Help with Repayment on a Student Loan?
November 8, 2010 by admin
Filed under Student loans
I have a Student loan in TN that is on reduced payment forbearance and I pay $20. 00 per month right now. This is the maximum that I will be able to pay due to other bills. My regular payment is suppose to be around $90. 00 per month. With this rate, I will never get this loan paid off, and all the $20. 00 goes to is a little bit of interest. Are there any ideas of how to get this paid off or are there any assistance programs out there that can get this reduced or forgiven? Thanks.
I am in TX but here when we put my loan on forbearance (which we’ve done a few times) there is no interest. So if I did pay anything which here when I do this I don’t pay anything for up to 12 months. The amt owed stays the same interest and all until I start repaying again. Call them and ask them if there are any other options. Most are more then willing to work with you so long as they get their money.
Check the Federal Government. There was justa bill passed that as a federal employee (certain jobs) if you commit to ten years to the job all federal loans will be forgiven. Also depending on your career choice some loans can be forgiven. . . (law enforcement officers, teachers. . etc. . . )
Do some more research. .
I thought the idea for getting a Student Loan was so you could get an education and then get a GOOD job so you could pay off the student loan. . . If you can’t pay a measly $90 a month. . . then it looks like the program is a failure.
What I REALLY don’t understand is, why do you think YOUR loan should be forgiven? There are thousands of other people out there who are paying their loans off and are probably having a hard time too. . . so what makes you think you are ‘special’?
i would call your lender and see if you are qualified for a “deferment”. you have to meet criteria, but if you do, interest is paid on your subsidized loans.
as far as forgiven, it depends. you can search for loan forgiveness by your state, or if you call the lender of you loans, ask for a phone number for the “guarantor”. they will give you a list of loan forgiveness programs as well.
good luck.
it’s so important to get your school loans paid off. as others suggested, you could get a job where they may pay off your school debt. you could also join the army nat’l guard part-time and they’ll pay it off. i would pick up a couple waitressing shifts on the weekend; you could make around $200 for just a couple shifts.