I just recently graduated and don’t have a very good income. What can I do when I can’t afford to repay all my student loans at the same time?
2006-12-28 05:35:59 · 9 answers · asked by MARY C 1 in Education & Reference ➔ Financial Aid
speak to your lender ASAP !!! work something out with them or get another loan to pay them ....
2006-12-28 05:37:43 · answer #1 · answered by Anonymous · 2⤊ 1⤋
You need to discuss this with your financial institution. Explain your situation and see if you can negotiate a payment plan that will allow you to either make smaller payments for a longer period of time, or defer payments.
Most places will understand and try to work something out with you. They know it is better than you defaulting on the loan and then they may not end up with any payments at all.
They also would much rather hear it from you now than in a month or two after they have had to send warning letters and collection agents.
Finally, another option is if you have family or friends that are willing to help you out. As a matter of policy, I try to avoid this. I have been burnt twice by relatives who wanted to "borrow" from me to cover a debt they had or to help get their business off the ground. But as long as they are willing and you fully intend paying them back once you have a good income coming in, it should not be a problem.
2006-12-28 05:45:08 · answer #2 · answered by SteveN 7 · 0⤊ 0⤋
see about an economic hardship deferment. depending on how much you make vs your student loan income you may qualify.
or if you are recieving any type of public assistance, such as heat aid, food stamps, medical aid.
if you are working over 30 hours a week and make less than $1100 gross, or if you are working over 30 hours a week and your income - your student loan payment = $2420 or less. keep in mind the student loan payment is calculated based on a 10 year repayment term.
hope that helps.
2006-12-28 18:58:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Call the lender and ask for an extension. How did you end up with a low income job after graduating from college?
You can also contact Consumer Credit Counseling. They help you consolidate your bills into one low monthly payment.
2006-12-28 05:39:20 · answer #4 · answered by RayCATNG 4 · 0⤊ 0⤋
confident. and you may get in greater hardship than if it replaced right into a customary loan. this is using the fact for a payday loan you had to place in writing a postdated examine. So if that examine does not sparkling then you definately handed a foul examine and that's a criminal offense.
2016-10-06 03:11:56 · answer #5 · answered by wichern 4 · 0⤊ 0⤋
First off consolidate your loan, it should reduce your payments. then ask for the income sensetive program which will reduce your loans or deffer them completely until you can get back on your feet. I recommend Direct Loans or Citibank to consolidate. Good luck!
2006-12-28 05:39:33 · answer #6 · answered by DJ C 4 · 1⤊ 0⤋
Contact your local community support office, they should have phone numbers for debt consolidation services. This way you can make a payment that will cover all your educational debt and still be able to survive.
Best of luck.
2006-12-28 05:37:52 · answer #7 · answered by D N 6 · 0⤊ 0⤋
Always keep in touch with whoever you're in debt with. Call them and see if they can set you up on arrangments on the lowest amount each month. Even if you can't send the required amount each month, send them something, anything! They want to know that you are not running away from your debt.
If you don't pay them it's terrible on your credit report and they can end up garnishing your paycheck.
2006-12-28 05:46:41 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Contact your school loan provider and ask for a forbearance. this way you don't have to pay the $ back for another 6mo - a year.
2006-12-28 05:39:18 · answer #9 · answered by Diane A 5 · 0⤊ 0⤋