How can I help my brother with his student loans?
Here is some background on my situation to better help understand the whole circumstance:
I’m a 26 y/o unemployed MRI engineer. Currently, I am living with my brother in his apartment, drawing unemployment benefits as I look for work…the outlook is quite grim though, as my line of work is highly specialized and it seems individual start up companies are taking over all the business. I worked for 6 years making roughly 70 grand a year. My credit score is somewhere in the in the 670s. The only outstanding debt I have is my car loan, which I pay as agreed and always have.
My brother’s background:
He’s 25 working full-time as a field engineer, earning about 50 grand a year. His credit score is basically non existent and/or as terrible as it gets as he has student loan debts somewhere in the neighborhood of 60 grand (original loan amount is 32 thousand) which he is unable to pay.
It was explained to me the only way to “rehabilitate” his debt is by 1st making a one time payment of somewhere in the neighborhood of $3,500. Which is a ludicrous amount of money for either of us to have at any given time. We both struggle to get by and live paycheck to paycheck, acquiring no savings whatsoever. He insists to me that any attempt to negotiate a lower payment is batted down by the collectors stating that they took his statement as a refusal to pay. I trust my brother is telling the truth, he’s not a good liar and we have a very good relationship and trust each other with anything.
Given what you know about my situation and his….do you think there’s anything I can do to help? And if not, any advice for my brother as to what to do? He stresses out about this a lot and in turn that causes me to stress out. He has been very good to me these past few months and I am very eager to help alleviate this worry from his life.
This question is in the General Section. Responses must be helpful and on-topic.