Question about help with student loans please? My son has approximately $38K debt in two Stafford federal loans :
One subsidized, one unsubsidized. As it stands now, he has ten years to pay off, at a monthly payment of $422.00. He cannot afford that payment. Which option would he benefit more from: consolidating OR 25 year extended? Please advise anyone who has had experience with this. He needs to cut that payment in half.
Thank you so very much.
Answer about help with student loans please? My son has approximately $38K debt in two Stafford federal loans :
Unless things have changed very recently, he should be able to do both. If he only has one option, I’d say extend it to 25 years. I did both (though I went with 15 years rather than the maximum 25) and it was an extremely simple process. I don’t think many students are able to pay off their loans in 10 years this day in age.
He may also want to call and actually talk to the company servicing the loan. They hear this stuff every day. They may offer other options that aren’t on the brochure or website. Sending the loan to collections doesn’t do them much good, especially if he has no income for them to go after. They’d rather work with him and get their money.
Notice I am saying “HE,” though. The best thing you can do for him is offer him advice but make him figure out his own dilemma. The lender is probably not going to want to talk to Mommy anyway.
source here.
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