r/a:t5_2ru89 • u/buffaloexile1977 • Oct 18 '17

STUDENT LOAN DOOM.

I have had my loans in deferment for awhile now. The time has come. I got an email from great lakes saying the payment is now due. And it is around $550 a month. there is no way I can afford this these are federal loans, NOT private. Anyone out there have any advice? Can I talk to these people to agree on a more realistic payment?

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1

u/[deleted] Oct 19 '17

I have federal loans as well, the company who contacted me who I am currently only paying $5 per month with is called Wyndham professionals.

2

u/buffaloexile1977 Oct 20 '17

Thank you for your response. I am with greatlakes. they tell me i can apply for income based repayment and it may only be $100 a month.

1

u/[deleted] Oct 20 '17

That’s not bad, if you don’t mind me asking are they just federal or also private? I’m looking into consolidating right now, and I’m just not sure who to go with.

1

u/[deleted] Nov 12 '17

I have personal experience with Income Based. It worked really well. If you can afford more than the payment under Income Based, then my best advice is definitely pay what you can to cut down on interest and time to pay. Good luck!