I'm asking a question on behalf of my DW. She has loans through HESSA, and I'm trying to explore options in terms of repayment. I know that with my loans through AES, I've been met with extreme flexibility both in terms of favorable repayment plans as well as temporary forebearances as needed. However, from what I'm reading the NJ Class Loan company is a different animal. I'm hoping that someone can help me with a couple of goals.
1) Her payment due the 25th is going to be a tough one for us to make. The monthly bill is nearly 500, which is a absurd in my eyes considering there have been no prior defaults or anything. Anyway, could I call them and perhaps ask to change that due date, or defer for a month and pay only interest, or offer to double pay in September? Has anyone had experience with this particular company?
2) Long term I'd love to lower that monthly payment. I suppose consolidation is the only option for that. Has anyone had experience with consolidating loans with HESSA?
Thanks in advance for your help.
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Are these federally-backed loans? If so, they have the same repayment options as your loans through AES. I would call in to let them know you'd like to discuss other payment plans, and if it looks like you qualify for IBR or some other reduced plan, ask them to give you a temporary forbearance while they process the paperwork to get it set up.
Start the process now though, since that due date is fast approaching. You should also be prepared to make that payment if you can't get something in place before then if at all possible. Stretching for the $500 now may hurt much less than a 30-day late sitting on your report for 7 years.