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need advice on consolidated student loans


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I have approx $48K in student loans in a consolidation with the government. I consolidated in 08/03 with the Income Contingent plan at 4.5% which puts my monthly payment at $237.68. The other options were montly payments of $506.47 (standard plan) $267.68 (extended plan) or $201.60 (graduated plan).

I just recently married and now I am concerned as to how that will affect my income contingent plan. Will they use both my husband and my incomes to determine payment? They call this a income contingent plan, but I am still broke after paying it!! If they bump up my payment due to my marriage I won't be able to pay!!!! Sure, adding a husband adds to the net family income but the added expenses far outweigh the added income. Not to mention, I have a baby coming this July!!!!

I am worried to death that I won't be able to make the payments on the consolidation and ruin everything all over again!!!

Also am I correct in believing that since I have already consolidated at 4.5%, I cannot lower that interest rate again?

I really want to pay off these loans, they have murdered my debt to income ratio.

I would also like to go back to school. These consolidated loan were in default before consolidation, so when (if ever) am I eligible to use financial aid again, if ever?

Any help is welcome!! Thank you!!

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  • 3 weeks later...

There is always a way to negotiate with a student loan.

I have a 10k student loan with the Dept of Ed in which I paid $75 a month for like three years. It is now bumped up to $175 a month which still doesn't have much of an impact but it is still manageable.

I would strongly suggest that you get on the horn as soon as possible with your student loan people and explain your situation, like that you may need to have lower payments for like a year or two. Or even get a forebearance for like six months or a year since you have a baby on the way.

There is always a way to make a deal but you have to talk to them as soon as possible for your situation gets out of hand.

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