well, the pain is on its way: student loans

[WindRavenX]

:cry: :cry:

I am going to have to do some serious consolidation/repayment length extensions because there is no way I can afford almost 500/mth for all the loans that I had to take out :(

This country is damned pathetic when it comes to making higher ed accessible to all people.

If anyone has any advice on how to get a handle on student loans, I'd appreciate it. Looks like grad school is on hold til I get a more stable job as well, because the lab I work in is closing and moving to Mexico.

Hooray :(

[truedelphi]

1. Ew. The lab where you work is moving away.

Sheesh.

My husband got a partial deferment on amount that he was paying for awhile due to my not working.

Then he was ill (in fact he went blind for 9 months) and they gave him a full deferment. They still have him on deferment status.

The trick is to talk to them as soon as your job goes south. They will bail you out in many cases - as long as you don't put off talking to them about it.

You might even wanna talk it out before the wretched job flies south.

I wouldn't put grad school on hold though - if you are in school, you aren't required to even think about re-payment. Till six months after you are out.

[sasquatch]

2. You missed the clip thread I left you yesterday

http://www.youtube.com/watch?v=zy0d1HbItOo

[Trailrider1951]

3. If you are going to consolidate your loans

I suggest the Dept of Education's program. I've had no problems with them, they are most helpful, and you can access your account online. Stay far, far away from Sallie Mae......www.studentloanjustice.org

[WindRavenX]

5. Sallie Mae owns all my loans I did through my school

In fact, the government is looking into them because SM is evil.

:(

[ThomCat]

4. I'm very sorry for everyone who had to deal with this.

Student Loans are a scam. Banks are getting rich by sucking money out of of all of us forever. :(

[ceile]

6. I'm in the same boat.

Not quite $500, but close and it kills me every month. No advice- just this :hug:

[Chovexani]

7. As someone intimately familiar with the student loan consolidation racket

Stay far, far away from the companies who are likely bombarding you with phone calls and junk mail. If you're interested in consolidation, do it directly through the DoE.

The student loan industry--and its parasitical consolidation industry--is quite possibly the most crooked industry in this country. That's not hyperbole, either. I'm sorry to hear you're with Sallie Mae, too. They're the pits.

One piece of advice if you're seriously considering consolidation: do so while your loans are still in grace. If they're not, apply for deferment or forebearance with the DoE; deferment in particular is frighteningly easy to qualify for. The reason you want to consolidate while your loans are in grace is because you can lock in a much lower rate than if you wait until your loans are in repayment.

PM me if you need any more help. I worked for a skeevy consolidation company and work as a student finance planner at a technical school so I can give more advice if needed.