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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 teaching a Title 1 school?

Sub: #1 posted on Wed, 08/29/2012 - 20:12

SOAPLADY SOAPLADY
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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

Sub: #2 posted on Thu, 08/30/2012 - 11:22

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Also, I notices I accidentally typed $1100 a month salary but that should be $2100. Sorry.

Sub: #3 posted on Thu, 08/30/2012 - 11:24

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Quote:
I have both types (Fed and Dept of Ed) through Sallie Mae.


Federal loans include both FFELP and Direct Loans. Private loans are not government insured.

Sub: #4 posted on Thu, 08/30/2012 - 11:38

SOAPLADY SOAPLADY
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I'm not sure what that means nor what "not government insured" means to my original question of consolidation? Sorry

Sub: #5 posted on Wed, 09/05/2012 - 10:14

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