Job loss, divorce, major surgery, etc...when you've used your forebearance and the interest keeps piling on, other than making regular monthly payments: What is the best way to manage that large a debt?
NOTE: Joining the military and/or selling a spare organ are NOT options!
2007-01-07 16:30:50 · 8 answers · asked by CarinaPapa 4 in Education & Reference ➔ Financial Aid
Yes, CONSOLIDATE them now! How much do you owe? I owe $50,000. :) I am making the monthly payments as we speak. It's about $250 per month.
Go with NextStudent.
2007-01-07 17:52:19 · answer #1 · answered by mx3baby 6 · 0⤊ 0⤋
There are a number of Options concerning this. First, if you have not Consolidated your Loans --Do it NOW. Go for the Fixed Rate Loan and Stretch it out to 20 or 30 years. This way, you will continue to Have All of you Rights left to work for you. Talk to whoever you Consolidate them with about ALL of your Options Available to you. ( I consolidated with Sallie-Mae. Once consolidated, you can get an Income adjusted payment Schedule for the time Being, or you can get an Interest Only payment for as long as needed. There are MANY Options, but you will need to Work with the institution that is Carrying the note. If you do not Like what they have to say, RE-Consolidate with another institution. Good luck, John R.
2007-01-07 16:47:43 · answer #2 · answered by John R 6 · 0⤊ 0⤋
did u use ALL of ur forbearances/deferments.. they have a income sensitive program where u pay a portion of what u make or interest only..u do that for 2 years... other than that, I wish I knew.. I was going to tell you to sell an organ but u said that wasn't an option..u take all the fun out of my answers. talk to the loan people and see if there is anything they can do to lower the payments..
2007-01-07 16:34:43 · answer #3 · answered by chilover 7 · 0⤊ 0⤋
Regular monthly payments is the only way. I always took a 2nd job as a janitor when I needed to chip away at something like that.
2007-01-07 16:38:20 · answer #4 · answered by Kacky 7 · 0⤊ 0⤋
in case you circulate to regulation college then maximum probable you may defer any pupil loans you took out once you have been in undergraduate. Then as quickly as you graduate regulation college with any luck you would be wanting a excessive paying job and might have the flexibility to make the money on your loans. besides the shown fact that if it is not a suited 10 regulation college then you definately might finally end up unemployed and unable to make funds. regulation is an exceedingly complicated field appropriate now.
2016-10-30 07:46:31 · answer #5 · answered by ? 4 · 0⤊ 0⤋
consolidate your debt.
2007-01-07 16:38:21 · answer #6 · answered by Distance Ed 1 · 1⤊ 0⤋
two words.......chapter 7!!!
2007-01-07 17:50:11 · answer #7 · answered by its just me! 2 · 0⤊ 2⤋
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2007-01-07 16:33:48 · answer #8 · answered by Anonymous · 0⤊ 0⤋