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Started By
Message
sallie-mae loan question...
Posted on 7/14/12 at 11:49 am
Posted on 7/14/12 at 11:49 am
An associate of mine has about 110,000 in student loans.
Her payments were set at about 650 a month at the time of repayment. She has always paid over that amount.
Well today she went to make a payment and the amount due was at 1500 +. She is up to date on all payments. I know this is a new fiscal year, but any thoughts on how a 100% jump is possible?
She never deferred or used a lower payment amount. Any advice on how to move forward?
Her payments were set at about 650 a month at the time of repayment. She has always paid over that amount.
Well today she went to make a payment and the amount due was at 1500 +. She is up to date on all payments. I know this is a new fiscal year, but any thoughts on how a 100% jump is possible?
She never deferred or used a lower payment amount. Any advice on how to move forward?
5
Posted on 7/14/12 at 11:53 am to bigpetedatiga
I think the loans can be set up to charge less at the outset and more a few years into it. That $650 figure doesn't seem appropriate for such a high debt.
Good luck to your medical doctor (I hope) friend.
Good luck to your medical doctor (I hope) friend.
Posted on 7/14/12 at 11:57 am to shutterspeed
Yes, they are medical.
That amount just seems absurd. How can you ask anyone short of a 250,000 income to pay that much a year.
That amount just seems absurd. How can you ask anyone short of a 250,000 income to pay that much a year.
Posted on 7/14/12 at 12:05 pm to bigpetedatiga
quote:
That amount just seems absurd. How can you ask anyone short of a 250,000 income to pay that much a year.
I just plugged your friend's loan amount into a student loan calculator at 6.8%. The monthly payment came out to be $1150 a month for 10 years, which is around what I've heard from others with similar debt. At the high of a debt, your friend may also have private loans, too, whose interest rate could be even higher.
Did your friend not calculate her debt beforehand?
Student Loan Calculator
Posted on 7/14/12 at 12:08 pm to bigpetedatiga
I know after 3 years of on time payments, they dropped the interest rates on mine, but the minimum paymnet didn't drop. So I'll have mine paid off a couple years ahead of the original schedule.
Maybe she can call and get the minimum payment schedule changed?
Maybe she can call and get the minimum payment schedule changed?
Posted on 7/14/12 at 12:11 pm to bigpetedatiga
quote:
Well today she went to make a payment and the amount due was at 1500 +. She is up to date on all payments. I know this is a new fiscal year, but any thoughts on how a 100% jump is possible?
I think on my brother's loans, the payments are lower the first few years out, then the schedule payments jump up for a while (5 or 10 years), and then fall back down below what his first round of payments were for the last few years.
Posted on 7/14/12 at 12:12 pm to bigpetedatiga
nm
This post was edited on 7/16/12 at 8:56 am
Posted on 7/14/12 at 12:53 pm to theOG
It turned out to be it was set for a ten year repayment
Posted on 7/14/12 at 1:10 pm to bigpetedatiga
Was she scheduled for IBR? If so, then it fits the timeline. After three years of residency, her income should have increased significantly, thus that would make her IBR payments increase as well.
IBR is Income Based Repayment for those that don't know. They re-adjust your payments every year based on your gross income, poverty level, etc...
IBR is Income Based Repayment for those that don't know. They re-adjust your payments every year based on your gross income, poverty level, etc...
This post was edited on 7/14/12 at 1:12 pm
Posted on 7/14/12 at 4:45 pm to theOG
quote:
i have about that much and i pay right at 1300 a month. i think they'll be done in 10 years.
How much you can afford in student loan payments a month will be the new status symbol of the 21st century.
I'll be a real big dick then.
Posted on 7/14/12 at 10:00 pm to bigpetedatiga
My wifes monthly payment is $641 a month and she had $52000 in loans. $1500 for $110000 sounds about right.
Posted on 7/16/12 at 12:21 pm to bigpetedatiga
quote:
She never deferred or used a lower payment amount. Any advice on how to move forward?
Assuming they are FFEL loans (backed by feds), she should consolidate them under Direct Lending. (google it).
While the loans are being consolidated (30 days or so) she can request a deferment.
Once the loans are consolidated, she can request an income based repayment program (Income based or income contingent).
This will extend the repayment period beyond 10 years but will provide her more flexibility in monthly expenses.
Posted on 7/16/12 at 1:52 pm to Doctor Radical
My consolidation is going on 5 months. I am not a happy camper with the government right now. They keep messing up. I pray they get it right soon since I've been managing full repayment using savings from when I was in deferment.
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