Parents facing big trouble

Hi everyone, I just joined this morning.

I found this website while perusing the web to try to see what was going to happen to me. I am facing big trouble.

We sent our kids to college. It seemed the right thing to do. I had a great job and figured I could handle the costs. I also figured the kids could help out after a while when they got on their feet.

But it didn't work out. In 2005 my wife was diagnosed with stage III metastatic breast cancer, and we put our then-consolidated loan on forbearance while she fought it through. Happily, she is a survivor.

Unhappily, I was unexpectedly laid off from my job in November 2009. I was 62 at the time. As you may have heard, it's hard for an older person to find living wage employment these days. I've been out of work for two years. I am close to the end of UI benefits and soon all I will have is Social Security. And my student loan unemployment deferment is about to run out.

I owe over $400,000 on $133,000 principal. They are going to want over $1100 a month, and my Social Security is $1650 a month. I have no idea what the next year will bring. I keep thinking that you can't squeeze blood out of a turnip but I gather they are going to try. After I got laid off we went into foreclosure on our home and my wife and I now live in a trailer in North Carolina. Our kids have not really gotten on their feet in this economy and are both just making it.

I expect they will garnish my Social Security. I wonder if they will seize our trailer? If we default we may not be able to get food stamps, I hear. When I look into the future I can only see gloom.

We tried to give our kids a good start, but we did not foresee the ensuing medical situation or economic downturn. I have no idea where to turn, and my only hope seems to be forgiveness of the loan.

Is anyone else out there in a similar situation? Is there any hope?

Thanks for reading.

Bob