Thank you Terry for your response to my student loan question. My loans are through Nelnet and I believe these are federal loans. The loan servicer informed me that based on my income, my payment is $381.00 per month. I am paying what I can on the loan but since it is not the full amount there are late charges now added on to the payment amount each month.
Terry Says: OK, since it is a Federal student loan, then you may be eligible for an income-based repayment plan. Go to www.IBRinfo.org to learn more. If you qualify those late charges will no longer apply and you will have a manageable payment, based on your income. Interest will continue to accrue — stretching out the term of the loan, but at least you will be on the right track.