NEED help on how to pay off school loans and credit cards!!!
I am seeking help from anyone and everyone regarding my current debt situation. I just graduated undergrad college in May of 07, and I have excessive school loan debt, on top of pretty high credit card bills. I only make $36,000 a year, and my school loans are from many different companies, so upon repayment I am looking at NUMEROUS payments on top of many interest rates. I have a (ready?) grand total of about $110k in school debt.
I also have 3 major credit cards, with a total of about $6,500 on them. They are all near their limits. Needless to say, I am starting to look into consolidation, and I am only 22 and I am CLUELESS as to what to do!!! I started applying for consolidation through some companies online, but not only have they been calling my phone off the hook, but I have been doing research and realizing that there are a lot of catches to these companies you should be aware of.
I have been told that companies typically don't consolidate credit card debt and school debt into one. Is this true? Anyway, I am just looking for some guidance from someone who has both credit card and school debt, and some help as to where I should start. Thanks so much for your help!!!!
I will only comment on the student loans...the two are very diff
I will only comment on the student loans...the two are very different types of debt and has very different rules and consequences.
$110k in student loans...federal? private?? or a combo??
You can consolidate all your federal loans with the US Department of Education. By my calculations if your debt load is all federal, you are looking at a payment of at least $630 per month. If your loans are federal and private, your payment will probably be significantly higher.
the 110k is a combo between federal and student - however, it's
the 110k is a combo between federal and student - however, it's only 16,5k in federal and the rest in private.
Yikes. $94 k in private loans are going to be expensive and the
Yikes. $94 k in private loans are going to be expensive and they have very limited "income senstive" plans if any...depends on the lender. You are going to need to do something quickly to increase your income or you wont be able to manage.
oh, fabulous. :( I can't really do much to increase my income -
oh, fabulous. :( I can't really do much to increase my income - I work full time on Salary as is.
Get a part time job?? Honestly your private loan holders wil
Get a part time job??
Honestly your private loan holders will have no problem defaulting you if you get behind in your payments. Then trouble really starts as the private lenders will sue for judgement.