NWR- sorry- but stressed and need some advice

I am sorry to post a NWR thread, but the NWR board gets so little traffic and I need someone to ease my mind a little here-
I found out today that when I have to pay my student loans the monthly payments will be ALOT more than I had expected. When I did the calculations, the # they gave me would have them paid of in about 7 years, which is nice, but I don't know how we can afford the payment # they gave me. I always thought you had a lot more time to pay off student loans.... does anyone know of a way to lower the monthly payments- consolidation or something like that? I was under the impression that I would have 20 years or something to pay them back, I am freaking out now.

Re: NWR- sorry- but stressed and need some advice

I thought it was 10 years? Is it through directloans? Mine is through them and my interest is only like 2%. Sorry it's so much, I would do a little research.

Re: NWR- sorry- but stressed and need some advice

Don't freak out....all school loans are different but most you can extend, defer, and consolidate. Call up your lender and talk to them. They will provide you with all of your options.

Re: NWR- sorry- but stressed and need some advice

They are usually for 10 years.

You can consolidate and take longer to pay them back. By doing that, you lock in an interest rate. I chose not to consolidate last year because I had a better rate but, now they are going up again.

Re: NWR- sorry- but stressed and need some advice

i agree, call your loan company. they have all the options for you

Re: NWR- sorry- but stressed and need some advice

MIne was for 10 years. I think you can contact them and work out a flexible plan...

Re: NWR- sorry- but stressed and need some advice

I wish I could pay off my student loans in 7 years....mine will take 30

Between my grad and my undergrad, I consolidated with a completely different company that had the lowest interest rate. That is what will make a big difference when it comes to your monthly payments, plus how long you want to take to pay it off! My APR is at 3% right now, then it will go down to 1% after 4 years.

I'm deferring my loans right now and have been for 3 years. There's just NO WAY I could pay them. The way it's set up, I pay a certain amount for 2 years, then that goes up. I pay another amount for 2 more years and it goes up again. The next 26 years I pay a set amount!

The price of an education I tell ya!?! If you want the company's name just fm me and I'll get you the information. Good Luck.

Re: NWR- sorry- but stressed and need some advice

Thanks everyone, you are making feel a little better. I won't be finished with my masters until next year, so I will have to look into some different options then. At least I know I definitely have some options.

Re: NWR- sorry- but stressed and need some advice

Lauren don't freak out. Most, if not all, student loans have a 10 year repayment period. Federal Loan consolidation can extend the repayment time to up to 30 years depending on the overall amount owed, the type(s) of loan(s), and when you consolidate. Additionally, most school loan repayment periods do not start until 6 months after graduation.

Re: NWR- sorry- but stressed and need some advice

I consolidated my loans upon graduation and I have one loan to pay back within 10 years. You can always go into deferment if you can't pay it back within this time, but there are penalties.

Call different loan companies. The department of Ed should be able to help you. I use College Loan Corp. for mine and they are extremeley helpful and my interst is below 4%.