3 year, 40k/yr clerkship vs. 2500/mth in priv. stu loans
With capitalized interest, I will have over $440,000 in student loan debt from a BA, MA JD and this clerkship after I complete the three years.
I will not be able to make 2,500 a month in estimated payments while in this fellowship, just payments which would be a fraction of this amount. Can I make a payment plan with my federal and private loan lenders? If they are not willing to accept this, what are my options and what actions can these companies legally take which would affect my credit report and/or other information?
There is a good chance that I'll land a very high paying position from this clerkship, and be able to make the 2,500 month payments aftewards.
Hi georgia, Have a look at this link....it contains some inform
Hi georgia, Have a look at this link....it contains some information concerning consolidation.
http://www.debtconsolidationcare.com/student-discussion/useful-info.html
All of my loans are through DOE so unfortunately I do not much about the private loan sector. However, I did see something listed in the link above concerning private loans. Hopefully you can consolidate and get an ICR....and, get your payments reduced to match your income level. I hope this helps a little.
georgia I have been pondering about your situation for a while.
georgia I have been pondering about your situation for a while. So I became curious about options for private consolidation. here is the direct link.
http://www.finaid.org/loans/privateconsolidation.phtml
Now this explains that basically the only option Private loan holders have is to consolidate through yet another private loan. Essentailly trading in several payments for only 1. Now you said at this point that your credit has not been effected. So I would definitely suggest that you try to consolidate/refinance and see if you can get a lower payment. Please be aware though that when you follow this link.....there is an add to consolidate through Citi-Bank......please be very cautious of this as they have been in the news quite a bit lately along with Sallie Mae as being 1 of the worst offenders in the loan programs that they offered.
"When Student Lenders Compete, N.Y. Wins
Colleges and college aid officials have been funneling their students to big banks like Sallie Mae and Citibank in exchange for cash, gifts and in-kind benefits, according to a series of recent public investigations, the most energetic of which is being led by New York State Attorney General Andrew Cuomo."
I believe this was first reported through newsamerica. Please take time to sort through this next link and you will find quite a bit concerning particular lenders.
http://www.debtconsolidationcare.com/student-discussion/about26273.html
So whatever you do....be very leary of Sallie Mae or Citibank.
My best advice is to seek refinancing and try for a lower monthly payment. Just be very cuatious who you seek out to refinance you. I hope this helps some. If I find out anything else for you I will certainly post back.