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05-12-2007, 10:10 AM
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 Student loan with high interest rate
I have a student loan (100k) with a high interest rate currently in forbearance..? What are my options to deal with this. I am thinking to use some money from my home equity and pay the portion of the loan and remaining balance on a monthly payment... I am confused. I will appreciate some thought to put me on finacial freedom.
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05-12-2007, 11:26 AM
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You definitely want to pay on that interest that has been accruing and try to get some payments on that. Stay away from the forbearances, because they will do nothing but make your interest/loan amount increase. See if you qualify for any deferments, in which most cases the Government pays the interest. Talk to your servicer too and see if they have any other options for you too. Sorry for that pit you are in, but there isn't a better feeling when you finally get them paid off.
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