Student loan $874/month

diane.jsmith - Thu, 11/18/2010 - 04:57

My husband just finished his Masters in Dec, He had got a loan for about 40,000. in January we received a bill for $250 then a couple months later aces said we now owe $500/month.so i paid that. Then a month ago i got a bill from Nelnet for $250.so i was now paying $750/month. Now just a couple days ago Nelnet now says we owe $374/month. We called and they said we can’t consolidate or defer the payments.. Does this seem right?

Student loan $874/month

admin101 - Thu, 11/18/2010 - 12:32

Ouch - that sounds not only heavy but confusing. But because Nelnet is a private student loan finance company in the US, I'm guessing you have US student loans. And unfortunately, we don't have info on the American student loan system. It's so confusing just keeping track of the Canadian one :)

But Diane, there are US organizations working on student debt issues, and you could get more info on your options through them. Here is one example of a non-profit US site:

http://projectonstudentdebt.org/index.php

If these organizations or student associations haven't got answers, your husband could ask his former financial aid officer at university for direction, because you need advice from someone on the best way to organize your repayment.

Find someone who is not out for profit so they won't have any conflict of interest when they advise you.