How can I reduce the payment for my school loans.?
490624
The simplest way is to get your repayment term extended.  To accomplish this you can do one of the following...\n\n* Consolidate your loan(s).  Consolidating will allow you to (1) extend your repayment term beyond the standard 10-year term associated with most Federal loans sometimes up to 30 years, depending on how much you owe and (2) "fix" your interest rate at today's rates [technically, the weighted average of all your loans' current rates, rounded to the nearest 1/8th of a percent].  Consolidation is a good idea for you if you like the predictability of a single payment and a fixed interest rate. With Stafford rates scheduled to rise to 6.8% on July 1st, by locking in today's rates, you will probably lower the amount of interest that will accrue over the life of your loan (and, as a result, shave a little bit off of your monthly interest payment, too); or\n\n* Call your lender and simply request "extended repayment" for each of your loan. This will leave your loans unconsolidated but will extend your repayment term beyond the standard 10 year term.  You can always pay it off sooner or make a larger monthly payment at any point.  Extended repayment is a good idea for you if you don't want to consolidate or want to retain the repayment incentives (or possible interest subsidies) that might be lost by consolidating. (Read about the "pros and cons" of consolidating here: http://www.finaid.org/loans/consolidation.phtml )\n\nGenerally, extending your repayment term will cost you more in the long run because it costs you *less* monthly.  As such, you might want to seek out some more "temporary" ways to reduce your payment.  You could...\n\n* Request the ability to make "interest only" payments for a while\n* Apply for a forbearance or a deferment until you have saved up enough to make your usual monthly payments a bit more manageable again.\n* Request "income sensitive" or "income contingent" repayment.  With this plan, your lender will determine your monthly payments based on your ability to pay. \n* Request "graduated" repayment where your payments will start out small but increase over time.\n\nRead about repayment plans here: http://www.finaid.org/loans/repayment.phtml
692124
Call the lender (or, possibly the collections agency if your situation has gotten to that point).  Many companies are willing to work with you because defaulting on a loan is bad for their business, too.  However, you have to show them that you are a responsible borrower:\n\n1.  Explain to them what happened (tell them just what you told us here)\n2.  Tell them that you will take responsibility from now on (the loans will always be in your name, so even if your mother still plans to pay them off, you should still keep a watchful eye on your account balance to make sure that she is never late) \n3. Ask what repayment options you have at this stage.  Some lenders will put you into a forbearance in order to alleviate your payment problems.  Other lenders will recommend that you consolidate your loans in order to lower your monthly payment.  Others will, as you suggest, devise alternative payment options called an "income contingent" or an "income sensitive" payment plans.  Ask them if they can do this and, if so, whether they can make your payments close to $50.  Generally, once you make 6 consecutive payments on time, you will be out of default, which will help your take-home wages and your credit report in the long run.\n\nRemember, too, that collections agencies deal with a lot of lazy people -- show them that you are different.  If the person you speak to is having an "off" day or doesn't seem willing to help you, try again.  Consider asking your former Financial Aid Office to contact them on your behalf (I have done this for students) -- sometimes they are more pleasant when dealing with someone "in the business."\n\nFinally, one of your rights as a Stafford or Perkins Loan borrower is that you be allowed to speak to an ombudsman when things get rough.  You can find one and learn about what they can do at http://www.ombudsman.ed.gov/  (Basically, an ombudsman is an individual who resolves disputes through an independent viewpoint; they do a lot of impartial fact-finding to make sure that you have been treated fairly.)
1084119
Try to make good on the loan that you defaulted on before make another loan.\n\n\nLC
951718
You can talk with your university about getting a computer loan. I had several friends that got their computers this way and didn't have to pay back the loan until they graduated.
1054013
Yep it is a great idea. You can lock in student loans at about 3% interest. you have to pay it all back in the long run, might as well, take care of the high interest rates now, before they get worse. I did this with my student loans, I am still paying on them, but with an all time low interest rate, small monthly payments, and my credit is great .\nStudent loans are less expensive payments than most will lead you to believe. You can make a plan to pay it in up to a 20 year period. The interest is so low that it is not necessarily a bad idea, especially if you consolidate through a third party. I graduated with a masters a few years ago, I had 20K in student loan debt. I originally made high payments, but now I only pay around 120 a month, more when I have it........\nMy credit cards weren't that bad, but they were there. My credit was worsening because of debt versus borrowing ability, so I paid them off while I was in school. Think about it... You don't have to pay back until you graduate, and you are sure to get a better job than you have right now. It is the sensible decision. It is your money to use any way you need to, just make sure you can make it through the year, and don't take more than you need to get by. Good luck in school.\nIf you are paying back before you graduate, if you pick the right loan, there will be no interest at all. That is a no brainer. Pay off your cards.
1144160
you can request that your loans be deferred. they can usually defer them for one to three years, so you can have time to get your feet under you to be able to make the payments.  you can also ask them if they will work with you on the monthly payment amount.  they may be able to let you pay a smaller amount each month.
629399
u can't do nething bout the interest that the bank charges on the govt. loans. I feel u shud be much more specific in what ur askin.
176971
Yes you should consolidate. It makes it easier to pay because you'll just have 1 payment. If you move around, you'll also just have to keep track of 1 loan instead of 2. Try this http://www.dlservicer.ed.gov/consolidatenow/welcome.asp . My husband and consolidated with them. They have a low rate and they offer a discount if you pay automatically from your account every month. They also adjust your payment according to changes in interest rates automatically. You'll just notice that your monthly payment has decreased.
