Education Loan help

[Magneto]

I know some of you fellow aviators have dealt with the same situation I'm dealing with and I wanted to know how you handled it.

I currently have quite a large PRIVATE loan through Key Bank which I used to pay for my flight training. As the payment comes closer I wanted to know what some of you have done to reduce the amount you pay monthly. Ie. stretch the loan amount out over a longer period, or refinance etc...

If so, what company accomplished this for you. I don't plan on paying this low monthly payment for the term of the loan, I just want to have a lower payment while I'm making peanuts.

Any help would be appreciated. Thanks.

 

[Slye]

I have a large private loan that I tried to consolidate but they said it couldn't be done since it was a private loan. I chose the longest repayment plan, then a few months into repayment I requested forbearance (which is only for 6 months), and when that's up I'll switch to a graduated repayment plan where the payments start off low (relatively) and increase as time goes on.

 

[Magneto]

bump

 

[Crizz]

What do you mean by private loan? Would a Wells Fargo Collegiate fall into that category?

 

[Magneto]

As far as I understand it, a private loan is one in which it is not backed by the government. I have one through Key Bank with a great interest rate but it is only amortized through 15 years.

 

[piav8r]

loans blow...

I have a private loan as well... low interest rate, and non deferable. It really sucks but the payments aren't as huge as you would imagine. Mine are about $300 a month for that particular loan. I think mine is also 15 years.