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Students loan too high. Advice on what to do

Frequent Contributor

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


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? 

Sept 15 -- All mid 400s
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Message 11 of 14
Regular Contributor

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?

Starting Score: 520
Current Score: 627
Goal Score: 700


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Message 12 of 14
Established Contributor

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

Use the calculators.

http://www.finaid.org/calculators/ibr.phtml

 

OR

 

https://www.studentloans.gov/myDirectLoan/repaymentEstimator.action

 

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


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 712 (02/03/2017) Tu: 717 (04/03/2013)
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Message 13 of 14

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. 

Message 14 of 14