Student Loan

Good morning Terry
,
I am in the process of repaying my loans. The loan company that I am with has determined a very high payment that I just can’t afford month to month that is based on my income. I have called them several times to try to get this reduced but I have not had any success. Would you have any recommendations on trying to get this reduced or maybe recommending any loan consolidations company that may be able to help me?

Thank you Terry!

Terry Says:  Are these FEDERAL student loans?  If so you qualify for Income Based Repayment (www.IBRinfo.org).  But if they are private student loans, you (and thousands of others) have a problem.  If you already have a job and can make some payment, go to www.SoFi.com — a company that helps students refi private student loans at lower rates.  But they deal only with students who already have an income.

If you have private student loans and do not have an income, I’m guessing they required a co-signer to give the loan — probably a parent?  If you write back with more details about your situation (and are willing to let me contact the lender ) I would be interested in writing about your predicament.