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  1. #1
    Moderator and Blogger boysRsmelly's Avatar
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    Default Need some loan advice

    Alright, school is almost back in session and I'm already freaking out about bills. My question is about a loan that I have at my credit union (a loan that was used to bail me out of huge cc trouble). I'm worried about the payment amount and I thought maybe I could ask them if I could have it lowered. The problem with this is that I have already paid on this loan for a year and it is a 4 year loan. In order to lower the payment amount, a new 4 year loan would have to be issued. Right now I would have the loan paid off around the time I graduate. But if I were to make the change, I would still owe quite a bit upon graduation when my student loan payments will start to kick in. What do you think I should do?

  2. #2
    A little eccentric warhols__muse's Avatar
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    Default Re: Need some loan advice

    If I were you, I'd stick with the higher payments ... but honestly, I don't honestly know about your major (or you, because I'm new ... BUT I'm a pre-law/business major), what is the outlook when you graduate ... would you be able to pay it off faster because of your career situation?

  3. #3
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    I guess it depends on what kind of a job I can find when I graduate. I'm a bio major, but I am hoping to go to grad school too. My husband is going back to school this fall and I'm just worried about how we'll even make it through the semester. I'm adding up all the bills and... well... its not looking too good. My loan payment is about as much as one of my paychecks. Ouch!

  4. #4
    *Moderator* vuittongirlxoxo's Avatar
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    Default Re: Need some loan advice

    If switching to the other loan will help you manage and afford other things you need to pay, I would def do that. What does your hubby suggest?

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  5. #5
    A little eccentric warhols__muse's Avatar
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    Default Re: Need some loan advice

    I see ... hmm, I would try to get the payment reduced because it would help your current situation. Not trying to be too personal but would your interest change on the loan if you did the refinance thing?

    You have a really great major, there's a lot of things you can do with that. What do you plan on studying in grad school? Medicine?

  6. #6
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    Vuittongirl - He's not wild about the idea. But I feel so awful about the whole thing, you know? Long story short, it's my fault he can't afford to go to school anymore. He's giving it another go this fall and I don't want there to be any financial obstacles that would force him to drop out.

    warhols - I don't know if the interest would change or not. That would be one thing I would ask though if I went to talk to someone at the bank. As for grad school... I'd actually be studying biology stuff. I'd like to work for the government actually... conservation type stuff.

  7. #7
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    Does anyone else have any opinions or suggestions?

  8. #8
    *Moderator* vuittongirlxoxo's Avatar
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    Default Re: Need some loan advice

    I still think that you should obtain a new loan & get lower payments. It wil be a lot easier on you & your hubby while you are both in school & while trying to manage bills & such.

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  9. #9
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    And you think it will be okay when I graduate and may have other loan payments due? I'm just so worried, but I guess what I need to do is talk to them at the bank to see if it can be done and at what cost (interest-wise).

  10. #10
    KAY lambdalady2's Avatar
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    Default Re: Need some loan advice

    Well I currently have a loan out for grad school which is a pretty hefty amount. I took out another loan to lower the payments. Its not so bad. I try to pay at least $400.00(by choice in reality all they want me to do is pay about $40.00 a month which in my opinion will be stupid of me to pay just 40.) a month just to make life easier down the road. My loan comes from citibank, they are pretty cool, at least for me they are.
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  11. #11
    *Moderator* vuittongirlxoxo's Avatar
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    Default Re: Need some loan advice

    Quote Originally Posted by boysRsmelly View Post
    And you think it will be okay when I graduate and may have other loan payments due? I'm just so worried, but I guess what I need to do is talk to them at the bank to see if it can be done and at what cost (interest-wise).
    Yeah, I think you will be fine. Once you graduate you will be starting a new job, so it will be easier for you to afford your payments!

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  12. #12
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    Alright, here's the deal. I talked to my loan officer and she said that they can save me about $65 a month on my payments. Problem is... the portion that has my husband's truck as collateral would experience an interest rate increase of almost 1%. My current loan situation has me paying the loan off in July 2011. My student loan payments are scheduled to begin August of 2011, so there would be no overlap. If I redo my loan, then that means it will be extended for an extra year. So now I'm not really sure what I should do. Honestly, $65 isn't all that much... but when money is tight, it might start sounding like a lot. LOL! Actually, that's about what my cell phone costs each month.

  13. #13
    KAY lambdalady2's Avatar
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    Default Re: Need some loan advice

    Haha thats exactly how I felt.My cell phone bill is l ike 95. So I figure I am better off paying much more then what they ask for. You can always pay more or the amount you are recquire to pay.

    For now is a bummer but when you are hried at that great job you want, paying the loan off is a breeze, of course you have to budget things out, thats the hard part lol.

    I am glad your loan officer gave you good advice!
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  14. #14
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    ^^^ Did she give me good advice? She told me to ask my husband to help me make the payments. Problem is... he's going back to school too and he won't have any money either.

  15. #15
    KAY lambdalady2's Avatar
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    Default Re: Need some loan advice

    ooh I didnt know your husband was going back to school too. eeh scratch my last statement. Alright thats difficult!! hmm. this is TUFF!
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