I took out a student loan for the amount of {$12000.00} XX/XX/XXXX to attend XXXX XXXX University in XXXX, GA. I was assured that my interest rate was 6 %, and reluctantly agreed. What I did not know at the time was that the interest rate was variable, deep within the many pages of fine print of the original contract. Since then my interest rate has ballooned to 18 % and now currently it has went back down to 13 %. I am not working, and although I have been trying hard to gain employment I have been successful. Back in XX/XX/XXXX, after graduating, I found myself in the same predicament, and XXXX XXXX lenders allowed me to defer my account for three months. Now XX/XX/XXXX, I am in a devastating financial state, and XXXX XXXX says according to the terms of my agreement, I can only forebear it once during the life of the loan. They are now threatening to take me to court, and will not work with me in terms of allowing a brief forbearance while I continue to aggressively attempt to secure employment. They did say I can possibly make a payment plan of {$150.00} a month, but only if I submit my bank statement, and the rep even noted that if they find that I spend money on XXXX or restaurants, they will not consider this plan, because I must " obviously have money ''. The truth is {$150.00} is not bad at all, but I just do n't have that money at this moment. Any advice on how to proceed will be greatly appreciated.