my sons student loan – -help!
my son took out a gov. student loan quite a few years ago. maybe 3 or 4. I wasn't aware of it at the time. So now he is asking me what to do. He has been charged a lot of interest. They are saying they will take 15% of his minimum wage salary. If he pays them a small amount each month will that keep them off his back? Also, is there any way to get rid of the interest he accrued?
Terry Says
Well, the first issue is whether this is a FEDERAL student loan, or a private loan. I'm thinking Federal, since he likely would have required a co-signer for a private loan. If it is a Federal student loan there are several options to reduce the payments. He should check on the kind of loan it is. Then go to www.Finaid.org to learn his options. Also check at www.IBRInfo.com, which is the site that describes the "income based repayment" plan for Federal student loans. But he must not ignore this!