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Consolidation troubles

Started by cmotta, July 07, 2017, 01:51:58 pm

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I consolidated my loans years ago, and without realizing it had combined federal loans with parent plus type loans.  Little did I know, at the time, that the IBR program and other helpful income driven repayment options would now be unavailable to me, that I would now be ineligible for federal programs.  Unfortunately, years ago there did not seem to be as much assistance online for better understanding repayment strategy.  It was devastating to discover that I now do not qualify for a repayment plan that would reduce my monthly payment by around 3-400 per month, and almost 150k for the life of the loan, all because of a consolidation blunder.  Somehow that mistake is now massively impacting the trajectory of my financial life.  My loan servicer cannot extend the life of my loan any further, I don't qualify for IBR, or other repaye type programs.  Maybe ICR, but my loan servicer won't let me apply through studentloans.gov, as they don't support electronic applications. ACS (loan servicing company) offers an income sensitive plan, but each application lasts one year, and I think only up to 3 years, and the payment only came down $100 per month, which helps I suppose but not a long term solution.  My loan is 739 per month, I owe 113k.  41k is interest, because it's 7.25%.  This is a nightmare, and one that I need help managing.  What can I do?


Sadly you fell into a big trap, which we cover in-depth here: https://thecollegeinvestor.com/18164/the-problems-with-student-loan-consolidation/

There aren't a lot of good options. You could try to refinance your loans, but that's about it.