796301
Hello there,\n\nYou still do have many options, but i would need to know more information in order to accurately give you a suggestion..\n\nYour in a situation that alot of students find themselves in these days with such high tuition rates..\n\nWhat i would have to do is take a closer look at your situation and then advise you from there..\n\nI work with Student Aid Lending, we are a nationwide title IV lender administered by the Department of Education... I would be happy to assist with your federal student loans... \n\nTake a look at my yahoo 360 profile.. There is alot of helpful information there for anyone to view.. You can also find the direct link to my website..\n\nhttp://360.yahoo.com/my_profile-hluduhmi...\n\nIt is actually a VERY SIMPLE process, it can be completed in 10 minutes over the phone and internet...\n\nFeel free to call or email me at any time.. Im available at all times to answer any questions or concerns you may have..\n\nI hope this helps!\n\nJason Fry\nStudent Aid Lending\n1-800-964-0642 ext 114\njasonf@StudentAidLending.com
404978
Why would you want to? Not being judgemental, but I certainly hope that the expense you are wanting to cover is worth the astroniomical fees/interest they charge on these loans. I think these places should be shut down. They prey on the poorest people in America and drive them deeper into debt/poverty. If you can possibly put off paying the debt, do. Even if you get charged a late fee for the late payment, it's probably lower than what you'll pay to 1-3 cash advance places. If you are needing cash for something like a car repair, you'd be better off to swallow your pride and bum a ride for a while, take a bus, ride a bike, or walk. There's nothing wrong with admitting you don't have the money to pay an expense right away. When our country learns that, we'll all be better off.
1098104
Speak to the Dean, and explain your situation. A letter would also help explain how serious the situation is. Make a payment agreement with the school and stick to it, honor your word. Schools are there to help not hinder.
1025634
Pay for my University Education so I don't go any further in debt with student loans
434946
First of all- stop using pay day loans!  You need to get a good job and save your money for your bills- pretty common sense.  If debts are too much try orderly collection of debt or you may have to file for the awful 'B' word
988119
What if your husband could put some more hours in to support you while you attended school? Also, you mentioned on another page you work with credit, so I'm sure you could find ways to obtain a loan during that time. Final option: downsize. Too many people voluntarily join the "rat race" with their monthly payments on a nice car, nice house, and other items that aren't necessary.
170910
if the interest is low, you'll end up paying more if you pay your loan, and then put your purchases on a high interest credit card.\nif the interest is high, pay it off as soon as you can. \nI'm pretty sure, with school loans, the interest for the term is charged regardless of how long it takes you to pay the loan.
747162
Dear Paying off student loans as a teacher! \n\nWell I hope this information can help. First of all I am 27 years old and have been teaching for 5 years now. I was in the EXACT same situation. I have an 11 year old son so I understand how family is a priority. I don't know how far you are in your college education but please listen carefully. I relied on financial aide to get through the first 2 years of college then I had to rely on loans once I transferred to a 4 year university. If I wanted to pursue my dream of teaching I knew I had to sacrifice so basically I lived off of financial aide and student loans to survive. \n\nLike I said before, I have been teaching for 5 years and have not started paying off my loans yet.  I borrowed a grand total of 40,000 to pursue a degree in Liberal Studies. The reason I have not paid it back is because IF your still enrolled in school you do not have to make payments toward your loan. Once you complete your credential and your master's degree then you have one year to start making payments. Which most likely you will be in school because after your bachelor's degree you have to get a teaching credential. I am currently working on my master's degree so I don't have to start paying on my loans until I finish graduate school. During this time, my salary is increasing every year. I live in California so the staring salary is 36, 000 as a first year teacher. Now I am currently making 42,000 a year. I haven't paid one cent toward my student loans. I wouldn't be able to afford it as a first year teacher.\n\nNow once I start making payments, my monthly payments will be under $200 a month because I consolidated my loans when interest rates were very low. Yes, get all of your loans and consolidate them into one. As long as the interest rate is low. I know you hear stories about students paying a lot of money each month but you have to do it the smart way. I will be able to afford this amount because my salary consisitantly increases every year. It will do the same for you! Once I complete my master's degree, it will increase even more because of the amount of units I have taken. \n\nSo basically as long as your enrolled in college, you do not have to begin making payments. This is called a deferment of payment. This is why I have pursued my master's degree. It takes two years to complete a master's degree so this gives me more time  to prepare for the monthly payments of 200 a month. Plus, once I receive a master's my pay increases almost 8000 more a year. More education, More money!\n\nTIP! Even after i finish my master's degree, i can apply for a forbearance. Which gives me an additional year to pay off my loans due to financial hardship. I probabaly won't do it, but it's an option.\n\nThe other good news is that 18000 of my student loans were paid off by the state because of a program called APLE. If you teach in a school that is considered economically disadvantaged which most schools are, then they help pay off part of your loan. You have to apply in the beginning of the year and maintain a GPA of 3.0 or better. \n\nOnce you complete your bachelor's degree, try to get an internship at any school that will accept you. I didn't even do student teaching because a school in my community gave me an internship. I started teaching a month after I graduated from college. This internship even paid me a regular teaching salary. Some schools may require you to have your credential but some schools will not. So while I was teaching I was in college finishing my teaching credential. \n\nPlease believe me when I say that things will be OK. You will endure financial hardships and have some gloomy days when it gets tough. I have been there. Eating Top Ramen way too often, living in low income apts, not having a reliable car to travel to school. Some days even crying myself to sleep wondering if it will pay off. It does, think about it this way. T
630266
go here...\nhttp://loans.mamayek.com/studentloans.html