payment. New debt. Do I have any options? My total bill is less than $5,000: so I haven't found a consolidation loan. I can give them 25% of my total income, but not 47%! Please read below and advise... I attended University of Phoenix, was assured that I would not incurr additional expenses outside of loan. Now I have original loan, citibank loan, and U of P is after me for additional money. The original loan company was applied to for U of P loan, they said they covered it, balance reflects change, but citibank is coming at me saying they paid! Citibank refuses to provide proof that I borrowed the money, but are attempting to attach to my credit. U of P will not accept lower payments, without attaching my credit. Original loan is the only one with a sane payment, and I am out of deferments, unless I go back to school and add MORE debt. This huge amount of payment is obviously temporary, the problem is that they all want to be paid right now. Another thing... Can Citibank attach my credit without providing me proof of debt? How do I protect myself from this?

Public Comments

1. The perfect example of why companies don't hire UoP grads. I'm sure every one of those loans are yours. For some reason many many many folks graduate from there without a full understanding of what all those papers were they signed. I feel sorry for you. It would have been cheaper to attend Harvard and hopefully they would have taught some personal finance classes as well. Unf. it sounds like its too late for you to be told you could have attended a perfectly respectable school and taken all online classes for less than 3,000 a year....yes a YEAR.
2. Many, many people have gone through this after graduating with multiple loans from multiple sources, and before consolidating. You need to get on the stick and get things consolidated. Your payment will go down. Just do it.
3. Yah sorry u got ripped! LOL they are an unaccredited fly by night joke school! Sorry! u have to pay it u really suck though for even attending that school! A Ba from that school is actually going to make u look worse than not having one! Since they will know you are stupid enough to pay high tuition for an unaccredited school LOL!!!!!
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