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Hoosier1988

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Loan Repayment Help
Hi all. To be as brief as possible, I have $100,000 in student loans. My repayment will be $1000 a month. However, I can only afford $250-300. Consolidation seems to be popular, but I doubt I can do that and reduce my payment to $250-300. Some have encouraged me to start by paying on the smallest loan first, deferring the others. I'm not sure if this is possible long term. Any insight or suggestions are welcomed and sincerely appreciated.

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Wow, I am glad I am doing my schooling later in life and paying as I go!  I wish they would teach you college people about debt, manditory class before you are allowed a loan.

Any deferment  means a lot more money in the long run that you pay.  They are still charging you interest and they just keep adding it each month to the amount you owe.

I doubt you will get any consolidation, but it might be worth looking into as I do know there are a few programs designed for after you graduate.  I am not sure how much this will help though, these loans are amoratized over a long time allready. The only way to reduce monthy payments is to get the length of the loan longer. Again this also means you end up paying a lot more in interest.  Like you said it will not really help with monthly cost, only make it one place to pay.

You can take some time to read about to pay higher interest or smallest amounts off first, and both stratagies have worked for people.

You really need to figure out how to start paying more per month though as they will start reporting and killing your credit with late/missed payments and this will only continue until you are caught up on those. You can kiss getting car loans, a home, even basic credit cards will be hard to get in the coming years.

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