Re: NWR : Student Loan Debt

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Posted by futuremrsmultari

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Posted by Mich0621

Oh my, I totally hear you...I cringe every time I go out to the mailbox. Private loan companies are criminal and disgusting...they have no consideration that we might want to eat or live with a roof over our head.

I had to take loans out for law school. I could have a house with my law school debt. One wants 900 a month! (That is the private loan). I also have no idea what to do, as I work in the public interest sector and make little...I would try to re-consolidate...good luck!

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Thanks...I hear ya...I have about $100,000 in loans and they are growing so fast with interest. Some say to take a private loan and pay off some but that's still 8%. I'm so lost. I told FH we need to buy a house just to get a home equity loan, haha....

I seriously have no idea what to do!

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I feel your pain - I didn't take out $100,000 in principal but now with the interest over the past few years I'm just shy of 100k!!

I'm going to talk to my dad - when he finished law school he had about $80k and somehow he was able to have it where it was just one payment of $450.

Re: NWR : Student Loan Debt

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Posted by futuremrsmultari

I know this has been touched on so many times but I need advice....

I have TONS of student loans both private and federal. They're with about 4 different lenders now and each one wants about $300/month or more. I just can't do it. One of my lenders is impossible to deal with in terms of getting deferments, etc. If I consolidate some of loans with lower interest will go up due to consolidation with higher interest loans.

I really have no idea what to do and it's stressing me out beyond believe. Should I go speak to a financial advisor? Do I shop around and consolidate?

I tried Nelnet and the payment was smaller but still HUGE!

HELP!

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For one you don't combine your federal loans with your private. The federal loans will give you a low locked interest rate. When I consolidated all my federal loans I locked in something ridiculously low like 2.5% and it's dropped since because I signed up for auto deduction and never had a late payment so it stays forever. Private are a completely different animal. There are companies that do it and most of the time they are variable. It does make it a lot more manageable by consolidating so definitely look into it. FM me if you want the names of the companies I use.

Re: NWR : Student Loan Debt

Look in to www.upromise.com

There is a lot of helpful info, plus when you purchase things, it actually deducts money from your loans!!! I know a lot of people that use it. Your family can sign up under it too, and when they buy things like groceries, etc, it helps pay off your loans!

Re: NWR : Student Loan Debt

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Posted by LeslieMike

Look in to www.upromise.com

There is a lot of helpful info, plus when you purchase things, it actually deducts money from your loans!!! I know a lot of people that use it. Your family can sign up under it too, and when they buy things like groceries, etc, it helps pay off your loans!

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I just registered. Do I have to link it to my loans or something? Sorry, I'm slow today...

Re: NWR : Student Loan Debt

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Posted by futuremrsmultari

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Posted by LeslieMike

Look in to www.upromise.com

There is a lot of helpful info, plus when you purchase things, it actually deducts money from your loans!!! I know a lot of people that use it. Your family can sign up under it too, and when they buy things like groceries, etc, it helps pay off your loans!

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I just registered. Do I have to link it to my loans or something? Sorry, I'm slow today...

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Yes you have to link your loans. You can look at their list of registered providers and all you need is your social, name and date of birth.

Re: NWR : Student Loan Debt

Girl, I am SOO with you on this. I wish I could give you advice, but I am in the same boat and I struggle with the pymts every month too!! Wanna go have a drink with me, LOLOLOL cause I need one!!

Re: NWR : Student Loan Debt

OMGGGGGGGG, this thread inspired me to call my loan comps and my MINIMUM payment (after all consolidations, extensions, etc.) will be $800!!!!!!!!!!!!!!!!!

Re: NWR : Student Loan Debt

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Posted by Jess125483

OMGGGGGGGG, this thread inspired me to call my loan comps and my MINIMUM payment (after all consolidations, extensions, etc.) will be $800!!!!!!!!!!!!!!!!!

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Perhaps we can all live together to reduce rent so that we can afford our stupid payments....

and yes, I think I need a drink, too!

Re: NWR : Student Loan Debt

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Posted by Jess125483

Also, I'm not yet in repayment on any of these loans because I have a year of law school remaining. However, I'm accuring interest on this pain in the but 13% loan. Am I able to pay this loan off now (hypothetically, if i were to take out a home equity loan and use those funds to pay it off) despite the fact that it's not in repayment yet?

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I was lucky and only got loans the last two years of law school but I had the problem of repayment and I didn't look into it when I clicked that 'accept' button (LESSON: PLEASE READ ALL FINE PRINT), so when I graduated law school I had 5K accumulated in interest!!!!!! I made a huugggee first payment (thanks to my father) and paid off all the interest in the private loans so now I'm really paying like $100 in interest every month and whatever I want to put extra for the principal. They charge you tons of penalties to pay in full, which is why I'm sucking it up and paying it slowly until I'm ready to pay the penalties.