(Closed) Student loans: how do people do it?

posted 7 years ago in College
Post # 3
Member
2584 posts
Sugar bee
  • Wedding: June 2012

@nutMeg13: I’m still in college so I can’t answer that but I’m so scared of this happening too 🙁 I hope someone can give you good advice!

Post # 4
Member
380 posts
Helper bee
  • Wedding: January 2017

Which plan are you on ? I know their are payment plans that are based on income. I graduating next spring but with my project income or around 40k I should be paying about $200 a month after consolidation 

Post # 5
Member
4465 posts
Honey bee
  • Wedding: June 2010

I had the same question when I got out of school.  Private loans are a terrible racket and things are not explained very well.  I got stuck with a high payment and a ridiculously high interest rate and I can’t get out of any of it.  It all feels like such a scam because you sign this stuff when you’re like 18 and have no idea what life is going to be like when you get out of college.

The loan companies can sometimes help if you just call and say you literally can’t pay that amount.  Like you make XXX and the payment is XXX and you just can’t do it.  Maybe they can extend your loan period to make the payments smaller…?

My payments were (and still are) smaller than yours so I was able to struggle through, but I totally feel your pain.

Post # 6
Member
5296 posts
Bee Keeper
  • Wedding: January 1993

This is why there needs to be more financial education for students, so they are aware of exactly what they are getting into.

I didn’t take out any private loans (I was too scared of what you’re finding out happening to me), so I have not knowledge there, but I would try to get the federal payments reduced/deferred as much as possible to pay off the private ones faster. It ends up being more interest, obviously, but the private ones will drown you much faster.

 

Edit: also see you if you can consolidate and possibly get a slightly lower interest rate.

Post # 8
Member
380 posts
Helper bee
  • Wedding: January 2017

I should have ask what kind of loans since all of mine are federal, check out that link it may help lower you payments if you got fed loans

Post # 9
Member
1944 posts
Buzzing bee
  • Wedding: June 2009

I’m so sorry! I honestly have no clue; my loans were 14 years ago and my interest rate was 2.15%. Looking at my friends loans who is a senior, times are definetly different.

Post # 10
Member
339 posts
Helper bee
  • Wedding: July 2009

Private loans suck! My financial aid office didn’t do a good job of explaining to me the difference between the federal and private loans. I thought they worked the same and that I could defer while I was unemployed. Wrong!

I got into trouble with one of the loans which defaulted and I didn’t have good credit for awhile. This was years ago, though. Between college and grad school I have about 65k in student loan debt. Can you consolidate your loans? Last summer when my grad school loan payments kicked in, I was paying $800 a month, my consolidation went through by the fall and I now pay $400 a month. $400 a month for the next 20 years. Sigh.

Post # 11
Member
6512 posts
Bee Keeper
  • Wedding: September 2012

I do it resentfully.

But seriously, press them about income based plans.  They’d much prefer you be paying SOMETHING than defaulting. 

Post # 12
Member
2559 posts
Sugar bee
  • Wedding: September 2010

Yeah I have a private loan from Wells Fargo and my base payment is $61.31 a month… Will take me forever to pay it off at that rate, esp with interest, but it’s affordable on my current salary. Maybe because I didn’t have to take out a lot (in the grand scheme of what some students need?).

Post # 13
Member
380 posts
Helper bee
  • Wedding: January 2017

If all else fails there is always the peace corp, last time I checked they forgive a current % of your dept for 2 years of service. I was planning on doing that but end up having a family before I finished school.

Post # 14
Member
2584 posts
Sugar bee
  • Wedding: June 2012

@Koolbeans621: Her first post says the problem is private loans.

I think the main problem is that private loans are super inflexible. I have to pay back private loans WHILE I’m still in school! (Not sure if it’s always been that way.) They are not very student friendly but unfortunately are the only way to get through college for some 🙁

I really hope your bank is able to help you out, or that you can get your federal loans decreased some!

Post # 15
Member
380 posts
Helper bee
  • Wedding: January 2017

mrsjazz don’t mean to tread jack but were your privite loans from grad school?

Post # 16
Member
3375 posts
Sugar bee
  • Wedding: October 2011

Wait! How much do you owe? Darling Husband owed 80k and his (our) monthly payment is only $500.

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