I guess I went to college too late (age 38) and in 1986 I graduated and still have an outstanding balance of about $15,000.00 on my student loans.  I tried to lower my interest rate (8%) to a much lower rate but I was told that I signed a Promissory Note and the 8% is locked in until the entire loan is paid off. Unfortunately, I didn’t get the kind of a job that paid a good salary and I fell behind on my payments.  I eventually consolided them and am paid up to 2013, however, I’m retired and only receive my social security benefits.  After paying rent, medical expenses and other monthly essentials, I’m left with very little funds to survive.  I hope that Obama’s Program will forgive my 26 yr loan.

I guess I went to college too late (age 38) and in 1986 I graduated and still have an outstanding balance of about $15,000.00 on my student loans.  I tried to lower my interest rate (8%) to a much lower rate but I was told that I signed a Promissory Note and the 8% is locked in until the entire loan is paid off. Unfortunately, I didn’t get the kind of a job that paid a good salary and I fell behind on my payments.  I eventually consolided them and am paid up to 2013, however, I’m retired and only receive my social security benefits.  After paying rent, medical expenses and other monthly essentials, I’m left with very little funds to survive.  I hope that Obama’s Program will forgive my 26 yr loan.

I’m not sure if “all” do. But even government loans for graduate school no longer allow for a deferment.

Recipients of a National Defense Student Loan may receive partial cancellation of their loan for their service in the United States Armed Forces if the loan was disbursed after April 13, 1970 and full-time active service began after June 30, 1970.

Recipients of a National Direct Student Loan and Perkins Loan may receive partial cancellation of their loan for their service in the United States Armed Forces if his/her military service was for a full year in a hostile fire/imminent danger pay area.

If you believe that you may qualify for cancellation of your loan(s) due to your military service as described above, you should send a copy of your DD214 (discharge form) and letter of explanation to the agency servicing your loan.

We aren’t looking for the debt to be forgiven, just a reasonable repayment plan at an interest rate more in keeping with student loans! My husband’s Sallie Mae loans are at 5%. Are there any other options out there? Is there any recourse for the misleading lending practices?

Depending on your occupations, you may be eligible for student loan forgiveness. What are you going to school for?

Depending on your occupations, you may be eligible for student loan forgiveness. What are you going to school for?

I’m a teacher at a public school in California. My current loan payment has extended for 25 years so that the amount of my payments are more manageable. However, I am very interested in what you said about teachers having their loans forgiven after 10 years. How do I go about finding more information about this program? 

Thanks!
Trisha

I am Vietnam Veteran who is a naturalized citizen with my country of birth being the Netherlands where I live NOW, living the American Dream debt free and 4 pensions in  modern up to date country.

I woke up LONG AGO about the big LIE of USA freedom (after coming back from Vietnam).

I see the lies of the govt and their media daily all over the internet on sites like Huffington Post  which has become like Fox News of the Internet.

My social security is being garnished for a 4000 student loan from1980.  

I don’t care because my Dutch, German and Luxembourg SS payments are twice as much .   (I worked in all those countries and paid into their systems).

To anyone who says the USA is the greatest country in the world, I have to laugh.

Not by a LONG shot.

I am Vietnam Veteran who is a naturalized citizen with my country of birth being the Netherlands where I live NOW, living the American Dream debt free and 4 pensions in  modern up to date country.

I woke up LONG AGO about the big LIE of USA freedom (after coming back from Vietnam).

I see the lies of the govt and their media daily all over the internet on sites like Huffington Post  which has become like Fox News of the Internet.

My social security is being garnished for a 4000 student loan from1980.  

I don’t care because my Dutch, German and Luxembourg SS payments are twice as much .   (I worked in all those countries and paid into their systems).

To anyone who says the USA is the greatest country in the world, I have to laugh.

Not by a LONG shot.

