I seem to have 3 payments coming up
Jan 22
Feb 14
April 04
Now I dnt mind paying them back , But the interest rates are way High . I dn’t know what was going on , because i don’t know how to put this , but I was going thru a rough time during college. I had no friends , no social life and isolated. I was going through depression . Good thing I found out a year ago what had happened to me , So now I am trying to get my life straight starting with my credit/a job/ moving out and finally being debt free and following my intuitions.
The student loan thing doesn’t seem to be helping much in my “being free” idea , because I called every one of these corporations ( Citi bank , Sallie Mae , and my federal loan consolidation company )
On average I would have to pay for 15-25 years before all this debt is being paid off. Do you have a similar situation or is mine really unique . I am trying to get a clearer picture because
most of my papers and applications were filled out by my parents_
and brother , which I hated , because they controlled my life , I was clueless of what was going on which now I am trying to get out of..
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Nope everyone faces the same problem..
I dont know why you say that interest rates are very high..
Usually for the year you take its fixed..
like this year its fixed at 8.5 (that fixing is done by Government). So the only difference you get between banks is of downpayment and stuffs..
Yes most of the bank loans are for 15 – 20 years..
well we need to face it..
Education is a costly business..
You can http://www.ed.gov and they should be able to assist you with consolidation option, if the loans are in your name, if in parents name, they will need to contact you. The best option is get another consolidation plan that will reduce your interest and allow you to pay according to your income.
You can also call your lender and asked for a forebearance or deferrment of your loan payments. They normally will allow 12 months per approve request. You can visit ed.gov link below on forebearances or deferrments (do a new search to get details):
http://www.ed.gov/searchResults.jhtml?oq=forebearance&odq=forebearance&qt=Loan+Forbearance&rq=0&st=0&
(copy above link to a url to view)