(Closed) Got student loans? Got Questions? Ask Away!!

posted 6 years ago in College
Post # 3
1810 posts
Buzzing bee
  • Wedding: May 2012

Barring that a person can’t pay off their loan in ‘one lump sum’

Which payback option do you feel is the fastest way to repay one’s loan? Does consolidating really help?


Post # 4
179 posts
Blushing bee
  • Wedding: December 2012

@Hippos:  I consolidated my student loans and it really helped. If I didn’t I would have to make 3-4 different payments a month ranging from $75.00 – $300.00+. I also got a much lower interest rate, so that was a plus.

Post # 5
2550 posts
Sugar bee
  • Wedding: July 2013

Is there any way to transfer the borrower on a federal PLUS loan? My mom took out the loan however the agreeement at the time & now was for me to make the payments once I graduated. I’ve been making payments now for 3+ years but can’t use the interest for my taxes, etc. b/c its in her name. I’d really like to get it transfered to my name instead of hers so it’s off her plate but when I call to ask about it they act like I’m crazy… Thanks!! 

Post # 8
492 posts
Helper bee
  • Wedding: May 2014

@hiroshymatetrastar:  I just started my graduate program Monday and I was considering a Gradplus loan, are they difficult to qualify for?

Post # 9
1278 posts
Bumble bee
  • Wedding: March 2013

@hiroshymatetrastar:  I live in Las Vegas NV and am an educator. I have almost $80k in federal student loans (I just consolidated last year) and would like info on the 10 year forgiveness plan where I pay for 10 years and the rest is forgiven? Where can I get that info to get signed up? My loans are in forbarance right now but only for another month, then my graduated re-payment plan for 25 years is $550 a month which I can not afford.

Post # 10
2143 posts
Buzzing bee
  • Wedding: October 2015

If you take an extra (5th) year of undergrad, is you loan eligibility any different?

Post # 12
6741 posts
Bee Keeper
  • Wedding: June 2014

I took out all federal loans to pay for law school.  I worked 3 years in public interest, paying under IBR.  I only recently found out (a few months ago) that in order to get the 10 year loan forgiveness, I have to not only pay IBR, but I was supposed to reconsolidate under Federal Direct.  I am in the process of reconsolidating now (I switched jobs and wanted to make sure I was still in public interest – which I am). 

Is there anything I can do about the 3 years I already worked or have I lost the credit for that??

When I reconsolidated, they gave me a fairly high interest rate (the application is not completed) – is there anything I can do about that or am I stuck with that interest rate?

I was also told that I can only reconsolidate one time in my lifetime – is that true?

ETA:  By The Way – thank you SO much for coming on here and answering questions – this is one area that I am SO lost in and feel like I don’t know who to ask because I get different answers from everyone!  Thanks!!

Post # 15
41 posts


 I am worried about being able to make the monthly payments once I finish school (I should be able to, but you never know …). I was thinking about getting a repayment plan that has a low month payment, knowing that it accrues more interest, and then paying above the minimum monthly payment as much as I can. What are the flaws with this idea?

 Thank you for offering your expertise!

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