Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Has this ever happened to you? This isn't really a mistake on their part. I was SUPPOSED to graduate, but didn't just yet, so the student loan bill is starting to come in...& its the amount of the mortgage @ $800+/month, which I sure can't afford!!! I have 1 class to repeat in the fall, but my college says that doesn't entitle me to have my loan deferred...don't know why not.
I'll be calling them first thing Monday to work out a much lower payment plan. My university won't help. They said my not graduating has nothing to do with the bill I'm getting.
Has this ever happened to you? This isn't really a mistake on their part. I was SUPPOSED to graduate, but didn't just yet, so the student loan bill is starting to come in...& its the amount of the mortgage @ $800+/month, which I sure can't afford!!! I have 1 class to repeat in the fall, but my college says that doesn't entitle me to have my loan deferred...don't know why not.
I'll be calling them first thing Monday to work out a much lower payment plan. My university won't help. They said my not graduating has nothing to do with the bill I'm getting.
Anyone have any suggestions??
Heads up... that $800 bill is the real one. Your ability to pay or to get a longer term loan doesn't reduce the fact that you're really in a lot of debt at a high rate.
This is going to be painful since you didn't graduate when you were "Supposed" to.
06-26-2015, 10:07 PM
i7pXFLbhE3gq
n/a posts
This isn't that difficult to understand. You should know "why not." You're not enrolled at least half time, thus you have to start paying unless you fall into one of the other categories that lets you stop paying.
Has this ever happened to you? This isn't really a mistake on their part. I was SUPPOSED to graduate, but didn't just yet, so the student loan bill is starting to come in...& its the amount of the mortgage @ $800+/month, which I sure can't afford!!! I have 1 class to repeat in the fall, but my college says that doesn't entitle me to have my loan deferred...don't know why not.
I'll be calling them first thing Monday to work out a much lower payment plan. My university won't help. They said my not graduating has nothing to do with the bill I'm getting.
Anyone have any suggestions??
So you are attending a mega-expensive university, and you have to REPEAT a class?!?
I'm in the education/speech pathology field. You guys are really cold w/ your replies. Funny how when I posted this same thread on a teacher discussion board, the posters there have a LOT more compassion & understanding. Whether I need to repeat somethig or not, the fact is that I'm still in school, so the bill shouldn't start yet.
I don't need any more replies from anyone else if this is how you're going to be.
06-27-2015, 11:28 AM
i7pXFLbhE3gq
n/a posts
Quote:
Originally Posted by Forever Blue
I'm in the education/speech pathology field. You guys are really cold w/ your replies. Funny how when I posted this same thread on a teacher discussion board, the posters there have a LOT more compassion & understanding. Whether I need to repeat somethig or not, the fact is that I'm still in school, so the bill shouldn't start yet.
I don't need any more replies from anyone else if this is how you're going to be.
As I said in my post and as is stated in the link I gave you, "I'm still in school" is not in and of itself a valid excuse to avoid repayment. You have to be enrolled a minimum of half time.
When did you stop being enrolled at least half time? Was it in January, hence why you're getting a bill now?
Even when I called the loan company a few wks ago, they pretty much said, don't panic since they're sure my school will notify them that I'm still in school or I just need to have them inform them & all will be good again. It's the school's end that won't budge.
My last class ended in mid-March in which we were notified about a month later, so mid-April whether we passed. My graduation day in my cap & gown would have been May 15th. Yes, it's not shocking to me how fast the loan company is expecting to start getting paid back, but still...they told me what they told me above.
There's no way I can afford that...$884.63/month to be exact. I could afford like $50/mo at most right now & it doesn't matter if it takes decade for me to pay this off. My rent just increased to $1407/mo & I have other bills, not to mention I haven't graduated yet to get the better job to make a better salary.
06-27-2015, 02:05 PM
i7pXFLbhE3gq
n/a posts
I guess it's just not clear to me what you're wanting. Are you expecting the school to falsely say that you're enrolled at least half time? You need to work this out with your loan servicer.
And you still haven't answered the question of when you stopped being enrolled at least half time. One class does not usually constitute half time.
Has this ever happened to you? This isn't really a mistake on their part. I was SUPPOSED to graduate, but didn't just yet, so the student loan bill is starting to come in...& its the amount of the mortgage @ $800+/month, which I sure can't afford!!! I have 1 class to repeat in the fall, but my college says that doesn't entitle me to have my loan deferred...don't know why not.
I'll be calling them first thing Monday to work out a much lower payment plan. My university won't help. They said my not graduating has nothing to do with the bill I'm getting.
Anyone have any suggestions??
How much of the debt is Federal loans? You can put them on IBR.
As far as private loans, well, whatever is in the note that you signed is what goes - if they require being in school half-time, then you have to start paying if you go below that enrollment level.
The question is then what you are spending the rest of the time on if you only have one class. If you are decent at managing your time, you can simply work during the time that would have previously been taken by your other 3 or 4 classes - and earning enough from that job to cover your loan payments really should not be a problem - unless there is something else odd going on.
I'm in the education/speech pathology field. You guys are really cold w/ your replies. Funny how when I posted this same thread on a teacher discussion board, the posters there have a LOT more compassion & understanding. Whether I need to repeat somethig or not, the fact is that I'm still in school, so the bill shouldn't start yet.
I don't need any more replies from anyone else if this is how you're going to be.
The documentation provided when you signed for the loan.. as well as any from the website that you can view the loan states that the loan starts to ask for payment once you fall under full term status, whether or not you graduate.
It's not the responsibility of the university to notify you. The loan originator is independent from the university.
The university can try to be nice/convenient to let you know.. but again it's not their responsibility.
And FinAid offices of most universities are notorious for how bad they can be (especially from the actually students perspective.)
There's not much you can do if you are over your grace period... which is probably true if it has been over a semester now.
You can seek to have the payment schedule extended (from 10 to say 20 years.)
This is lower your monthly rate, but in the long term greatly increase the amount of interest you pay.If your loan company provides it, it can switch you over to a graduated or income based payment program... where your initial payments are lower but increase later on. It's still ends up with a higher level of interest over time, but not as much as extending the payment terms
+$800/month.
Using a standard 10-year loan with 6.8% interest.. that's about $75k!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
