deferments

  1. I don't even have a nursing job yet and already got a bill for my loan payments. It was for my last degree in which I went from accounting right into nursing. Anyway, the great lakes site says I'm not eligible for the forbearance for some reason and I can't consolidate one of the loans because it was a private loan even though it was handled through the government. I called great lakes and they sent an unemployment deferment form. But it says you can't be working more than 30 hours or make over 1400 dollars. I'm currently working part-time, usually 32 hours and make just over that amount and still about 500 short/month paying the bills. Should I cut back my hours by a couple or just leave it? I have 2 job offers, but 1 is for contingency and the other full-time. I already figured out with the full-time position I can just about break even on my bills and would have to work at the factory a couple days a week in addition to the nursing job to start paying down the credit cards. This is not even considering when my grace period is over and I will have to make 250-350 loan payments. How am I ever going to get ahead? I think my only option is to try to get a forbearance some how and pay down my credit cards for a couple years and then start paying on the loans if they will let me. My ex-brother in law owed a lot more than me and somehow got forbearances. The funny thing is I don't have much to show for all my debt: older house, 3 year old car, no new appliances or furniture and I need to get the ceiling fixed, carpet, roof work, car repairs, ect. I guess you can't just make it with 1 income anymore. Maybe this has something to do with my gf dumping me too...
    •  
  2. 7 Comments

  3. by   APBT mom
    Try contacting a debt consolidation place they have you give them copies of all of your last statements and then you just pay them every month and they pay off your debts.
  4. by   sharona97
    Tampagirl has a great idea. Some places that are county or city subsidized will take your info, do a mathematical federal gov't equation and will tell you if you qualify. The only setback I found was even tho my dh and I were eligible because of the money we owed, there is a stipulation from the feds that say you have to have x amount of money for food? And somehow that figured into the equation and we never rec'vd help from them.

    I checked out different agencies and you need to be careful, there are alot of sharks out there. That is why I'm suggesting you contact your community services to see if there is a facility that helps people for free or according to your income fee.

    The office I went to told me they would contact all of my creditors and ask for lower interest rates. And then you would make 1 payment to them and they would disperse the monies accordingly. Just a thought.
  5. by   vamedic4
    Many lenders allow for "hardship" forebearances and deferrments. These can allow you up to 5 years to pay back your loans due to times of unforseen financial difficulty. Check with your lender at their website or give them a call.
  6. by   DaFreak71
    It is my understanding (as well as my experience) that you automatically are eligible for a one time six month forbearance when you leave school. Perhaps this could buy you some time.

    I have had several forbearances (some for medical reasons, some for financial) and have never been asked for any type of "proof" such as earnings statements, family budget, etc.

    I thought that student loan "vendors" had to comply with federal laws. I know for a fact that under federal law you are automatically allowed to have a set number of forbearances.

    The problem I have with my lender is that when I call for customer service to request a forbearance or information, I can't understand a word they are saying because the people who answer the phone are in India or Pakistan, something like that. It's frustrating.
    Last edit by DaFreak71 on Sep 28, '07 : Reason: Can't type worth sh*t
  7. by   Medsport
    I know what you mean. I think my best option is to consolidate, but the gov. won't put my private loan into it and thats the one that has higher interest, though it is'nt for a large amount. Whats a good reliable company to go through? I was thinking maybe Sallie Mae or Goal Financial. You guys heard of the latter? I've also got notices in the mail saying I can refinance and get a rebate back from companies such as Academic Loan Group among others. How do you know which ones are legit?
  8. by   leslymill
    Try debt consolidation..
    I used Consumer Credit Corporation.
    I had to cut up my credit cards, but nothing worse than aying for stuff that has been destroyed in a hurricaine.
  9. by   sharona97
    Quote from leslymill
    Try debt consolidation..
    I used Consumer Credit Corporation.
    I had to cut up my credit cards, but nothing worse than aying for stuff that has been destroyed in a hurricaine.

    Off subject I know, but what a point about your loss. I can't imagine living through that, glad you did!:trout:

close