100k student loans!

[tennischic]

I graduated from an ivy with 100k in student loans.

 

I didnt know what the hell I was signing when I was 18.

 

Too late now.

 

Is there any way to lower the interest rates on my loans? They range from 8-13%.

 

Does anyone know of any great programs that help to pay off private student loans? I have Sallie Mae.

 

I have heard of the NHSC if I decide to go to medical school. They will help pay off loans. Going to medical school is a whole other set of problems since I have 100k from undergrad.

 

Suggestions?

[LynnInMN]

I graduated from an ivy with 100k in student loans.

 

Federal? Private? Combo?

 

I didnt know what the hell I was signing when I was 18.

 

Too late now.

 

Is there any way to lower the interest rates on my loans? They range from 8-13%.

It these are all private, probably not. From what I have researched, you have to have better credit now than when you borrowed and even a cosigner. Most private loan consolidator also charge origination fees which can hurt.

 

Does anyone know of any great programs that help to pay off private student loans? I have Sallie Mae.

Nope.

 

I have heard of the NHSC if I decide to go to medical school. They will help pay off loans. Going to medical school is a whole other set of problems since I have 100k from undergrad.

 

Suggestions?

[tennischic]

I graduated from an ivy with 100k in student loans.

 

Federal? Private? Combo?

 

I didnt know what the hell I was signing when I was 18.

 

Too late now.

 

Is there any way to lower the interest rates on my loans? They range from 8-13%.

It these are all private, probably not. From what I have researched, you have to have better credit now than when you borrowed and even a cosigner. Most private loan consolidator also charge origination fees which can hurt.

 

Does anyone know of any great programs that help to pay off private student loans? I have Sallie Mae.

Nope.

 

I have heard of the NHSC if I decide to go to medical school. They will help pay off loans. Going to medical school is a whole other set of problems since I have 100k from undergrad.

 

Suggestions?

90% of my loans are private...my parents made too much money but had too much to debt so thats why i have all these loans

[aluminumfalcon]

90% of my loans are private...my parents made too much money but had too much to debt so thats why i have all these loans

I know this is impossible with med school, but for the 10% of Fed loans you can teach in a low income area and receive loan forgiveness. My friend has been teaching for six years directly out of NYU and one of her small loans was forgiven, plus she received a math/science bonus. It does not seem like much, but she was able to apply the amount to a larger private loan.

 

Is it possible to ask your parents to co-sign a personal loan with a lower interest rate or park it on a card with a fixed/for life low interest balance transfer?

 

Good luck, I hope you can work something out!

Soon I'll have law school bills pouring in and be right there with you in the 100k range.

[Melanie P.]

Some agencies/states have programs where each year of medical school is 'forgiven' for every year you practice in low incomwe/poverty areas.

 

I have even seen TV programes where rural areas send young students to Medical School with the promise (in writing) of coming back and practicing in their area for each year of training.

 

Good Luck!

 

[tennischic]

thanks for the responses

[dixiecup]

I'll be graduating (well, hopefully, if I pass the boards!) from a Nurse Practitioner program Dec 2008. I'll have about 100K combined for undergrad and grad.

 

I plan on working in a rural area for loan forgiveness. Since the area I live in is all considered rural and impoverished I won't even have to move. I haven't really checked out the details but I have to do it, I'll never get 100k paid off.

 

I feel your pain. And I'm 50 years old!

 

I know if you know all the loop holes, you can deferr for several years.

[New Englander]

I know where you are coming from!

 

I am going to take a different approach when it comes to your loan situation. Instead of creatively avoiding payments by deferements/forbearance, working in an underserved area, etc, why don't you proceed with your med school plans?

 

Go to med school, study hard and get the best residency possible. Ofcourse, you will be looking at $200-250K in SLs once you are done, however your income/emplyment prospects will be much better than other folks. Despite the negative talk around physician salaries, malpractice insurance, the career is still lucrative enough.

 

In particular, I would recommend that you open up your own practice after your training. You can expect 2-5 'lean' years as you aggresively pay off your SLs and build your practice, but it can be done.

 

If you are thinking of not going to med school, then find a well paying job that will allow you to continue the debt service.

 

All the best

[Bloody but Unbowed]

Ok, well reading some of these responses I have found that my DW is in the same predicament. She graduated from a with her MS and is now a practicing Physician Assistant. With 100k and 75 of that private we are currently looking at 9% on one and 12.5 on another private loan. The only option we have found to get out of paying this 1000+ a month is to consolidate, but that would be at 13% for 30 yrs. Unfortunately with my degree in mathematics I know that is not really a good idea. I know Im kinda rambling, but I feel your pain and know what you are going through and these are kinda the only options. The idea to put them on a CC for a life of balance is not a bad idea, but you will take a hit on the utilization. I hope someone can chime in with some other options if they have any further experience.