Thank you for your help. I think it’s great what you are doing!
I received a phone call from Sallie Mae today that my student loans are due for re-payment. I always thought that I would be paying about $300.00 a month, but it’s actually $732.53. I am currently unemployed. But, private loans, the Representative said, doesn’t matter if you are unemployed. I am 11 days late and know that after 45 days it goes to my credit. I am in the process of getting my teaching certificate. But, it will probably take about 2-3 months and then I have to find a job teaching. Right now I can’t pay this so I was searching the web to research on Obama writing off student loans and came across this website.
Is Obama writing off student loans? How can I defer a private loan or lower the monthly payments since I am unemployed? Thank you!
The hype you hear all over the web about the Obama student loan plan is just that, hype. President Obama proposed that Congress create new legislation that would allow for a better, more fair and reasonable repayment plan for student loans. But a similar plan exists today and is known as the Income Based Repayment program (IBR).
The proposal from President Obama was to make the minimum payment percentage under a new plan to be 5% less that what it is now and write the debt off a few years faster. So the proposed Obama student loan plan is helpful but the majority of the plan already exists and is in place for people.
The bad news is that since you have SallieMae loans, none of this applies to you. The IBR and any future student loan repayment options will be for government backed loans and not private loans.