So I took out student loans when I was in college back in 2002. I started paying my loans back, but then the monthly payments started getting ridiculous at like ~$250+/month payments.
I was able to lower the monthly payments down for a little bit. Then as time went on I wasn't able to make payments so therefore I put my students loans in forbearance.
Will my time is up with my forbearance, I need to start paying my loans back. I called today to see again if I could extend them, apparently I have to fill out some paper work and write them a letter.
The reason that I cannot pay them back is b/c I just got done with a divorce, I owe my lawyer ~$12k dollars. And now I have to pay $530/month in child support. I just cannot afford to repay my student loans at this time.
Will student loans impact my credit? I want to pay them, but I just do not have the money to pay them back.
Anyone have any advice to give me? What about the letter that I have to write, any advice on what to write about my crappy situation?