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sweetpea 01-30-2012 10:42 AM

student loans
 
long family story short... i have 10,000 of student loans that i didnt know about (my parents were paying them and when signing all sorts of school papers i didnt realize that i signed student loans)

so now what... we are trying to finish paying off our other debt and were so close now i dont know what to do with this!

do i defer my student loan under the economic hardship

do i consolidate the student loans? one is $3000 with 2.3% the other $6500 with 7.25% both with $80 monthly due if so how?

if i defered the loans i could finish paying off our already snowball then we would just have the student loans, my car and our house.


please HELP

keonli 01-30-2012 11:05 AM

Re: student loans
 
Do you have wiggle room in your budget to scrape up $160 a month? Is t here any where else you can cut back?

If not, I would call and see if you can get an income based repayment plan that fits your budget. If that isn't possible, then you can defer for up to a year. As long as you pay the interest on the loans, then you won't end up paying more into it in the long run.

sweetpea 01-30-2012 11:13 AM

Re: student loans
 
no i cant scrape up 160 more a month and actually pay anything a cent over any minimum... this month i feel as if im robbing peter to pay paul by dipping into our baby emergency fund to pay the bills

jbug_4 01-30-2012 11:23 AM

Re: student loans
 
You said your parents were paying it, are they not paying them now? I don't really have much advice for you. I am not sure how a deferment for economic hardship works. If you pay while in deferment for economic hardship does it take it out of deferment? Will a economic hardship deferment effect your credit? Mine were deferred because I kept going back to school before my 6 months your out school time ran out. I never borrowed any more and I paid on the loans the whole time it was in deferment. So when it finally came out of deferment I had very little balance left and ended up being charged very little interest. Is that something you can do? The 7.25% seems rather high for a student loan.

ETA: your were typing at the same time I was. I guess paying on deferment won't work at all if you can't make the payments.

bluecandi 01-30-2012 11:37 AM

Re: student loans
 
I would look into consolidation. Then hopefully you can afford the new payment. Sounds like there is no way out of it so the next thing to do is get it where you guys can manage it. Hugs!!!

SenoraE 01-30-2012 02:51 PM

Re: student loans
 
I would NOT NOT NOT NOT consolidate. You may lose your eligibility to do IBR or other plans if you do. Are they $5k/$5k split? I'd call and try to do IBR. You may get a contribution of $0. Depending on what they say through IBR, then I'd work out a different plan if it's not $0. GL!!!

BSWmama 01-30-2012 03:50 PM

Re: student loans
 
I probably wouldn't consolidate either for above mentioned reasons, and because it is a relatively small amount, and because 2.3% is a great interest rate. Do you know if they are subsidized or unsubsidized? A subsidized loan will not accrue interest if you defer for economic hardship. I would call them up, find out whether you qualify for deferment or how much your monthly payments would be under an income based repayment program. If you are already doing some sort of debt snowball and getting close to paying off other debts, perhaps the ability to pay $80 or $160 a month might happen soon? Otherwise, you may have to pay your other debts more slowly (minimums only), and add this to your current snowball, if possible. I hate student loans! And still have 40K of them! Any chance your parents want to keep paying yours for a while longer?

2+2macht4 01-30-2012 03:52 PM

Re: student loans
 
Quote:

Originally Posted by SenoraE (Post 14556066)
I would NOT NOT NOT NOT consolidate. You may lose your eligibility to do IBR or other plans if you do. Are they $5k/$5k split? I'd call and try to do IBR. You may get a contribution of $0. Depending on what they say through IBR, then I'd work out a different plan if it's not $0. GL!!!

I get income based reapyment even on my consolidated loans :thumbsup:

Only not on direct loans and private.

luminajd 01-30-2012 04:01 PM

Re: student loans
 
Are they subsidized or unsub? If unsub and you defer, interest will continue to accrue and since interest will compile on itself, you will owe a ton more than what you owe now in a heartbeat. Do.not.defer. if at all possible if unsub.
Are they private or federal?
What is your degree in? In certain sectors there are a lot of forgiveness programs and if you consolidate, you lose the right to have them written off.
We need more info to give the right advice :) When is your first payment due?


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