View Full Version : How do I deal with Private/Federal student loans?


majax
I have the following student loans:

Federal
$5,750 (6% interest)

Private
Sallie Mae $50,000 (3 different accounts where I'm the cosigner, main person, and one my mom got on her own but it was for me). (11% interest)
Chase $9,000 ( 8% interest)
Suntrust $7,500 (8% interest)

I'll begin to receive bills from these companies between November and December. I already know that I will not be able to pay the monthly payments...due to the Sallie Mae loan bill which is a little over $600/mo.

I'm trying to figure out what I should do before the bills start coming in. Do I have any options? I would like to consolidate all of these loans and try to get a 30 year payment plan. That, I can afford.

I actually decided to take a semester off from school and that's why I'm having to repay them. I was planning to go back to school next semester but now I'm thinking it would be better to just focus on paying these off.

I've obviouslly never been in this situation and really could use advice from anyone.

Puck
Well, going back to school would put them back in deferment. I'd start with that, actually. If you're not in a position to pay them back (partly so because you have no degree, right?), then it's imperative that you get that degree, PRONTO!

youbetcha1018
You can consolidate Private and Federal Student Loans. I typically recommend Chase Bank, which has a student loan consolidation application online.Each lender will offer slightly different programs. After you've applied online you'll talk with a loan counselor that can give you details of what their company offers. (some give a discount for on-time payments, some give discounts for auto-deduct of payments from a checking account) Be sure to check with several to make sure you find one that fits your specific needs.

dreinwoods
any 1 know how a BK chapter 7 affects student loans? appreciate any info. thanks.