Student Loans

Hi...I have a question that I am sure someone here can answer.  I moved to the UK strainght after I finished Uni.  I have about $30,000 in students loans (Yikes! I know!).  I have been deferring these for the last three years, but my ability to do this will shortly be coming to an end.  I am unsure how to take things forward.  I do not have bank account in the US, or a credit card to make the payments from.  (I also can not really afford to make the payments any way, but that is another matter). I do not envision ever going back to the US to live, but I do not want to close any doors to myself or husband if we do need to go back.  How have you all handled your student loans from the states?  Ooh the other problem is that I need a copy of my transcripts from my school to apply for a masters degree!!  It is very complicated!

Kathryn

Hi Kat,

Have you consolidated your loans? That brought my payments down substantially.

Have you called your loan provider to discuss options? I know with Sally Mae, they will work with you when it's time to start paying back.

Hi Kat  

Have you consolidated your loans? That brought my payments down substantially.

Have you called your loan provider to discuss options? I know with Sallie Mae, they will work with you when it's time to start paying back.

As far as paying goes, I did leave a bank account open in the US just for the loan payment. I had asked whether I could have the payment wired to Sallie from the UK, but they were not set up for this. Again, it might be a case of calling to ask your options--maybe you could put a trusted parent or family member in charge of sending off a check each month and have it wired from your account to theirs--alternatively, set up an account next visit home.

Good luck with it all, I know it can be a pain,

Jenny

Thank Jenny!  I spoke to my Uni and they are very nice and have given me special forebearance until next autumn when I start a half time masters.  I will set up an account when I go home for situations like this.

you know, the only think I find really vile about all of this is that they encourage students to pay by credit card.  I think that is dispicable.  Rather than encourage healthy debt management, they go arm in arm with big business!!  Grrrrr. (good thing I don't have one!)

K

Hi Kat~  How did you manage to get your loans deferred?  I'm planning on leaving for the UK within two months of completing uni, so having them deferred even for another 6 months past the original 6 month grace period would be FABULOUS!!!!  My loans aren't quite as high, but they are a pretty nice chunk of cash that I'll be owing good old Uncle Sam.... :'(

Too bad you can't just run away and hide from your student loans forever...hehehehe

Hi Kat and Krissy,

Kat: I have two questions for you concerning the Master's degree programme financial logistics:

a.) does one have to start paying back their undergraduate degree debts while beginning their MA?

b.) You mentioned that your MA is only part-time study (So I assume its going to take two years instead of the standard one) Does your school/immigration allow that? I ask because SOAS seems to say that international students cannot lengthen their programme course.

Krissy: wouldn't loan extentions be sweeeeeeeeeeeeeet!

cheers,

Samantha***

I can't quite remember how I did it, but basically it depends on what kind of loan you have.  I had Direct  Stafford and  Perkins loans.  With the stafford loan, you can submit a form online for general forebearance.  Basically this says that you are facing economic hardship and can not pay.  I just explained that I was living in the UK, not earning enough to cover the cost of living (which was very true) and that I would repay later.  This is good for 3 years, but you have to reapply every year.  The website for this is www.dlssonline.com

The Perkins loan was dealt with directly by the school.  My Uni worked with www.ecsi.net ,but I think it depends on the college who they use.  To get forebearance here is a bit more tricky as you have to show that a) you got economic hardship from Stafford loans or your loan repayment is more than 20% of your income.  This is the tricky part as when you convert our salaries to dollars it seems like a lot.  I jsut explained my situation and was very honest.  they were willing to work with me asI had the other economic hardship decree and also it would be easy for people in my situation to just walk away and not pay ever (they can't track you here).  I wouldn't do that because it is closing doors for the future and not right, but it does give you a bit better of a position to negotiate from.

Good luck!