Everyone must have the chance to go to college. The government can
easily do it. Just let students borrow at a fixed 3-4% interest rate for the
entire cost of the education. Then, when the student gets a job take out the
amount of the loan automatically from their paychecks, at no more than 10% of
gross pay. This very, very simple solution is guaranteed to increase enrollment
in higher education and keep students out of a financial nightmare when they
graduate. The government will still make money on this and everyone, regardless
of their economic status, can go to college. 

In addition, public colleges need to keep down tuition and justify
tuition increases. If they cannot do this, they will not be allowed to accept
government. funded tuition.

I believe in the free market and I am conservative in many of my
views. However, higher education cannot be considered a luxury for the rich.
Many gifted students are not going to college because of the cost and this is
killing America.
If anything needs government intervention, it is this issue.

Everyone must have the chance to go to college. The government can
easily do it. Just let students borrow at a fixed 3-4% interest rate for the
entire cost of the education. Then, when the student gets a job take out the
amount of the loan automatically from their paychecks, at no more than 10% of
gross pay. This very, very simple solution is guaranteed to increase enrollment
in higher education and keep students out of a financial nightmare when they
graduate. The government will still make money on this and everyone, regardless
of their economic status, can go to college. 

In addition, public colleges need to keep down tuition and justify
tuition increases. If they cannot do this, they will not be allowed to accept
government. funded tuition.

I believe in the free market and I am conservative in many of my
views. However, higher education cannot be considered a luxury for the rich.
Many gifted students are not going to college because of the cost and this is
killing America.
If anything needs government intervention, it is this issue.

Many people entering college are still KIDS who have never had more than a couple thousand dollars pass through their hands and some of them don’t even know how to write a check. High school seniors don’t do their financial aid homework and don’t even understand the difference between Sallie Mae, FAFSA, Stafford loans, subsidized vs. unsubsidized loans, PLUS loans, etc. They fail to learn how to take advantage of the options they have. Some just have their parents do all the work for them. Some just blindly sign their name away without realizing they are getting into debt with REAL money, not Monopoly money.

And worst of all, aside from being financially uneducated, many have that “I want that, and I want it now” American mentality. They don’t “shop” for tuition, or for the school that offers “the best bang for the buck” they just go wherever they want. Why? Because they can. They make unsound decisions based on appeal, wants, impulse, and don’t even know they are doing it. They have no true concept of long term consequences. They are young, hopeful, and still fit well into that a short-term, instant results type of society.

I say all this to say, if you’re college aged:
-Learn about PSAT scholarship opportunities in 10th grade or whatever.
-Take AP classes. They will save you money.

-Apply yourself in high school(academics AND extra-curricular/community service). You could get scholarships from the colleges you apply to and save money. Also, extra curricular activities/ summer internships + jobs will help you decide what you want to do in life much earlier. This will save you money, because you won’t take more electives than what you need to “figure out what you want in life”.
-Try to start studying another language, and continue with that in college through electives
-Take CLEP tests right after high school or during college, they will also save you money.
-Once you’re in college, don’t take your one academic adviser’s words as Gospel. MAKE INFORMED DECISIONS ABOUT YOUR EDUCATION. Be resourceful. Look at degree audit sheets. Check out the Job Outlook Handbook put out by the government. Look into grad school requirements early.Google things.Don’t take classes you don’t need.
-If you don’t get good scholarships, definitely stay in state, maybe even try doing your first 2 years at a community college.
-Look into fellowships and programs (which are different than scholarships) for your
field or things that interest you. GOOGLE GOOGLE GOOGLE. Don’t just rely on your school to give you
updated info. Fellowships and programs are often tied to free stipends, experiences, free trips, scholarships, mentoring, and a network that you’ll be a part of forever.
-Only take out government issued loans (Stafford) NOT private loans that will give you no options. KNOW the difference between the two.
-Pick the same lender every time when your school gives you the option i.e:Great Lakes (then all your loans will be in the same place when you graduate).
-Take advantage of grants and Perkins loans first. Know what they are.
-Take advantage of subsidized Stafford loans first. Then unsubsidized. Know the difference between subsidized and unsubsidized.
-Work at least part time through college,put some of that money toward your loans because it will go straight to your principal. This will also give you work experience that will make you a better candidate for jobs after graduation.
-Do internships, diversify your internships and community work.
-DON’T spend money you don’t have with lines of credit, Hollister credit cards, etc. Spend ONLY what you can afford.
-Figure out what grad program you want early. Try to get a full ride to grad school. If you plan ahead, it is totally possible. 3.0  or higher plus tons of community/leadership/research work. Nice tests scores. YOU CAN DO IT NO MATTER WHAT AWFUL BACKGROUND YOU COME FROM.

