calidreamin0 Posted March 25, 2009 Share Posted March 25, 2009 I have a job, but it is minimum wage at this point, I have been looking for work since June and this was the best I could find. The thing is, my student loan amount that I owe doesn't go anywhere. And Its bothering me that I cant pay this off right now. I am at least making the payments, and maybe a little more each month, but is there anything else I can be doing to get this amount lowered? I don't know if there are lower interest rate loans I could be getting, to pay off this one? I am not sure! any suggestions!? Link to comment
renaissancewoman101 Posted March 25, 2009 Share Posted March 25, 2009 You can have your loans deferred or in forbearance, due to hardship. Call your lender. They should have the paperwork. Link to comment
russ978 Posted March 25, 2009 Share Posted March 25, 2009 What Reinassiance said. Should be too hard to get the loan payments deferred although you'll still be accruing interest during that period of time so make sure to continue payments when you can! Link to comment
calidreamin0 Posted March 25, 2009 Author Share Posted March 25, 2009 My loan is through wellsfargo. I couldn't qualify for any fed loans because my parents made too much money. If I deferred would the interest still grow though? I don't want that either.... to have to pay even more! Link to comment
COtuner Posted March 25, 2009 Share Posted March 25, 2009 Usually the lender will let you pay the accrued interest before it capitalizes (I am on a forbearance right now so I can pay off a 10k emergency loan I had to take). I get a quarterly statement and I send in the $800 or so. Link to comment
ghost69 Posted March 25, 2009 Share Posted March 25, 2009 yeah, you can defer them for a longer time. Link to comment
jsx730 Posted March 25, 2009 Share Posted March 25, 2009 If it's a private loan it won't stop accruing interest until it's paid off. Link to comment
Jonboy582 Posted March 25, 2009 Share Posted March 25, 2009 I don't know about America but in the UK a student loan is the lowest interest loan you can get. Mine is at just over 1% at the moment, well was but I paid it off in full. Stupid really cos if I left it in the bank I was getting 2.5% interest ><. so don think getting another loan will work out.> Link to comment
calidreamin0 Posted March 25, 2009 Author Share Posted March 25, 2009 My loan is through the bank, so it is not the lowest interest rate. My parents made too much money at the time of the loan, and so therefore... I could only get what I could get. If I was 'poor' in california terms I could have got all sorts of CalGrants, but thats another story! Should I defer the loan payments and make the interest payments? As soon as I find another 'good' job I plan on paying it off as soon as possible! Which was the plan, but the economy didn't think so! Link to comment
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