Dont EVER go into private loans blindly
Date: Wed, 12/19/2007 - 13:45
Dont EVER go into private loans blindly
Well stupid me took out CE loans to cover various expenses because I didn't have a job.
Fast Forward to now, I am back in school full time but I don't qualify for deferment because CE loans are only good for 2 years.
At my current job, I make approximately $600 every two weeks after taxes. Even if I consolidated all my loans, there is no way I could cover the $800 a month payments, heck I can't even afford half of that.
I know this is 100% my fault for going into this blindly and not doing any research. Are there any options for me? I will graduate in 2009 and then i would be able to make full payments (if I got a job of course), but until then there isn't much I can do and I don't think I even qualify for income sensitive repayments because the interest is so high (almost 10%)
I am in the same position as you are. Don't give up hang in the
I am in the same position as you are. Don't give up hang in there someone will be along to offer you assistance. I am in the same boat as you so don't feel alone.
ladybug
Unfortunately, private loans do not offer income sensitive loans
Unfortunately, private loans do not offer income sensitive loans and only will offer reduced payments for a very limited time. Deferments are generally only available for the time or length of program that you took the loan out for.
So in other words I'm screwed? I knew I should have never taken
So in other words I'm screwed? I knew I should have never taken those loans out in the first place but at the time I was so desperate for money and totally blind because of it
yeah guest we are "screwed" unless you can refinance this loan w
yeah guest we are "screwed" unless you can refinance this loan we are stuck with it, which unfortunately I can not. It is unfortunate that we didn't really investigate the details of these loans beforehand and unfortunately we are stuck. So by my calculations I should have mine paid off in oh 15 years.
ladybug
Wishing you the best
But thank you for posting. I found this site tonight and have gotten so much valueable information. I applied for a private loan, but it has not been disbursed. I think that I will have to think twice about it now.
Thank you for the heads up