Student Loan In Rehab

[byteme94]

I just recently stopped hiding from my student loan company and got into rehab. They slammed my 20k in loans(5 of them totaling 20k) with about 4 grand in collection fees.

 

I have a few ?????

 

1. I was wondering now that i have a little bit of money saved up and my credit cards (3) all payed off, should i send them a 2k check to help get the fees payed off so my payments start reducing my principal?

 

2. With the feds slashing interest rates this past week, am i allowed to consolidate while in rehab or must i wait until my nine months are done (Sept. 2008 completion).

 

24 years old and finally beginning to take control of my financial mess. Help appreciated.

 

Thanks

[LynnInMN]

I just recently stopped hiding from my student loan company and got into rehab. They slammed my 20k in loans(5 of them totaling 20k) with about 4 grand in collection fees.

 

I have a few ?????

 

1. I was wondering now that i have a little bit of money saved up and my credit cards (3) all payed off, should i send them a 2k check to help get the fees payed off so my payments start reducing my principal?

 

Any large payment is going to help your overall interest paid in the long run.

 

2. With the feds slashing interest rates this past week, am i allowed to consolidate while in rehab or must i wait until my nine months are done (Sept. 2008 completion).

 

Nope. Feds slashing interest rates have nothing to do with the rules of consolidation and rehab.

 

24 years old and finally beginning to take control of my financial mess. Help appreciated.

 

Thanks