loan repayment...
I just looked at the tuition for this school...it is expensive.
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.
I must say that I agree with SoapLady.The financials of the stud
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.
Thank you for your replies...Hopefully we can find a way for tha
Thank you for your replies...Hopefully we can find a way for that to happen...it's crazy that kids don't realize how this all works until it is usually too late.
Thank you again for your replies - this has helped!
Hind sight is always 20/20. The problem at hand is that he has $
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 :-)