Student loan help

[KarenB]

we have 2 DS in college, one will be a senior the other a junior. We have been going through AES for deferred loans, payment begins after graduating. Apparently AES is no longer available. DH and I are already making some payments for them now, but really can't handle any more.

Any suggestions where to turn? I saw that Wells Fargo has what we are looking for. DSs have tried to get jobs in the town that their school is in, but knot much luck. They do work in the summer, but business is slow and kids are getting sent home all the time.

Karen

 

[AshleyW]

we have 2 DS in college, one will be a senior the other a junior. We have been going through AES for deferred loans, payment begins after graduating. Apparently AES is no longer available. DH and I are already making some payments for them now, but really can't handle any more.

Any suggestions where to turn? I saw that Wells Fargo has what we are looking for. DSs have tried to get jobs in the town that their school is in, but knot much luck. They do work in the summer, but business is slow and kids are getting sent home all the time.

Karen

I get my student loans through Wells Fargo and have been pretty happy with them. They have two options. The Collegiate loan lets you borrow up to the cost of tuition, and the money goes directly to the school -it also requires certification from the school. The Education Connection loan lets you borrow as much as you need (up to $25k per school year) and the money is sent directly to the student, and does not require any certification from the school. The APR on both loans is based on credit, and isn't a standard percentage like the federal loans. My payments are deferred until either I graduate or stop taking classes.

 

[Tinker'n'Fun]

I know it has been many many years since I workded in the student loan dept. but you may want to ask for forebearance paperwork. It will give your child the option to make lower payments (usually just the interest) for a period of time while looking for a job. I know financially it is not the best choice, but it is a choice. If your husband and you want to make the payments that will be there best option.

Also, there are some reasons for deferrment that young one's don't realize, here is some information:

Loan deferment programs allow you to delay loan payments for a specified term and provide practical solutions to student loan repayment for a number of unique situations:

When you return to school, or undertake medical residency or internship.

If you become unemployed, disabled, or experience a period of economic hardship.

While you’re pregnant, or caring for a newborn or have just adopted a young child.

If you’re a teacher in a high-need area.

If you work in public service.

Remember, if you’re having problems making your monthly student loan payments and your situation is not suited to a loan deferment, contact your lender as soon as possible. With your account manager, evaluate available loan repayment options that may be a better fit such as loan forbearance or loan consolidation. No matter what, avoid loan default at all costs.

 

[The Mystery Machine]

We are getting the Parent Plus Loans for our dd.