“Dear Steve,
I owe Sallie Mae about $62,000. I originally borrowed $45 in 1998 for graduate school all are subsidized student loans consolidated at 8.5%. I have been making payments since 1999 with some times of forebarence etc.
I make OK money now and pay the loans of $571, but now I am retiring and will make so much less. I can’t pay that amount my income looks good until August then drops off about 75% -will they allow a IBR then? How can reduce the amoutn of these payments?
How can I redcue my Sallie Mae student loan payments in retirement?
Nancy”
Dear Nancy,
Well I guess the good news is these are government backed loans so you do have options.
Read my guide The Ultimate Guide to Dealing With Student Loans You Can’t Afford and that will show you how to reduce your payment.
I’m curious if you are also carrying other debt into retirement. If so, we might need to address the entire situation along with the student loans.
Please post your responses and follow-up messages to me on this in the comments section below.
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