Learn about the Public Service Loan Forgiveness Program NOW (then, if it applied to you, once you graduate, consolidate your stafford loans into Direct Loans when you start working for a 501c3, school, government, or any qualifying employer).

I am not a loan lender, I am not an expert, I am not a 4.0 student, and yes I had a life in high school/college. I am just a first generation student who had to climb the ropes ALONE and learned a lot on the way. I’m only 23. If you need help, shoot me an email luicastano at gmail dot com

To everyone else with the horror stories, I made some mistakes too. It’s still not too late. if you still don’t understand your loans or who you owe money, please don’t ignore them. Research online to learn the difference. Be resourceful. They will not magically disappear. They will snowball.

Wanted to also ask about private loans. I have private loans and federal for law school totaling about 150k combined. The payments now are at $850.00 a month which is 25% of my monthly income. Way too much!

Any hope for the future with Obama’s new plan?? I had the income based for a while, and it went up as I am in my second year of repayment. Any help would be appreciated, didnt think Id still be in this predicament at this age!

I’m sorry to say the co-signer is fully liable for the loan if the borrower does not pay. But all hope is not lost. I’d check to see if this is a government backed loan or a private student loan. If it is a government loan there may be options.

Steve

I have about 44,000 in fred students loans. I also took out two grants for teaching… My first repayment is sheduled for 12/15 of this year. I am a teacher at a title on school. I forgot to verify my employment for the TSA and Georgia Hope teachers scholarship… I have taled with reprentives about the departments have to right a letter that I am doing my service as agreed hoperfully there wont be any problems with that. My question is that I have two dependents, Not sure what would be the best option for me to make interested in the IBR program and consolidation all loans are Fed. Also with new Obama consolidation not sure of what route would be best. I do planning on doing my Service Agreement not sure If I plan on teaching the next 10 yrs though. NEED HELP On a good program to pay back loans any suggestions?
Thaks

My question is — if I now do my tax return and I apply for the program put in place by PresidentObama where only 10% of discretionary income can be deducted , WOULD discretionary income mean my tax return for 3000 dollars ? Or can the student loan take the whole amount from my 3000 dollar return ?  I am pained t admit thatI am still unemployed and need that money for living expenses and to get training to find a new career in teaching ….

I use to do office work ate major NYC university but lost my job. Was hoping it would turn into a union job but out of my control

Jamie

My question is — if I now do my tax return and I apply for the racial program put in place by PresidentObama where only 10% of discretionary income can be deducted , WOULD discretionary income mean my tax return for 3000 dollars ? Or can the student loan take the whole amount from my 3000 dollar return ?  I am pained t admit thatI am still unemployed and need that money for living expenses and to get training to find a new career in teaching ….

I use to do office work ate major NYC university but lost my job. Was hoping it would turn into a union job but out of my control

Jamie

The loan servicer says no you must pay their minimum for 9 months then you maybe eligible for that? 

Helpless mother

A Helpless Mother

PS: I also have nearly $30,000 of Federal Loans of my own. I haven’t consolidated them yet as i have found out about Obama Plan. I would like to consolidate both my Parents Plus and my Federal Loan into one, with Obama benefits.

PSS: Does anyone have Obama’s phone number? lol