You get that damn letter from Direct Loans and want to cry. Mine were forwarded from home in NY yesterday and I was completely overwhelmed, like most post grads when they are faced with the enourmous amount of debt that is looming. This letter includes 4 things you don't want to see:
- Your name
- A very large amount of money owed
- A date that is waaaaay too soon
- Payment options with lots of amounts you can't afford.
I'm going to be spending the next few days trying to make sense of the consolidation options, pay back schedules, the types of payback plans, and what I can do to stop freaking out. I doubt it will work because this notice doesn't even include my private loans, or my Perkins loans. FML. I will keep you updated.
I went through this, it was awful. I also have loans from Direct Loans (aka the government), a couple Perkins Loans, and private loans from two different lenders. It took forever just to get through all of the paperwork. The best piece of advice I can offer is to CALL YOUR LENDERS. Seriously. SERIOUSLY.
ReplyDeleteI know that everyone thinks that the internet is so much more convenient, but your lenders' websites do not have all the information you might need. None of the repayment options from Direct Loans seemed viable for me, so I called them, and they offered me a SECRET BADASS PLAN that they don't even list on their website because IT IS SO GANGSTER. But even if this doesn't happen, it's really calming to speak to a real person, especially if you're like me and you're basically finacially illiterate.