Student Loans

[robair73]

Any ideas on how to reduce monthly payments or renegotiate the terms of a private loan used for flight training? I took out a Key Alternative Loan and the monthly payments suck right now even with the variable interest rates being low. I can't imagine what it will balloon to when the rates start going back up. I was wondering if anyone has had any success renegotiating terms, refinancing, or consolidating a private student loan.

 

[CX880]

Never get a variable interest loan.

 

[Amish RakeFight]

Stop paying it.

Problem solved.

More money for beer and hookers.

 

[WWEfan]

I played the "0% introductory interest credit card" game for years to pay off my student loans.

 

[NotTooBad]

As far as any govt help - Unfortunately, Obama will do nothing for those of us with private loans.

He will continue to protect the lenders from bankruptcy laws while allowing them to issue 18 year olds 17% variable interest rates on six figures of debt. All knowing good and well they will have no way in hell of paying the loans once they go into repayment. Once they're in repayment you can't do anything but defer them (accruing interest the whole time). Sallie Mae charges a processing fee of 150$ every three months to defer private loans. The student loan banks are the ones he should be declaring war on. Death is the only way out - either yours or a large inheritance from another's death.

Ok - Enough of my rant.

The answer is pretty much no. The only way to reduce the rate is to play the cc game mentioned above or if you have a significant amount of student loans in private loans you can just consolidate once your credit score is better & you have a cosigner. That's about it. Beware - you may only consolidate once in your life.

 

[robair73]

I have excellent credit actually. I've never missed a payment.

How did you pay the student loan with a credit card? The only option I have is to use a checking account to pay the student loan. They require a routing number and account number. I asked about paying with a credit card and they said they don't accept it.

I'm going to look into consolidating the loan but I'm afraid I won't have much luck. Securing a private loan to pay off a variable interst "private student loan" over 60k is gonna prove difficult in today's environment.

These student loans are like prison.

 

[Stifler's Mom]

Have you called the loan company to ask about different options? Maybe there is some relief there? Are you currently furloughed?

 

[Data]

As far as any govt help - Unfortunately, Obama will do nothing for those of us with private loans.

He will continue to protect the lenders from bankruptcy laws while allowing them to issue 18 year olds 17% variable interest rates on six figures of debt. All knowing good and well they will have no way in hell of paying the loans once they go into repayment. Once they're in repayment you can't do anything but defer them (accruing interest the whole time). Sallie Mae charges a processing fee of 150$ every three months to defer private loans. The student loan banks are the ones he should be declaring war on. Death is the only way out - either yours or a large inheritance from another's death.

Ok - Enough of my rant.

Yeah, or you could just repay your obligation, you wanted it so bad, you got it.

 

[Morettis]

To pay it with a credit card, you'd use the "Courtesy Checks" that they send you for balance transfers. Usually they charge you in the neighborhood of 3% to use them

 

[Uncle Bunkle]

To pay it with a credit card, you'd use the "Courtesy Checks" that they send you for balance transfers. Usually they charge you in the neighborhood of 3% to use them

Well whatever you do, do NOT wear cowboy boots in the cockpit.