Big student loan growing out of control

[Qtip]

What is the name of your state? IN Is there a way to "stop the bleeding" until you are able to repay (The interest rate on this specific loan is 8%.) or does it keep growing indefinitely?

 

[mdietrich]

I expect the interest accumulating during a time you are delaying payment of the principle is a part of your contract when you took out the loan, and though not the best rate 8% is not an awful rate either compared to some consumer loans. I'm not sure other than making a request if you can stop interest accumulation of this sort ... I went through many cycles of delaying repayment of my student loans, and interest accumulated during that time period. I did refinance at some point, down to about 4%, but the payments will be going on and on for years to come ... mostly because I kept delaying the inevitable. If you can pay now, it is best to knuckle down and pay now. Get it done right away and you will pay less in the long run.

That is some personal experience, non-professional advice.

 

[Qtip]

Thanks for the advice. Thank God it's not for me. I value education but I would never get a loan that big. It started out as an $80,000 loan and in just a few years it doubled because of the interest. The person in question has only been out of school since May and has not yet been (physically) in a position to get a job using her degree. I thought it would be a good thing if she somehow could get the interest reduced to even 6% or halted temporarily.

I expect the interest accumulating during a time you are delaying payment of the principle is a part of your contract when you took out the loan, and though not the best rate 8% is not an awful rate either compared to some consumer loans. I'm not sure other than making a request if you can stop interest accumulation of this sort ... I went through many cycles of delaying repayment of my student loans, and interest accumulated during that time period. I did refinance at some point, down to about 4%, but the payments will be going on and on for years to come ... mostly because I kept delaying the inevitable. If you can pay now, it is best to knuckle down and pay now. Get it done right away and you will pay less in the long run.

That is some personal experience, non-professional advice.

 

[sky7even]

latest news in schoo stafford loan consolidation

hi there. making updates or news about college consolidation especially in school stafford loan consolidation.

now, i got a site to recommend for this, visit loanandstudent.com to see the site.

may this help everyone.