I will owe 120K, How Much will they make me pay?

[JonBoyOhBoy]

I will be graduating shortly with about 120K in debt (stafford loans)

I am older and work, I make about 80K a year, but after paying rent, supporting a wife and 2 kids, car payments etc, there is hardly anything left.

How much will they expect me to pay and what is the absolute minimum amount they will take?

Woud I be able to defer payment until I am in a better position financially or will they not allow it because of my income.

I know 80K may seem like a high income but in NYC its poverty

[jmf8756]

I will be graduating shortly with about 120K in debt (stafford loans)

I am older and work, I make about 80K a year, but after paying rent, supporting a wife and 2 kids, car payments etc, there is hardly anything left.

How much will they expect me to pay and what is the absolute minimum amount they will take?

Woud I be able to defer payment until I am in a better position financially or will they not allow it because of my income.

I know 80K may seem like a high income but in NYC its poverty

 

 

Check out this website: http://www.direct.ed.gov/student.html

 

You can set up an account and it will tell you all of your loans and the amounts. I don't remember if it gives you the monthly payment for each or not, I actually got those numbers from my credit report.

 

Then, go here: http://loanconsolidation.ed.gov/

 

This is where you enter all of the individual loan information from above and it will tell you what your payment options are to consolidate.

 

Hope this helps.

[JonBoyOhBoy]

I will be graduating shortly with about 120K in debt (stafford loans)

I am older and work, I make about 80K a year, but after paying rent, supporting a wife and 2 kids, car payments etc, there is hardly anything left.

How much will they expect me to pay and what is the absolute minimum amount they will take?

Woud I be able to defer payment until I am in a better position financially or will they not allow it because of my income.

I know 80K may seem like a high income but in NYC its poverty

 

 

Check out this website: http://www.direct.ed.gov/student.html

 

You can set up an account and it will tell you all of your loans and the amounts. I don't remember if it gives you the monthly payment for each or not, I actually got those numbers from my credit report.

 

Then, go here: http://loanconsolidation.ed.gov/

 

This is where you enter all of the individual loan information from above and it will tell you what your payment options are to consolidate.

 

Hope this helps.

 

In the online loan calculators do you have to include any interest or do you just include the principal amount borrowed? My unsub loans have been accumulating interest

[jmf8756]

The calculator on the loan consolidation website asks you for an estimated payoff rate and the current interest rate.

[alexplantman]

I'm in a similar boat; deferment though for me... min payments, if I recall on my $75K loan is about $1,200..

[jmf8756]

I'm in a similar boat; deferment though for me... min payments, if I recall on my $75K loan is about $1,200..

 

That's about where I stand before consolidation. With income based repayment I can get my payments down to about $275 a month and after 120 payments I can apply for loan forgiveness and have the remaining balance forgiven because I work for a non profit. Big savings by doing all of that.

[Gwennie]

I thought you had to pay all your student loans back unless you participated in some kind of federal program that forgave a portion of the balance after a certain length of service.

 

Is there another trick I'm not aware of?

[jmf8756]

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I thought you had to pay all your student loans back unless you participated in some kind of federal program that forgave a portion of the balance after a certain length of service.

 

Is there another trick I'm not aware of?

 

Look up Public Service Loan Forgiveness. A lot of things qualify under public service. I was actually quite surprised myself.

[smart finance]

If you want to go the public service/govt route, you can get your loan forgiven after 10 yrs of public service. However, you will have to make at least 120 on-time payments also before the rest of the loan is forgiven. With public service, you probably won't be making 80k though...so I don't know if that is an option for you.

 

 

[jmf8756]

If you want to go the public service/govt route, you can get your loan forgiven after 10 yrs of public service. However, you will have to make at least 120 on-time payments also before the rest of the loan is forgiven. With public service, you probably won't be making 80k though...so I don't know if that is an option for you.

 

 

 

 

Alot of things are considered public service under the program. Just working for a non profit counts. I work for a NP and probably by the time I start paying my loans back, I will be well over $80k.