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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Education Law
Satisfied Customers: 118200
Experience:  Attorney handling education matters.
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I have student loans that total $125,522. They were

Customer Question

I have student loans that total $125,522. They were for my daughters college education. They are:
Direct Consolidation $70,988 6/16/06 disbursement date
Direct Plus $22615 9/1/10 disbursement date
Plus Loan $16,600 disbursement date 9/09
Direct Plus $11,494 disbursement 9/17/10
I am paying monthly $719.
I am 65 years old and received social security and a retirement pension. The payment is too high. Should I try and consolidate the loans and get a lower payment? It is written that after 20 to 25 years the loans will be forgiven. Should I try and pay the lowest of payment holding out for 20 year mark? What should I do? I need a lower payment?
Submitted: 2 years ago.
Category: Education Law
Expert:  Law Educator, Esq. replied 2 years ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
You should indeed seek to consolidate the loans as it typically lowers your overall interest and monthly payments. You also should seek to have them set your repayments based on your income to reduce the monthly payment. Then if you keep current on those loans, or your child does, they can be forgiven if you pay for the number of years required pursuant to the terms of the loan.