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Thread: COLLEGE LOAN.. HELP

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    #1

    Bang Head COLLEGE LOAN.. HELP

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    I have $50,000 plus in college loans. I dont make a large amount of money and I want to independently pay off my loans. I dont want to burden my husband with my debts. What do I do because I cant even pay the monthly balance. I was thinking about consolidating but I dont know what the right move would be for me. Please help with any suggestions.
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    #2
    What type of loans? Private? Federal?
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    What my sister did since she left school with $80,000 in loans and Sallie Mae wanted her to pay 600 a month is that she went to her bank and got a personal loan for the same amount (our mom had to cosign) and that meant lower interest rate and smaller monthly payment. She will be paying a little longer than Sallie Mae planned, but it's worth it to not be making a rent payment towards her student loans every month.


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    #4
    both federal and private.
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    #5
    I know I am with Sallie Mae also.. they are so impossible and ridicilous.
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    #6
    You have a few options. You can apply for a deferment for a specific period of time. This is meant for people that are suffering temporary setbacks, like loss of a job or returning to school. Generally you have to be up to date on payments and meet specific criteria so that would be something to ask your lender about if you think it applies to you.

    You could also consider a forbearance, which is basically when you don't have to pay for a set amount of time but interest still accrues on your loan. Usually it's easier to get forbearance than a deferment. Forbearances are also for temporary hardships but can include things like the loan payment being more than a certain % of your monthly income (usually more than 20%).
  7. I betcha you would have done the same!
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    #7
    I have SallieMae as well, all federal, and looking at about 40k

    But, they've been offering me the IBR program. If you go to your Sallie Mae portal, it probably has a link to it. It's based off of your income and sets your payments to where you can afford them. If you still have a balance after 25 years, it is forgiven. Basically it lengthens your payments but makes them more affordable based on your income.

    From what I can tell, it still shows up as 'paid in full' on your credit, so there aren't any negative credit effects. It is a government backed program and encompasses all of your student loans as long as they are under certain requirements.

    If your income goes up one year, you pay more, if it goes down, you pay less. It's so that you aren't completely swallowed by your student loans. If your income goes up so much that you are able to make your normal payments, you do so, but still stay under the program in case your income drops again.

    Here's a FAQ: IBR FAQ

    I haven't applied for it yet because my loans are still in the grace period and I should be back in school before that grace period is over, but based off of their calculator, my payments would go from about 450 to 100 a month.




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    #8
    Quote Originally Posted by Willow87 View Post
    I have SallieMae as well, all federal, and looking at about 40k

    But, they've been offering me the IBR program. If you go to your Sallie Mae portal, it probably has a link to it. It's based off of your income and sets your payments to where you can afford them. If you still have a balance after 25 years, it is forgiven. Basically it lengthens your payments but makes them more affordable based on your income.

    From what I can tell, it still shows up as 'paid in full' on your credit, so there aren't any negative credit effects. It is a government backed program and encompasses all of your student loans as long as they are under certain requirements.

    If your income goes up one year, you pay more, if it goes down, you pay less. It's so that you aren't completely swallowed by your student loans. If your income goes up so much that you are able to make your normal payments, you do so, but still stay under the program in case your income drops again.

    Here's a FAQ: IBR FAQ

    I haven't applied for it yet because my loans are still in the grace period and I should be back in school before that grace period is over, but based off of their calculator, my payments would go from about 450 to 100 a month.
    wow.. this sounds like a good deal. I have to talk to them about this.. thanks

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