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loan repayment...

Date: Tue, 05/10/2011 - 17:41
Submitted by on Tue, 05/10/2011 - 17:41
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My son-in-law graduated from Full Sail in Winterpark, Fl in October of 2010. He, like an earlier submit, thought he had put his loan in deferrment or whatever it's called. Last week he received a bill for a late loan payment - one he didn't even know he owed. When he went in to check his online account, he discovered that he had a past due amount of $2500 - for ONE MONTHs PAYMENT!
Now I realize that loans need to be repaid and I am all for it, what I can't seem to get my brain around is how in the world are these kids supposed to afford a $2500 a month payment for a loan to better themselves? My question is this, are there still repayment programs for young married couples with a child? Is their anything that they can do?
This payment is more than they make in a month, so how are they supposed to live? How are they supposed to buy food and diapers when Sallie Mae wants all their income? He can't find a job in his field and makes $10/hour and his wife works and makes $14/hour after taxes and insurance premiums they bring home right at $2350....not much left... I just want to find out if there is anything they can do.
Thank you for listening!


I just looked at the tuition for this school...it is expensive. I would assume that he borrowed both federal and private loans for his education.

Private loans once you graduate or leave school operate just like normal consumer loans ....no (or little) deferement, no forebearance and no hardship payment plans. That is why I always recommend that unless you can afford to go to private schools like this or just on federal aid, dont go! If he doesnt make the payments, he will default, and sallie mae will end up suing him.

He needs to review what he borrowed and break down what is owed.....private and federal. Federal aid is alot easier to manage.


Submitted by SOAPLADY on Tue, 05/10/2011 - 19:11

SOAPLADY

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I must say that I agree with SoapLady.The financials of the student fees must be worked out and planned from the beginning so that there would not be any undue pressure for repayment.Probably at this stage,your son-in-law needs help from the family and friends mostly for a quick repayment.


Submitted by elsoft12 on Thu, 05/12/2011 - 08:04

elsoft12

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Hind sight is always 20/20. The problem at hand is that he has $2500 monthly student loan payments. Unfortunately and sadly MANY are in the same boat as he is and there is no real help available! If he is sued, the most the student loans can garnish is 10-20% of HIS wages and not his wifes too and more than likely he could prove to the courts that the living expenses for his family are nearly equal to what he makes monthly and if garnishment would put them out on the streets then no judge is going to enforce that. He needs to take care of himself and his family first! He is not alone with this situation. Take care :-)


Submitted by on Mon, 05/16/2011 - 20:02

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