LOAN HELP!

Discussion in 'General Education Archives' started by blondierox4u, Dec 18, 2006.

  1. blondierox4u

    blondierox4u Rookie

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    Dec 18, 2006

    AHHHHHHHHHHHHHHHHH I just recently graduated college and got lucky and got a job. The only problem is I am now consolidating my private loans. I have about 55,000 to consolidate and I figure my payment to be like 300-400$. I need to know if anyone else is in the same boat I am. It feels as though everyone I talk to is like oh I have none or my parents paid for me. Well I struggled and I have a car payment, 45min commute w/ gas, insurance, rent, bills, and federal loan payment. Does anyone have any advice, I'm going to be so broke and I'm scared.....anyone share this pain or am I the only one???!??!?!?!? :(
     
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  3. TX Teacher

    TX Teacher Rookie

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    Dec 18, 2006

    Does your state offer any teacher loan forgiveness programs? I am in Texas and teach special education at a low income school. After 5 years, the state will pay off my student loans up to $17,500. Luckily, I only have about $12,000 though. It's worth checking into...look on your state education website. Good Luck!
     
  4. maebowler

    maebowler Comrade

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    Dec 19, 2006

  5. MisterG

    MisterG Comrade

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    Dec 19, 2006

    check out Nelnet.com. I have my loans consolodated through them...about 10k in loans and at 3.25ish percent a year, the payments are about 75 a month (minimum payment). Plus if you make your payments on time, after a year, they lower the interest rate.
     
  6. AngelHead

    AngelHead Comrade

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    Dec 19, 2006

    You can get a graduated rate. I have $63,000 in debt in student loans so I definitely feel your pain. I got a regular rate through Nelnet and my payment is $303 per month, so you should be able to get a reasonable rate. It's just one of those things some of us have to deal with. I don't have an opportunity to get loan forgiveness but you should check on your opportunities being a special education teacher.
     
  7. teacheratheart

    teacheratheart Companion

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    Dec 19, 2006

    Okay, I worked in the financial aid office my entire time in college so I have expertise in this situation. blondie, depending on who your loans are through and who you choose to consolidate with you have different options. Most companies offer a financial or economic hardship deferment. You must be in good standing to receive this though (meaning caught up on all your payments.) Check with your lender about this.

    If I were you, I would not consolidate at this time though. Rates are at record highs right now. New rates go into effect on July 1st each year. What those rates will be, we don't know yet but the universities find out around the beginning of June. If the rates are going higher, then you still have time to consolidate, but if they are going down then you can leave your loans alone and your rates will go down. Once you consolidate though, you can't consolidate again unless you take out more loans.

    This is pretty long but if you still have more questions, feel free to PM me. I'll be glad to help.
     

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