I'm afraid of my student loans!?

Question

I'm about to graduate, and my $50,000.00 in Student loans will come into repayment in 6 months, there's no way in hell I am going to be able to make the payments, what can I do?
Anyone have any luck with consolidation loans or applying for a stay on some loans?

Answer 1

How do you know you won't be able to repay them? No income? Then you need to find a job. Not enough income? Find a better job and/or lower your expenses.

In either case, you need to consolidate your loans today. Call all your friends and ask what they did, call your loan company, read my sources below, get the forms, fill them out, and mail them via overnight mail right away.

Why hurry? Because the interest on student loans is going up about 2% on July 1st. Your payments will be even worse than you think if you don't consolidate. The only bad part is if you do consolidate, you lose your 6 months buffer and have to start paying off right away.

Good luck.

Answer 2

Consolidation will give you the convenience of one payment a month for all of your lenders. Be aware, however, your new nterest rate will be an average of your previous rates rounded UP by one-eighth of interest point, which could mean thousands more in cumulative interest. Also the consolidator will probably try to encourage you to lengthen your repayment time from 10 to 20 years -- good for lowering your monthly obligation, bad for adding thousands in interest expenses. Check the SallieMae website for lots of details on your options. Also talk to a financial aid counselor at your school.

Answer 3

Hi Jason,

The best option would be to consolidate your loans at the current low rates( they shall increase in a couple of days time...i.e. on 1 July 06 ). You could still use your federal rights of defferment and forbearance and ensure that your monthly payments are as low as possible. My friends who work at at a loan consolidation company would be able to guide you better......they give accurate information and the best part is that they do not force you to consolidate if you dont want to :) ) ..Call them on 1800-446-5418.

Ciao
Neel.

Answer 4

Unfortunately, student loan interest rates go WAY up on 6/30/06 thanks to Dubya! It is imperative that you consolidate before then.

Myself, I am a grad and need to consolidate my loans before the deadline! So I went on a google hunt (I mean search ;). Eventually, I did find a site that has rated a few student loan consolidators, and says they have checked them out. Here's the web page: http://lendersrated.com/studentloans.htm...

Hope it helps you...
karateross

Answer 5

you don't have to pay all the money back at once, the payments should not be too high, but just make either the minimum or just send them any amount of money to show you are trying to pay them back. You have a college degree now quickly get a job and pay those loans. Non payment of student loans goes on your credit history, and will effect you getting a house mortgage

Answer 6

My ex consolidated grad school debt of 80K which helped a lot. Then repaid the entire outstanding balance after 5 yrs of working. If memory serves, the payments were cut in half.

Answer 7

Here is an article on debt consolidation, which would be of your help:

Debt Consolidation | Get Out Of Debt
http://www.askaquery.com/Answers/qn1643.html

Answer 8

Hey here's a whole blog filled with info on how to go about consolidation your student loans, hope it helps:)
http://federal-loan-consolidate.blogspot.com/

Answer 9

Visit the "Get out of debt" section on leading financial website "The Motley Fool": http://www.fool.com/ccc/debt/debt.htm

In particular, read the seminar:
http://www.fool.com/seminars/capitalone/index.htm?sid=0001&lid=000&

Answer 10

I'm afraid of card board