Thanks for all the great ideas so far...I appreciate all of them (Led Zep).
I just renewed my CFI/CFII/MEI certificate and I'll consider flight instructing on the side.
I'm trying right now to negotiate with the Collections department to get off my back if I send them the $650/mo until I can refinance this thing. So far, my parents seem willing to help until I can get something refinanced. It's embarrassing to be 34 and crying to your late-50-year-old parents to bail you out. It's also embarrassing as a husband (and a man) to ask your wife to front the living expenses. My wife works and we don't have kids. While we agree that we're in this thing as a "partnership"...I don't want my marriage burdened with such debt. Believe me, I'm already trimming the expense fat. If not for the generosity of my family, I don't know where we'd be....our Xmas funds are all going towards moving to MN.
Let me make something clear...I have no problem paying my other debts. Credit cards are okay...and my $23k Federal loan was consolidated back in July '05 at 3%. I have no intention of consolidating Federal with Private...nor, would I be able to. They are different entities. The only problem is this $53k private alternative student loan. To the contrary of what some of you have said, I was informed by a bankruptcy attorney that you CANNOT declare bankruptcy on Private Alternative Loans. So, I don't know who is right. I don't want to declare bankruptcy, I just want to pay a fair/reasonable monthly rate. Believe me, I don't want my new found employer involved if they don't have to be. I'm just an honest blue-collar American willing to work my way to the top...why should I be penalized when there are so many others who get away with cheating their way to the top and then do only hours in jail while people like me get it up the tailpipe????
Today, I investigated the "Income-Contingent Consolidation" and "William Ford" loans...but, they only apply to Federal loans, not private.
I'm currently investigating the following:
http://www.student-loans.net/consolidation/
http://www.salliemae.com/after_gradu...ns/private.htm
http://www.studentloanconsolidator.com/private/
http://www.freedomdebtrelief.com/
Today, I also looked at refinancing with American Education Services (AES), but they con
tract to yet another 3rd party (Key Bank) and the best they can offer is 10yr/8.66% variable, 15yr/9.16% variable, and 30yr/9.91% variable rates. Any of those rates is better than the current 11.2% I'm currently at, but I've already found companies (links above) that will do better.
I'm interested in more experiences/input out there. There has to be a way out of this. It's so nuts.....I mean, 5 years of going back to school...sacrifices....our future is right in front of us now....it'd be a shame not to realize the American dream now. It's like my good mother told me the other day...."You've got the brains and certainly the skill to do all of this...you just can't afford it." Mom is so right.