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guest

I am now learning my lesson about private loans. In 2004 I dropped out of school. During that time I went to another school and was taking a class here and there to eventually return to school full time

Well stupid me took out CE loans to cover various expenses because I didn't have a job.

Fast Forward to now, I am back in school full time but I don't qualify for deferment because CE loans are only good for 2 years.

At my current job, I make approximately $600 every two weeks after taxes. Even if I consolidated all my loans, there is no way I could cover the $800 a month payments, heck I can't even afford half of that.

I know this is 100% my fault for going into this blindly and not doing any research. Are there any options for me? I will graduate in 2009 and then i would be able to make full payments (if I got a job of course), but until then there isn't much I can do and I don't think I even qualify for income sensitive repayments because the interest is so high (almost 10%)

Posted: Wed Dec 19, 2007 3:18 pm Subject:

I am in the same position as you are. Don't give up hang in there someone will be along to offer you assistance. I am in the same boat as you so don't feel alone.

ladybug

Posted: Wed Dec 19, 2007 5:06 pm Subject:

Unfortunately, private loans do not offer income sensitive loans and only will offer reduced payments for a very limited time. Deferments are generally only available for the time or length of program that you took the loan out for.

Guest · Posted: Wed Dec 19, 2007 9:22 pm Subject:

So in other words I'm screwed? I knew I should have never taken those loans out in the first place but at the time I was so desperate for money and totally blind because of it

Posted: Thu Dec 20, 2007 7:55 am Subject:

yeah guest we are "screwed" unless you can refinance this loan we are stuck with it, which unfortunately I can not. It is unfortunate that we didn't really investigate the details of these loans beforehand and unfortunately we are stuck. So by my calculations I should have mine paid off in oh 15 years.

ladybug

Posted: Wed Jan 23, 2008 9:39 pm Subject: Wishing you the best

But thank you for posting. I found this site tonight and have gotten so much valueable information. I applied for a private loan, but it has not been disbursed. I think that I will have to think twice about it now.

Thank you for the heads up

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