Ask Terry Questions Student Loans after Forbearance

Student Loans after Forbearance

By Terry Savage on June 15, 2015 | College Savings / Student Loans

Dear Terry,

I am not able to pay my student loan payments with Sallie Mae, not Naviant. I have been on forbearance a few times now. I owe about 80,000 dollars and Sallie Mae is not working with me to get an affordable pay back plan. I have tried to refinance my student loans with SoFi and Earnest. What else can or should I do to refinance my loans to get a lower payment? Should I reapply to SoFi but not ask for the full amount to refinance my loan?

Thank you!!

Terry Says:  Well, these are Federal student loans — and they have the most possibilities, including forbearance and deferral. You say you’ve entered into forbearance a few times.  That’s probably why you’re having trouble.  If you didn’t get a degree and don’t have a job with a regular salary, you’re not going to be able to refinance with SoFi or any other private company.

Next step, go to  If you have some income they can work with you to lower the monthly payments.

But if you are completely out of work, with no income, I’m going to suggest you contact the nearest local office of Consumer Credit Counseling Services by calling 800-388-2227.  They can take a close look at your entire financial situation, all the details, and give you more personalized advice.



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