As it stands I'm not sure I will be able to serve, as my monthly payments will be $752 a month with Sallie Mae, with a 9 year loan term and interest rates between 6-10%.
I can do graduated repayment which will lower my monthly payments to just the interest for 12 months, but this would still use up ALL of my readjustment allowance that Peace Corps offers, and is supposed to help with readjusting after service, though many use it for paying off private student debt.
Does anyone know of a company to consolidate with that has lower interest rates, defers for volunteer service/economic hardship, or has an income based repayment option?
I think if I can consolidate to a company and switch to a 20 year plan then I should be alright. Citizens Bank requires bachelor's degree holders like myself to make their first 3 payments first before switching over to them. So theoretically I could do my first 3 payments with graduated interest, then have a cosigner or POA switch over to Citizens Bank and consolidate them and change the loan term to a 20 year plan. I say having a POA do it because by the time I make my first three payments I will likely be in a rural area of Senegal.
But are there any better options? Thank you!
Submitted July 24, 2017 at 01:25AM by chrisander_ver_voort http://ift.tt/2uY3NWL
