James and Hannah: Overwhelmed by $100,000+ in Student Loans

September 10th, 2018

Together, James and his wife, Hannah, had over $100,000 in student loan debt.  Hannah was forced to drop out of college before earning her degree because of medical issues and a surprise pregnancy.  With the high cost of childcare, the couple decided that it would be best for Hannah to stay at home with the new baby, so all three were struggling to live on James' $30,000 salary. Together, James and Hannah's student loan payments were over $1,500 each month, taking up 75% of the couple's monthly budget! 

When they came to CCCS for a Student Loan Review, the couple was feeling hopeless and overwhelmed.  Their student loans were in deferment, but they knew that they were simply delaying the inevitable.  They met with Tina Williams, one of CCCS' certified financial professionals. 

Tina helped James and Hannah locate all their loans and then assisted them in contacting each of their lenders, asking about non-standard repayment plans that would reduce the couple's monthly payments.  After contacting each lender, Tina was able to help James and Hannah place their loans on Income-Based Repayment (IBR), allowing their payments to be based on their household income and the size of their family.  The couple's total monthly student loan payments went from over $1500 to less than $150! 

James and Hannah feel like their student loan burden is finally bearable.  They have a monthly payment they can actually afford and a plan for the future. Tina didn't do anything that the couple couldn't have done on their own, but they felt her expertise guided them through the process much more smoothly (and with much less stress) than would have been possible on their own.  And the total cost of Tina's services was only $15!

To learn about different repayment options for your student loans, use Federal Student Aid's Repayment Estimator.  To schedule your own Student Loan Review, just call (423) 490-5620 or email cccsfd@partnershipfca.com.

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