help me with my student loans!
Date: Sun, 01/11/2009 - 14:11
help me with my student loans!
im a 23 year old fresh grad. im deep in student loan debt, with good credit, and no credit card debt. problem is, im overwhelmed by my student loans. all together..
private-federal loans. salie mae. 124,000 with interest. 625.00 a month
federal loans.citi. 283.00 a month
perkins. 40 a month.
private key loan. 189.00 a month.
its not that im not willing to pay these back, or even unwilling to find a job outside my field. the economy sucks, im a new grad, my deferment only lasts so long and the interest is piling. on my private loans i have a 12% interest-12%! all these things, which keep piling. yes i could have paid more attention, done things better, wiser, and im willing to pay for all these , but it seems so impossible right now...
i just want to hear from anyone who has any advice, has been dealing with this amount of debt, anyone who is still able to have their own place to live ( i have no one to move back to as a back up...) anything anything. im open to all suggestions and all help.
i just feel like im drowning....
Well for starters, get your federal loans and perkins consolidat
Well for starters, get your federal loans and perkins consolidated with the Direct Loan Program with the DOE.
Not sure this helps, but just thinking outside the box . . . Sin
Not sure this helps, but just thinking outside the box . . . Since you're willing to work outside of your field, have you considered looking for work in an area where debt forgiveness (at least of the government backed loans) is one of the perks - like law enforcement? Another option - assuming you are interested - is the military. You get a forebearance on your government guaranteed loans (and maybe the private ones) for as long as you remain on active duty.
Thanks Soaplady. In hindsight, I really should have researched
Thanks Soaplady. In hindsight, I really should have researched it further before sticking my two cents in.
Focus on your private loans. Make those your priority! After y
Focus on your private loans. Make those your priority! After you consolidate your federal loans, you can file for Income Sensitive payments if you don't make enough to cover all your loans.
Private loans are very strict, once your initial grace period is over, it's near impossible to get any kind of foreberance or deferment. Not only that, but if you default, you're screwed, private loans do not offer rehab and WILL sue.
Student loans
I am having a very similar situation however I do work full-time and am having a really hard time paying. Sallie Mae who is serving my loan only looks at total gross pay in determining if you qualify for income sensitive loans.
You can apply for a forebearance for up to 5yrs as I have done already, that is an option. And if you don't have a job that qualifies you for a forbearance also.
must be federal if he/she can get income sensitive and more then
must be federal if he/she can get income sensitive and more then one year of foreberance.
duh...not enough coffee. Ok...have you consolidated your l
duh...not enough coffee.
Ok...have you consolidated your loans yet?
Soaplady, would like your advice on my private student loan situ
Soaplady, would like your advice on my private student loan situation. I have read many forums regarding Private Student Loans and all say that they are impossible to settle for less. I guess I'm a hard head and decided to attempt settlement anyway. My loan is for $35k through AES guarantor: TERI. I was a real estate investor and I'm in the process of losing all my properties and have settled $70k of $100k in credit card debt. Due to my financial mess I no longer have any assets, 401k or savings. In addition, I am head of household in the State of Florida which protects my wages. So although AES can sue me, they can't collect anything much like the unsecured creditors. So my question to you is, am I missing something? Do they have the ability to override laws that that unsecured debtors cannot? I know federal loans have many ways to collect but I'm going under the assumption private student loan collectors only have the ability to collect the way an unsecured debtor does. I would think AES would settle knowing they have no way to collect the money. Thoughts?