what would YOU do?
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Topic: what would YOU do?
Posted By: gochi
Subject: what would YOU do?
Date Posted: 13/June/2013 at 10:10am
Hello All - ill just state the facts as quickly as possible.
-total student loan debt: $25k
-monthly payments start in July: $3XX
options:
-parents can pay my entire loan amount via lump sum payment
or
- i apply for RAP (i will qualify)
current situation:
-i am not employed, no income; currently looking for something in my field of study
-next year i will purse graduate studies and so interest will not accumulate.
questions:
is there a benefit of paying all of my student loan? will it significantly increase my credit score?
i can use my parents fund to supplement other necessities, such as rent etc. whilst im in graduate studies next year.
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Replies:
Posted By: gochi
Date Posted: 13/June/2013 at 10:11am
sorry i forgot to add:
i got charged interest for the GRACE PERIOD. I thought by grace period they meant that i would not have to pay for 6 months, but unfortunatley interest was charged.
can i do anything about this?
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Posted By: administrator
Date Posted: 13/June/2013 at 6:35pm
The name grace period has been a sore point and has been identified by their own consultants as confusing.
There is nothing you can do about it. You dont have to pay anything for six months, but you are charged interest.
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Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
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Posted By: administrator
Date Posted: 13/June/2013 at 6:37pm
If you apply for RAP, you will have to reapply every six months. They may lose your documentation, they may mess up your file, they may accidentally default you, but in the long run 10 years from now you might get a reduction in your loan if you still qualify for RAP. Based on the history of the program, the RAP program will probably change in a few years, just like the Interest Relief program changed..... If I were in your shoes, I'd get the loan paid off and get a receipt!
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Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
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Posted By: Trotsky
Date Posted: 09/July/2013 at 2:35pm
Rap program is all online now (erap), you do the application online and then send in any proof of income online and also follow up online. While on RAP you can still make pymts any payment goes to the principal of the loan. If you are undecided apply for erap and you will have more time to think about what to do.
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Lenin
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