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Private Student Loan Consolidation

bowenbowen Sup?Registered User regular
edited January 2009 in Help / Advice Forum
Okay, new thread time.

I've got this crazy ass student loan because of my horrendous school. Supposedly 10 year repayment plan with a 13% something interest rate. Okay, whatever. I'd like to consolidate that with another company because fuck damn $600+ school loan payments is a huge chunk of my income. However it seems as though all the student loan companies refuse to do this anymore.

Any recommendations? I've tried the local banks around here but they all refer me to these loan companies that do this and the loan companies summarily tell me "nope pretty much everyone has stopped student loan consolidation for private loans."

not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
bowen on

Posts

  • ThanatosThanatos Registered User regular
    edited January 2009
    You're pretty much screwed. It's nigh-impossible to get a loan consolidation at this point.

    Thanatos on
  • bowenbowen Sup? Registered User regular
    edited January 2009
    What the fucking ass. And you can't even file for bankruptcy because it carries over.

    bowen on
    not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
  • Dunadan019Dunadan019 Registered User regular
    edited January 2009
    bowen wrote: »
    What the fucking ass. And you can't even file for bankruptcy because it carries over.

    you can always apply for deferment due to financial hardship.

    im not sure on the rules but it could apply.

    there are also options in many cases to apply for extended loan repayment schedules. look at your loan agreement to see if you can apply for this.

    Dunadan019 on
  • ThanatosThanatos Registered User regular
    edited January 2009
    Dunadan019 wrote: »
    bowen wrote: »
    What the fucking ass. And you can't even file for bankruptcy because it carries over.

    you can always apply for deferment due to financial hardship.

    im not sure on the rules but it could apply.

    there are also options in many cases to apply for extended loan repayment schedules. look at your loan agreement to see if you can apply for this.
    He's still going to be accruing the 13% interest during that time. And that interest is added into the principle annually, I believe, meaning that you accrue principle that isn't tax-deductible (whereas if you were paying the interest, it would be tax-deductible).

    Thanatos on
  • Dunadan019Dunadan019 Registered User regular
    edited January 2009
    Thanatos wrote: »
    Dunadan019 wrote: »
    bowen wrote: »
    What the fucking ass. And you can't even file for bankruptcy because it carries over.

    you can always apply for deferment due to financial hardship.

    im not sure on the rules but it could apply.

    there are also options in many cases to apply for extended loan repayment schedules. look at your loan agreement to see if you can apply for this.
    He's still going to be accruing the 13% interest during that time. And that interest is added into the principle annually, I believe, meaning that you accrue principle that isn't tax-deductible (whereas if you were paying the interest, it would be tax-deductible).

    yeah but at least its an option to decrease his payment....

    i mean, there aren't many options here if he can't afford the 600 dollars a month right now.

    Dunadan019 on
  • bowenbowen Sup? Registered User regular
    edited January 2009
    Well I can afford it, I just can't afford luxuries such as 2 ply toilet paper, or food more than Ramen and Rice and maybe an apple or two a year.

    I've done the deferment and forbearance thing, I've tried to extend my repayment but of course I was under the minimum by $2000. $28k and the minimum for the extended repayment plan is $30K. Nice one.

    bowen on
    not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
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