Fed Financial
60K of student loan debt - how can i repay?
I am going to have 60K of student loan debt, with repayments starting very soon. 20K of this debt is from federal loans, 40K of this debt is from private lenders (chase, sallie mae..) Can anyone estimate my monthly payments? How can I get my payments around 350 - 400 a month, or hopefully lower? I'm considering law school, or getting my CPA... where I can eventually have 80K to 100K in debt. Should I go ahead and go back to school or just take a job now and start paying back the 60K.. any advice will help!!
Public Comments
- Consolidate the loans with the federal government - and you will get the lowest possible payments... http://www.loanconsolidation.ed.gov/ they also have an online payment calculator on this page: http://www.loanconsolidation.ed.gov/borrower/bconsol.shtml
- You have 60K in student loans and you still don't know if you want to be a lawyer or an accountant????? OMG! Maybe you can win a reality show and pay it all back at once. If that isn't possible, get a job, pay off your loans and then go back to school.
- If you consolidate your student loans and take an extended repayment term you can lower your monthly payments. Sallie Mae offers both federal and private consolidation loans...plus they have something called the Repayment Optimizer, which will tell you what your monthly payments will be, and help you choose different options. Consolidation info: http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm Repayment Optimizer: http://www.salliemae.com/content/landing/repay_opt/index.html?DTD_cell=yahoo
- https://www.mygreatlakes.com/borrower/index.jsp go to that link, and use the student loan calculators. depending on the loan types the TIV ones (stafford, sub & unsub, or plus) you might want to consolidate that will both lock in the interest rate and allow a longer repayment period than the normal 10 years. on private loans i'd pay those first. those will always generally be at a higher interest rate & have less options to defer the loans for. i'd say if you plan on going a head to law school or for CPA I'd just go for it, the TIV loans will defer while at least Half Time in school. Hope that helps!
