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When you’re in garnishment, the companies servicing your loan refuse any attempt at refinancing. Can you do some in-depth research on ways to finally pay this off? I am considering borrowing against my meager 403b to pay off the loans, just so they don’t garnish for another decade and then start on my Social Security. The balance hasn’t moved in more than 10 years, because it all goes toward “fees” they add every month. I’m in indentured servitude to these people. Also, will you consider writing about how to be assured you won’t be re-billed for loans that are paid?
Finally, where is all the money going? I get that your payments are a lot of money each month, but your husband makes a really good income, and you didn’t say, but with that much debt I would guess you have your masters and earn at least $50k per year. That’s $185,000 per year – after taxes you should still be bringing in $11,500. After his child support you should still be at $10,000 or so per month. A big house, food for all the kids, clothes, etc, maybe costs you $6,000 per month (and that’s being very generous). Where’s the other $4,000 going? Something is not adding up here.
I finished grad school with about 50k in federal direct loans. I immediately went to work in a non profit and enrolled in IBR repayment plan. I paid on this for about 5 years which left me owing about 80k. At the time I was not concerned because I figured I would remain in the same field for at least 10 years and would be eligible for forgiveness. However, I got a new job in the private sector last year, nearly tripling y salary. I switched to standard repayment plan and have paid down my loan aggressively and am now back down to about 45k. My fixed interest rate is 6.5%. I plan to pay off the remainder in the next year (barring any catastrophic events). My question is — is my best bet to just continue (over) paying my loans on this current plan or do I have any other options? Am I able to pay them off with a private loan that has a lower interest rate? Thanks so much for your help!
For details on how this program works, you definitely need to visit my page on the Borrower’s Defense Against Repayment Program, but because the system is so complicated, and can take so long to get an approval or denial response, this is one situation where I recommend that EVERYONE hires a student loan expert for assistance in preparing the application.
The military offers a number of student loan forgiveness and repayment assistance programs to health care professionals. Army doctors could receive up to $120,000 from the Active Duty Health Professions Loan Repayment Program. The Navy Financial Assistance Program offers up to $275,000 in loan assistance for medical residents. You might need the complete repayment guide for doctors to find more options.