I have 2 student loans . One is with Nelnet ( formerly with Greatlakes ) . Due to some family situations, I been putting it on foreberance for years and years and over a decade to be honest. Now that I have come to by senses I am seeing that my loans have ballooned up to 59k and that's just with Nelnet. What's really getting on my nerves is the interest rate is $10/month. Don't get me wrong- This is all my fault. I should have taken responsibility , but I didn't . But I want to make it right , now. Do the right thing..
I have my 2nd loan with Navient. This one is not that horrific. It's about 7k at 11% int. rate.
I was just speaking with a Nelnet customer service rep and she recommended that I put my account on a 3 month forbearance. I have used up ALL my forbearance so she was helping me out with a 3 months discretionary forbearance. I am thankful, but the interest rate is murder at this point. $10 / day = $300 / mo.
My monthly due for Nelnet is $433 and Navient is $100.
Now she advised that I consolidate my debt, but I don't want to consolidate my Navient with Nelnet because Navient has as cosigner and I don't want her on my loan. So I am trying to get her off my loan first of all.
I guess my question is, is consolidation a good idea ? Will it help with interest rate or just with the monthly payment part? Also, would it be a good idea to consolidate both Nelnet ( 59k) and Navient ( 7k) or should I pay off Navient first and then tackle Nelnet with a passion? Can someone with experience let me know? I am sick of having this student loan hanging over my head.
I make around 85k per annum and I live in a $500 room so I can save money. But it's not really helping when I have $300 /mo adding up just in interest alone.
no help ? :\
It sounds like you're on an income-driven repayment plan - that's why your loan balance is going up, not down. Basically, your payment is set to your income, not to an amount that will eliminate the loan.
The question is, can you afford to pay more?
Second, Federal loans don't have cosigners - so do you have a private loan at Navient, or it is something else (spousal loan, Parent PLUS)?
If it's private, refinancing it can make sense, but you're only going to qualify to do it by yourself if you have great credit.