Federal Student Loans Get Cheaper, Easier

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Kim, I once agreed that getting Federal student loans was better than private student loans. Now, well not so much. My federal student loan for almost $100,000 is at a high interest rate of 7.5%. Direct student loans mis informed me on the correct program I should be in order to get my debt forgiven after 10 yrs. I work as a physical therapist for the Federal Govt. and I expected some relief. The customer service at this particular agency lacks detailed knowledge of each program. Every time I call, I get different information. I have lost 2 years of payments towards the 120 necessary for the forgiveness to be complete. I have since contacted my Congresswoman for further assistance. I also disagree that they calculate monthly payments on gross income, family size, and only take Federal student loan debt into consideration. I feel that all student loan debt, wether Federal or Private should be calculated as debt. If you have some ideas on how to approach this issue, it would greatly be appreciated.
Jesse

Jesse of CA 11:23PM June 12, 2011

Although most students are encouraged to refer to FAFSA and pursue federal loans such as Stafford, many wind up deferring to private lenders to finance the exorbitant cost of college tuition.
Companies like CIT, Countrywide (which is long forgotten and now B of A with their commercials on tv offering to help American consumers with "solutions"), and others who are major players in equipment leasing, student loans and other niche loan market places.
I disapprove of young people starting off in mountains of debt over going through post secondary school. It is a must, yes, however, it is unfortunate that while the process can get easier, the DOE cannot make some critical adjustments to get a handle on the sky rocketing costs of a college eucation.

Corey W of FL 11:05PM June 20, 2010