Student Loans

[michintom]

Hello Everyone,

Today I received an e-mail from Sallie Mae regarding an update on my student loan.

I logged in and saw there was over 10 different e-mails from sallie mae. 

I only make $2,600 gross a month and my Sallie Mae student loan payments are due on 6/16/2013.  I need to start paying $for two different loans.  One loan for 120 payments of $321.67 and the second loan for 120 payments of $713.87.

Is there any way to lower the monthly payments because with the two payments of $1035.54 and my car payments, credit card payments, cell phone, utilities, and etc. (Gas, Food) I won't be able to survive. 

Any recommendations? 

Thanks in advance!

[InvincibleSummer3]

Have you spoken with Sallie Mae about getting into an IBR or ICR program? Those acronyms stand for "Income-based repayment" and "income-contingent repayment", and both can help lower your payments.

I would say call Sallie ASAP and tell them you need a payment plan with lower payments.

[michintom]

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InvincibleSummer3 wrote:

Have you spoken with Sallie Mae about getting into an IBR or ICR program? Those acronyms stand for "Income-based repayment" and "income-contingent repayment", and both can help lower your payments.

I would say call Sallie ASAP and tell them you need a payment plan with lower payments.

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Thank you for the reply!  I'll go ahead and call them first thing tomorrow morning!

[twall06]

Thats what i did got my payments reduced its crazy how much they expect you to pay a month . I got mine cut to a fourth of what they wanted but im doing the graduated payment plan.

[michintom]

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twall06 wrote:
Thats what i did got my payments reduced its crazy how much they expect you to pay a month . I got mine cut to a fourth of what they wanted but im doing the graduated payment plan.

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Thanks!  I just called Sallie Mae and I'm still under a grace period.  The lady I spoke to said it would be very easy for me to get a income-based repayment since my gross income and monthly payment to sallie mae is over 30%.  I'll call back first thing on May 1st.  Hopefully I'll be able to lower my payments a lot.  

[Simply827]

Do you have any private loans in that mix or are they all Federal? If you have private loans they won't be eligible for IBR.

[michintom]

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Simply827 wrote:

Do you have any private loans in that mix or are they all Federal? If you have private loans they won't be eligible for IBR.

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It's a mix of DLSUB, DLUNSUB, and FFELP. 

[laz98]

Those all sound like federal loans, if the DL you are referring to is Direct Loans.  You should be able to roll all of those into IBR.

[michintom]

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laz98 wrote:

Those all sound like federal loans, if the DL you are referring to is Direct Loans.  You should be able to roll all of those into IBR.

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Thank you for the reply.  As long as I can lower the monthly payments, it would be great.

[laz98]

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michintom wrote:

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laz98 wrote:

Those all sound like federal loans, if the DL you are referring to is Direct Loans.  You should be able to roll all of those into IBR.

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Thank you for the reply.  As long as I can lower the monthly payments, it would be great.

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You might have to apply for IBR more than once, if you have loans with different lenders or loan servicers, but it's worth it.