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Consolidated loans...unaffordable payments

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  • #1

    Consolidated loans...unaffordable payments

    Hi everyone,

    If this has been covered before (which wouldn't surprise me) please direct me to the correct thread.

    We consolidated his students loans and the payment book just came in the mail. It's $1,139 a month and there is NO way we can pay this much right now. He is an intern making around $42,000/yr and I am still in grad school full time. Did you all just keep deferring these payments to survive? Help please!

    Thanks,
    Felicia
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  • #2
    Re: Consolidated loans...unaffordable payments

    You can either defer his loans or put them in forbearance. Deferment is better because interest does not accrue on the subsidized loans, but he must be eligible for it. I think (if the requirements haven't changed since my Dh was in residency) that residents qualify for forbearance so long as they are still in residency. You do not have to pay loans that are in forbearance, but interest still accrues.

    Your Dh should be able to pick up forms to apply for either deferment or forbearance at the financial aid department at his residency program.
    Wife of Ophthalmologist and Mom to my daughter and two boys.

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    • #3
      Re: Consolidated loans...unaffordable payments

      Keep an eye on income based repayment. It's supposed to start July 1. We're sort of counting on it.

      http://www.ibrinfo.org/

      Otherwise, forbearance.
      Julia - legislative process lover and general government nerd, married to a PICU & Medical Ethics attending, raising a toddler son and expecting a baby daughter Oct '16.

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      • #4
        Re: Consolidated loans...unaffordable payments

        DH put his loans in forebearance (deferment was an option on a small amount of the loans, I think). It was a while ago so I am really fuzzy on this, but I seem to remember that when he consolidated, they switched him to a 10 year payment plan. If he hasn't already, he might want to double check on that and make it a 30 year term if it isn't already.

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        • #5
          Re: Consolidated loans...unaffordable payments

          Thanks for the link, Julia - I will be looking into that!
          Kris

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          • #6
            Re: Consolidated loans...unaffordable payments

            Who did you consolidate with? Sallie Mae told us NO. Then they said we could only do forbearance for 36 months tops. Then she hurried us off the phone. Is this right?
            Wife to PGY5. Mommy to baby girl born 11/2009. Cat mommy since 2002
            "“If you don't know where you are going any road can take you there”"

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            • #7
              Re: Consolidated loans...unaffordable payments

              Thanks for the link, Julia! That sounds awesome - do you think this is going to become a reality this summer?

              Because of the current economy I know that a lot of the companies are not participating in consolidation (Sallie Mae being one of them - I called them at the time because his loans were through them). The federal government seemed to be the only one we could find (the Direct Loans program) so we went through them. Interest rate ended up being fixed 5.6%.

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              • #8
                Re: Consolidated loans...unaffordable payments

                Income based repayment was part of the last student loan bill, so it's actually law, and it's supposed to start July 1. What we haven't seen yet is any sort of application process.
                Julia - legislative process lover and general government nerd, married to a PICU & Medical Ethics attending, raising a toddler son and expecting a baby daughter Oct '16.

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                • #9
                  Re: Consolidated loans...unaffordable payments

                  Should I email Obama and his team on this one? I want this up and going by July 1!

                  Thanks again! :P

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