I Owe $130,000 in Student Loans

Jennifer Sammartino has a great education and a mountain of student loan debt

When Jennifer Sammartino needed help paying for college, she, like many students, took out federal and private loans. Now she’s faced with over $130,000 in student loan debt.

After Sammartino graduated from La Salle University with a Bachelor's degree in Psychology. she had no luck getting a job. She then made the decision to go back to school, hoping that a Master’s degree would bring in more job opportunities. 

But graduate school also meant more loans.

Unable to get approved by herself, Sammartino’s parents co-signed for the majority of her loans. Now they could be in serious financial trouble too.

If Sammartino defaults on her loans, her parents could lose their home.

Sammartino, now with her Master’s degree is still unable to find a job in her field. She works as a case manager for special needs children, but her salary isn't enough to pay back all the money she owes for her education.

The debt seems overwhelming to Sammartino. “I would like to be able to pay my student loans, and we know that we have to pay them back,” she says, “But we don’t know where to start.”

Fred Amarein, a Financial Planner who specializes in student loan planning and debt says Sammartino needs to take inventory of her loans and then her best option is go to the lenders and try to consolidate her private loans.
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