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Need Advice for Student Loans

Date: Wed, 08/08/2007 - 16:31

Submitted by shughes0993
on Wed, 08/08/2007 - 16:31

Posts: 40 Credits: [Donate]

Total Replies: 1

Need Advice for Student Loans


I am currently a student at DeVry University. I have one more year to go. By the time i finish i will have almost 40,000 in student loans. Now, at the time being i am currently clearing up all of my debt like my credit cards and old accounts on my credit reports, so i will not have any other outstanding debt once im done. My question is i know i will have my 6 month grace period, what is the BEST way not to default on my student loans,i knowi have to pay every month but things do come up. i am trying to get prepared to pay this debt off because i do want to buy a house once i am graduated from school. I currently have Sallie Mae, but i dont think i want to consolidate with them once i am done, any suggestions on who would be good to consolidate with? Also,how to apply for a deferment or a forebearance if needed. Any advice would be very helpful.


The biggest advice I can give to you to prevent default is to keep in touch with your lender. If your phone, address or email changes, call your lender immediately. Do not expect them to look for you without consequences...also mail forwarding is not considered notifying your lender. If you are running into financial difficulties, call them before you miss a payment, not after. They can easily grant a deferment or forebearance to prevent your credit from being damaged.

For a lot of people, consolidation is a huge benefit. Payments can be extended out further to make them more affordable. However by my calculations, your interest will be running you about $225 per month so keep that in mind. If you decide to consolidate, I always recommend doing so with Direct Loans thru the Department of Education.


lrhall41

Submitted by SOAPLADY on Thu, 08/09/2007 - 19:36

( Posts: 17315 | Credits: )