Question about student loans

[kellyntx]

I have a friend who just informed me the other day his wife has a student loan for $65,000. I believe he said their payments are about $300 and something. Well his wife has Lupus now and can't work so he is the only one bringing in an income. What would any of you suggest he do to try to get some help with this loan? I am going to ask him today if she was a teacher but I am not sure she was.

 

Kelly

[lgt525]

I have a friend who just informed me the other day his wife has a student loan for $65,000. I believe he said their payments are about $300 and something. Well his wife has Lupus now and can't work so he is the only one bringing in an income. What would any of you suggest he do to try to get some help with this loan? I am going to ask him today if she was a teacher but I am not sure she was.

 

Kelly

 

 

If there is more than one loan (which there probably is, since the loan amount is $65,000) you can get the loans consolidated under the income contigent plan which might lower the payments. They payments are based on income.

[kellyntx]

Okay I will make sure and ask him tomorrow, today was a hectic day for him so I will see what he says and post back. Thanks for the info.

 

Kelly

[fla-tan]

I have a friend who just informed me the other day his wife has a student loan for $65,000. I believe he said their payments are about $300 and something. Well his wife has Lupus now and can't work so he is the only one bringing in an income. What would any of you suggest he do to try to get some help with this loan? I am going to ask him today if she was a teacher but I am not sure she was.  

 

Kelly

 

Kelly

 

Do Not have your friend even consider consolidation until he has his wife granted permission to speak with the servicer on her behalf. Then check with the servicer to find out about forgiveness programs. Federally guaranteed student loans are forgivable if the borrower becomes totally disabled. However, if she consolidates with a preexisting condition, she will lose that right. Also, in the meantime, she can apply for deferment since she is unable to work and thus has no income. She should apply for an economic hardship deferment.

 

 

fla-tan