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Registered: ‎04-23-2016
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Re: Students loan too high. Advice on what to do

[ Edited ]

HigherFico wrote:
Private is around 280 and federal 250

That's $530 a month, not $700.   So you are right around $250 short each month of making those payments.  Can you pick up extra work, drive for Uber, cut out any other debt? 

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Re: Students loan too high. Advice on what to do

Yes sorry. I just looked and it's about $620 a month for both. I can pick up extra work because my spouse works a different shift so I have the kids in the evening while he goes to work and he has them in the morning before school and daycare. If I did uber I would have the kids with me so I don't think that would work too well and they would not go for that since they are young.

I want to utilize the loan forgiveness since I'm in public service but I need the monthly abt to go down significantly. We did cut out a chunk of debt which has helped a lot but not as much as we need. I have no idea how low this ibr can go but I am waiting to find out. I will be submitting the form this week. Will they ask about my expenses at all?

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Re: Students loan too high. Advice on what to do

Use the calculators.




Remember, IBR is for federal loans.  You likely will not see any change from the Standard Repayment plan for your providate loans.

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Registered: ‎02-02-2016
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Re: Students loan too high. Advice on what to do

Have you tried to consolidate the loans so that you're only paying one note? I would try that first and then ask for either a deferment or a forbearance while you get your affairs in order. 

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