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How to lower student loan payments?
I am going to have about $40,000 in student loans when I am done with college. I am going to be teacher so I won’t be making a ton of money for a while? Is there a way to lower my student loan payments? Even with the 15 year repayment plan I am going to be paying about $300/month :-/ Any suggestions?
Related Post:
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- How much are your student loan payments?
- Consolidate my Student loan payments?
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- Can you deduct interest from student loan payments on your tax return?
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- What is the Best Student Loan Consolidation and possible incentives to sign up?
- What happens to the status of student loans if I transfer undergraduate schools?
- Can student loans prevent you from leaving the US?
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What is the Best Student Loan Consolidation and possible incentives to sign up?
April 28, 2010 - 10:35 pm
Posted in Student Loans | 1 Comment
I have a series of student loans – a few from Direct Loan Servicing Center, Nelnet and Sallie Mae. How can I get these consolidated with the best rate and are there any cash back perks or other incentives for consolidating these loans?
Related Post:Student Loan Payment Question Now That I’m a Stay at Home Mom?What [...]
What happens to the status of student loans if I transfer undergraduate schools?
December 30, 2009 - 6:17 pm
Posted in Student Loans | 1 Comment
I just transferred undergraduate schools and still have some student loans from my previous school (Sallie Mae and Federal Direct loans). Is there some sort of clearing house that my new enrollment status will be sent to so that the loan agencies know that I haven’t just stopped going to school (and thus cause [...]
Can student loans prevent you from leaving the US?
December 23, 2009 - 12:25 am
Posted in Student Loans | 4 Comments
If I am a US citizen with student loans (about 13k) will I be allowed to leave the States?
I am planning on moving to another country for a period of time in order to get married to my fiancee. However, I intend to return to the States and pay the loans in any case.
Related Post:What [...]
What does it mean when my student loans have a zero balance due to a claim?
November 24, 2009 - 9:40 am
Posted in Student Loans | 2 Comments
My student loans are through NelNet and I received a letter from NelNet instructing me to stop making payments. The reason they give is that my student loan account has been paid by a claim and now has a zero balance. I have had student loans since 1995; but I also have filed [...]
Whats the best way to take over student loan payments from parents?
October 27, 2009 - 12:02 am
Posted in Student Loans | 4 Comments
When I attended college my student loans were put in my fathers name.
Now that I have graduated, I would like to take over the payments.
The loan company (Nelnet) won’t let us and say we have to either make payments to my parents or get a personal loan to cover it.
My husband and I are [...]
How can I use my CC to make student loan payments?
October 26, 2009 - 3:07 pm
Posted in Student Loans | No Comments
They say it would be like accruing debt to pay off debt. But how come I can use my CC to pay off auto loans, or mortgage? I wish I could use my CC to get cash back or miles while paying off my student loans
I have the money to make the payments cash, but [...]
How do student loans affect a mortgage applicaton?
October 18, 2009 - 6:27 pm
Posted in Student Loans | 4 Comments
I have $60,000 in various student loans, but since consolidating my combined payment is only $300/month. I have no other debt. Do lenders view student loan debt differently due to the flexibility of the loans? Also, would they look more at the total amount of the debt or the monthly payment when determining the rate [...]
How do student loans work? Once I start paying them back, do I have to pay back consistently?
October 8, 2009 - 10:29 am
Posted in Student Loans | 2 Comments
Like if I have $1000 now gathered from working as a student for 2 years, can I use that to pay some of the loan back? Or, is it that once I start paying back loans, I can’t stop, and I must consistently pay them back every month?
Also, do student loans have minimum sums [...]
What specialist can help me plan to take a student loan?
September 26, 2009 - 7:58 pm
Posted in Student Loans | 2 Comments
Are there people that specialize in preparing, organizing, and knowing exactly what, how much, everything for a student loan. Some one like a financail adviser except for student loans?
Related Post:Does anyone know the penalties of defaulting on a student loan?Is it illegal to use a student loan (stafford loan) to make a down payment on [...]
How much per month is the average student loan payment?
September 6, 2009 - 5:00 am
Posted in Student Loans | 4 Comments
Is it usually a monthly bill? If so what could be considered the average monthly payment on student loans? Once I get my undergrad degree I plan to take a year off before I go to graduate school, and will start getting some of my bills that year off, and want to know what I’m [...]
April 11, 2009 - 2:05 pm
Yahoo over to this place:
April 14, 2009 - 11:18 am
Yes and contact your senator and rep about loan forgiveness if you work in lower income schools or similar institutions. Several folks are after them to sponsor legislation to do that. Not all $$ of course but say 10% of principle for every year you teach in those schools!!!
April 15, 2009 - 10:58 pm
consolidate with one of the big lending companies
also consider working for Teach For America or something where they will help either forgive your loans or negotiate a lower monthly payment.
good luck
April 18, 2009 - 12:33 am
Consolidation may allow you to extend your repayment term up to 30 years, which would lower your monthly payment. Keep in mind, however, that if you pay just the minimum each month, you’ll end up paying more interest over the life of your loan (just like a credit card). It’s smart to pay a little extra each month, as soon as you can afford to.
April 18, 2009 - 9:21 am
There are several different options for lowering your payment. Often it will depend on your lender or servicer what they offer. Depending on when you took out your loan you may qualify for extended repayment. I know my company will offer up to 25 years to repay if you have a balance >$30,000 & you took out your first loan after 1998. There is also a graudated repayment plan, but this is only temporary. Typically you can get your payments lowered to interest only for about the first 2 years, but then they do increase pretty dramatically after the 2 years. Of course there is a deferment or forbearance, which are also both short term solutions. And to qualify for a deferment your income has to be pretty low (I am talking minimum wage low). And last but not least (or maybe it is least? lol) is consolidation. I would use this as your last option if none of the others work for you. It will lock in your interest rate (so if you are at a high rate then you will be fixing at that rate forever), extend your repayment, but of course you will pay significantly more interest over the life of the loan.
But as I usually say, talk to your lender and they will be able to tell you all of he different alternatives. Maybe they will even have some I haven’t mentioned! Good luck! There are definitely ways to get help though! And I would also suggest looking into teacher loan forgiveness if you are going to teach in a low income area…but that only forgives part of your loan and you must be teaching for 5 years to qualify!