First.....payments were $69 for 180months....

[TasteOfPower]

WHAT THE HECK!!!

 

How? Why?

 

Is this true that after 180 months....whatever is left of your student loans you dont have to pay? I dont know where I got that from.....but.....is that true?

 

And why did my payments go up???? Seems Im paying back MORE now.....since my payments were only $69 before!

 

Help!

[TxQuiltGirl]

I don't know where you got it from, but it wasn't true.

 

I can't tell you what's going on with your SLs because I really have no clue what you're talking about. Did you default on the loans or something?

[LynnInMN]

WHAT THE HECK!!!

 

How? Why?

 

Is this true that after 180 months....whatever is left of your student loans you dont have to pay? I dont know where I got that from.....but.....is that true?

 

No, it is 300 months or 25 years of repayment that the government will write balances off on.

 

And why did my payments go up???? Seems Im paying back MORE now.....since my payments were only $69 before!

 

You really didnt give us enough information. What type of plan were you on before?? Balance?? Were you in default??

 

Help!

[TasteOfPower]

I don't know where you got it from, but it wasn't true.

 

I can't tell you what's going on with your SLs because I really have no clue what you're talking about. Did you default on the loans or something?

 

 

 

I had a federal loan. I owed some 13K on it. I didnt default, maybe some late payments.

My term was $69 for 180 months.

 

I wanted to lock in my rate.

 

I got with next student, and the consolidated my loans.

Now, I have to pay $113 for 180 months.

 

I thought I was supposed to save money, but looks as if Im paying more now for some odd reason.

[TasteOfPower]

I don't know where you got it from, but it wasn't true.

 

I can't tell you what's going on with your SLs because I really have no clue what you're talking about. Did you default on the loans or something?

 

 

 

I had a federal loan. I owed some 13K on it. I didnt default, maybe some late payments.

My term was $69 for 180 months.

 

I wanted to lock in my rate.

 

I got with next student, and the consolidated my loans.

Now, I have to pay $113 for 180 months.

 

I thought I was supposed to save money, but looks as if Im paying more now for some odd reason.

[LynnInMN]

What is your interest rate??

[TxQuiltGirl]

What is your interest rate??

 

 

 

Looks like 6.5% based on my calcs. And that would mean that the OP didn't try to consolidate before the 7/1 deadline.

 

I can't even get 13k to amortize at $69 without going to something like 30 yrs. I think the OP is mistaken about something because at $69 over 180 months, he would have been paying back $12,420. And that would include interest. At $113 for 180 months, he's paying $20,340.

 

I think either he was mistaken or he defaulted and has collection fees.

[cory1848]

Were you on the Graduated payment plan? Most consolidation loans start off at a level payment plan. If you were on a graduated plan prior that would explain the smaller payment...Just a thought.

[TxQuiltGirl]

Were you on the Graduated payment plan? Most consolidation loans start off at a level payment plan. If you were on a graduated plan prior that would explain the smaller payment...Just a thought.

 

 

Good point! Once my consolidation is completed and my loans go into repayment, I will have two years at about $130, then three years around $150 ... and I forget the rest. LOL