My friend went to a private college two years ago and they gave him a student loan for school.
Now he have 1 semester left and he dropped school - after the 6 month grace period
$27,000 original money- After interest its 52,000 over 20 yrs.
His job only giving him 30,000 a year and he can't save not even a $100 amonth over all.
The minimum payment for the loan is $217.00 and he hardly live with his salary now.
Please advice what he should do.
FYI the loan is on his credit report. and he has a SSN. and going to apply for citizenship if this helps.
Thanks in advance.
2006-12-20 04:58:51 · 3 answers · asked by bondo2 1 in Education & Reference ➔ Financial Aid
Has he considered applying for a student loan consolidation? It can stabilize the loan payments if it is an adjustable rate loan. If he has several loans, it can make the payments smaller and more affordable to his budget.
2006-12-20 06:53:00 · answer #1 · answered by dawncs 7 · 0⤊ 0⤋
he should consolidate his loan and choose income contingency for a payment plan. The lender will ask for a payment that is compatible to his income.
2006-12-20 06:53:03 · answer #2 · answered by sunshine23511 5 · 0⤊ 0⤋
Check out: http://loanconsolidation1.blogspot.com They have good information on student loans, refinancing and loan consolidation.
http://loanconsolidation1.blogspot.com
2006-12-21 11:24:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