Student loan help
Date: Thu, 10/23/2008 - 06:43
Student loan help
As of right now I have $15,559 at 3.5% in Federal loans and the rest is private student loans at an interest rate of 11.75%. I am really kind of stuck and would love some advice on anything that I might be able to do. I work within the IT field and have been for the last 5 years but am not making anywhere near the salary that I need to be to afford my loans and the only way that I know of to really guarantee that I could make more money is to go back to school for either something else or to get further schooling in IT which means stacking on more student loan debt which I do not want to do at this time.
Well for starters, you cannot consolidate your federal and your
Well for starters, you cannot consolidate your federal and your private loans together....at least not within the student loan system. You can easily consolidate your federals with the Direct Loan Program. However, private loan consolidation is a lot more difficult....many of the consolidators have dropped out.
With your private loans, about the only thing you can do it increase your income either by working a second job or getting a better paying job and get them paid down quickly. I know it sounds harsh but that is the reality of private loans. Going back to school may or may not be a good option as a lot of private loans do not allow the additional in school deferements....you would need to check with your lender. Even going back to school is not going to guarantee you a higher income.
