In 2010-2011 I attended a private graduate school in Chicago and racked up 70,000 in student loans (including current interest). After the first year I realized that the program was not as reputable as I previously thought and I removed myself from the program due to the fear of going into 250,000.00 in debt with no job opportunities. I originally took a 1 year leave of absence from the program before fully withdrawing so that my loan payments wouldnt start kicking in.
Now a year later I just received the letter that my loan payments will start at the end of this month. My monthly payment will be $1,098.00, and my loan is gaining over $400 in interest every month. I feel like I am suffocating under this debt and I dont know what to do or even what options I have.
For more information my loans are federal loans through Nelnet at interest rates of 6.8 and 7.9. I make $1400 a month.
PLEASE HELP STEVE!!
Well let’s see what we can do here. What you might want to do is see if you can consolidate your loans under a Direct Loan and then put them on an IBR plan to create a payment you can afford based on your income. You can use the links below to find out more and if your specific loans are eligible. I just don’t know about the types of loans to make a more concrete statement.
Please post your responses and follow-up messages to me on this in the comments section below.