u/lolo2468

So I unfortunately got myself into a rough situation. Refinanced my private student loans into SoFi that was last totaled roughly at $150,000. Long story short, I went to undergrad and then went back for a nursing bachelors and found myself racked up in student loan debt. I have unfortunately been living on a nursing paycheck, fell behind in payments, and my account has been charged off into a debt collection agency. I spoke with them today, and I can’t do any type of monthly payment without it being $6,000 a month. Or it would be a large lump sum up front and then a 12 month repayment - still being a large monthly payment. Any advice on what to do? Can I negotiate to a smaller monthly payment or no lump sum payment up front? I don’t have that type of money. They didn’t seem like they were budging on working with me to pay. Stressed and not sure where to turn or what to do. I don’t want them to take my wages or sue. Help :(

So I unfortunately got myself into a rough situation. Refinanced my private student loans into SoFi that was last totaled roughly at $150,000. Long story short, I went to undergrad and then went back for a nursing bachelors and found myself racked up in student loan debt. I have unfortunately been living on a nursing paycheck, fell behind in payments, and my account has been charged off into a debt collection agency. I spoke with them today, and I can’t do any type of monthly payment without it being $6,000 a month. Or it would be a large lump sum up front and then a 12 month repayment - still being a large monthly payment. Any advice on what to do? Can I negotiate to a smaller monthly payment or no lump sum payment up front? I don’t have that type of money. They didn’t seem like they were budging on working with me to pay. Stressed and not sure where to turn or what to do. I don’t want them to take my wages or sue. Help :(

ETA: The debt agency really only gave a few options on repayment: 1) $36,000 up front with $2,360 monthly payment for 47 months 2) $12,331 monthly payment for 12 months 3) settle for $120,000 or 4) (I think I finally blacked out here so not sure the specifics) but settle to roughly half of what is owed so it’d be $66,000 payment. Not sure if there were monthly payments. I know it’s in collections now, but I feel like a gun is to my head asking where the money is, and I’m “lucky” the weekend is here to give me time to figure something out

So I unfortunately got myself into a rough situation. Refinanced my private student loans into SoFi that was last totaled roughly at $150,000. Long story short, I went to undergrad and then went back for a nursing bachelors and found myself racked up in student loan debt. I have unfortunately been living on a nursing paycheck, fell behind in payments, and my account has been charged off into a debt collection agency. I spoke with them today, and I can’t do any type of monthly payment without it being $6,000 a month. Or it would be a large lump sum up front and then a 12 month repayment - still being a large monthly payment. Any advice on what to do? Can I negotiate to a smaller monthly payment or no lump sum payment up front? I don’t have that type of money. They didn’t seem like they were budging on working with me to pay. Stressed and not sure where to turn or what to do. I don’t want them to take my wages or sue. Help :(

ETA: The debt agency really only gave a few options on repayment: 1) $36,000 up front with $2,360 monthly payment for 47 months 2) $12,331 monthly payment for 12 months 3) settle for $120,000 or 4) (I think I finally blacked out here so not sure the specifics) but settle to roughly half of what is owed so it’d be $66,000 payment. Not sure if there were monthly payments. I know it’s in collections now, but I feel like a gun is to my head asking where the money is, and I’m “lucky” the weekend is here to give me time to figure something out

So I unfortunately got myself into a rough situation. Refinanced my private student loans into SoFi that was last totaled roughly at $150,000. Long story short, I went to undergrad and then went back for a nursing bachelors and found myself racked up in student loan debt. I have unfortunately been living on a nursing paycheck, fell behind in payments, and my account has been charged off into a debt collection agency. I spoke with them today, and I can’t do any type of monthly payment without it being $6,000 a month. Or it would be a large lump sum up front and then a 12 month repayment - still being a large monthly payment. Any advice on what to do? Can I negotiate to a smaller monthly payment or no lump sum payment up front? I don’t have that type of money. They didn’t seem like they were budging on working with me to pay. Stressed and not sure where to turn or what to do. I don’t want them to take my wages or sue. Help :(

ETA: The debt agency really only gave a few options on repayment: 1) $36,000 up front with $2,360 monthly payment for 47 months 2) $12,331 monthly payment for 12 months 3) settle for $120,000 or 4) (I think I finally blacked out here so not sure the specifics) but settle to roughly half of what is owed so it’d be $66,000 payment. Not sure if there were monthly payments. I know it’s in collections now, but I feel like a gun is to my head asking where the money is, and I’m “lucky” the weekend is here to give me time to figure something out