Debt Problems

Single parent w/too much student loan debt afford living, and too much income for assistance, any answers?

I have recently decided that I can no longer live w/my toxic parents. Which means my 6.5 y.o. daughter and I are now homeless. Currently we are staying at my sister's house, but it is clear we will not be allowed this luxury for long. I have a good career and work full-time, but I borrowed so much money while in school, my student loan debt is greater than 1/2 my income and w/other debt I basically have zero dollars left for child care or housing, my sister is a teacher and is off in the summer, but once school starts I will be homeless and w/out child car and this will make employment difficult, I have been looking at government resources, but b/c they mostly go by income and household size I do not qualify. I am basically looking at moving into a shelter with two bachelor degrees and a full time job as a registered nurse.this is why I went to school in the first place to provide for myself and my daughter.The parents are no longer an option and I have no friends in this state

Public Comments

1. can you not write to your lender..they are sure to be able to make it a better payment option
2. you can call your student loan people and if you consolidated and even if you didn't you can negoitate your payments to lower. And sorry to say this but you may have to not pay the student loans and just let them go into default pay your other debts and realize it will be awhile before you can buy a car or a home. But 7 years after not paying the debt will go away you will have creditors calling and maling when you find a place even if you don't give them the number but you need to take care of your child first
3. This is only a start, but have you looked into child care at your local YMCA? They often times offer before and after school care for parents with low income. I would call the company that you have loans with and other creditors, and explain your situation. They may be able to defer payments for you until you're on your feet and not harm your credit so you are able to find a nice, affordable place to live. I can't imagine how hard this must be for you. Good luck!!!
4. consolidate the loans- lower payment and probably interest rates and sometimes you can wait a month or two before starting to pay. you can also stop having to pay for a while if you call them and just explain to them the situation. tell them ur having financial problems and having trouble coming up with the payments. you should also look into renting an apartment. if ur daughter is 6.5 then she will be starting school soon so that helps in child care costs. and congrats on ur decision on moving away from parents- if they're that bad than its a blessing
5. I agree with everyone else that you should call your lender/s and try to get a deferrement. Explain your situation and see what they do. When you looked into what you can afford, did you look at 1 and two bedroom places or studios? You could share a bedroom with your daughter in a 1, or just make the living room your bedroom with like a daybed. Don't forget the studio apt's. It'll be a big pain in the behind to be in one room with your daughter, but it beats the heck out of a shelter. And it's YOURS! Being a RN, can you switch to 2nd shift and get your sister to watch your child? If you're working 3 to 11, your kid would only have to go to after care for a few hours, then your sister could pick her up until you get off work. Again, a real pain, but it beats the shelter. Same thing with you working third shift. If you're working 11 to 7, then you may not ever need to pay for child care. You would just drop your kid off on your way to work and your sister could drop her at school in the morning on her way to work. You'd be home in the afternoons with her. Again, not ideal, but I've known 2 women to do that and it worked out rather well. In the end, you might want to consider moving to wherever your friends live for a better support team. Every mom, single or not, needs friends.
6. Try contatcting your lenders and getting your payments reduced or contact one of those companies that consolidate your bills (that may hurt your credit so do your research first). Where is your daughter's father? Can he help? You may need to get a second job maybe working on the weekends and ask your sister to watch your daughter while you work extra shifts. Also can you work while your daughter is in school? Or work at night? I work from 10pm-6am so that I am home during the day. See if your sister can letyour daughter sleep over. Look for a very small, cheap apartment or possibly room for rent. I know it seems bleak but it would only be until you get back on your feet. Good luck.
7. Good news is your daughter is old enough to be in school. That made my life easier, I know. I would suggest finding a school with on-site daycare, or a daycare that will drop your daughter off at school and pick her up. I'd also suggest researching online for a city in your metropolitan area with the lowest cost of living, possibly even move to a cheaper metropolitan area, if necessary. You could always look online to find out where registered nurses are needed most - where there's high demand, there's better pay. I'd also recommend consolidating your student loans (if you haven't) and also call and formally request a forebearance. Even a year of no loan payments can make a big difference in you getting your life in order. I am with you on the toxic parents. I understand your predicament. I had to get very creative, and call lots of daycares, apartments, credit/loan people, everything I could think of. I promise you it will level out eventually - you just have to be strong enough to stick it out right now. And with a 6 year old and two degrees, its' clear to me you're strong enough for this. My advice is don't be afraid to ask for help, don't be afraid to move to survive, and don't be give up. I got lucky and did not have to move far only 4 cities over. I only had to get a 6 month forebearance on my loans, and had to change jobs. We survived in a one-bedroom place for 4 years, and now we're doing great. You can do this.