"'For I know the plans I have for you,' declares the Lord, 'plans to prosper you and not to harm you, plans to give you hope and a future.'"
Jeremiah 29:11
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Thursday, August 21, 2008

Student Loans - Boo HISS

I am so grouchy right now I could scream!!!!!!!!!!! Ben and I both took out student loans so that we could teach kids! We are certainly not getting rich doing it! 2 years ago the govt. passed a law that said that public employees (teachers, nurses etc) could have their loans forgiven after 10 years of payments. The 10 years had to come AFTER October 1, 2007 but the monthly payment would be reduced to accomodate family size and income! Hooray we thought! What a blessing!

Today I called to find out exactly what we needed to do because we were told that since we had consolidated our loans when we got married 12 years ago we had to wait until July 1st for a new program so that we could REconsolidate! We were told we would begin making approximately $300 payments each month for the next 10 years! Hooray!

I just got off the phone and basically we don't qualify because we consolidated our loans together and they don't "support joint consolidated loans". I am so mad! So now we will begin making our $600 payments for the next 22 years! I was really hoping to have OUR college loans paid before Marti graduated!

Now I just want to clarify that I am not angry that I have to repay my loan. I am angry because the ONLY agency given the ability to support the Public Employee Loan Forgiveness Program has arbitrarily decided to not allow "joint (married) consolidations". That seems very wrong to me!


Oh!!!!!!!!!!!!!

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