To consolidate or not?

Date: Wed, 08/29/2012 - 17:15

Submitted by anonymous
on Wed, 08/29/2012 - 17:15

Posts: 202330 Credits: [Donate]

Total Replies: 5

Hello. I have Sallie Mae student loan payments totalling $380 a month and income of about $1100 a month (obviously teachers get paid WAY too much). I have no problem repaying debt but this amount is too much per month (especially considering cost of living in Hawaii as well as credit card debt I accrued while in school). Is consolidation the way to go or does it just add too much to the back end? Also, besides the 5-year teach laon forgiveness plan, isn't there some sort of reduction for "on-time" payments over a certain amount of time as well?

Thanks in advance for any info.
Max

Are your loans federal or private?? If federal, are you teachin

Are your loans federal or private?? If federal, are you teaching a Title 1 school?

lrhall41

Submitted by SOAPLADY on Wed, 08/29/2012 - 20:12

( Posts: 17315 | Credits: )

Both

I have both types (Fed and Dept of Ed) through Sallie Mae... totalling about $40,000 and yes, I teach in a Title 1 school but it is only my second year (I graduated Dec 2010).

Thanks for the prompt reply :)
Max