- Joined
- Jul 3, 2010
- Messages
- 75
- Reaction score
- 113
So I've stumbled into a terrible situation, probably in part due to my negligence as an undergrad when it came to taking out loans.
I've been an independent since graduating high school and so was dropped into the world of student loans with little to no guidance. Outside what public loans covered I took out private loans with the only company that would allow me to take them out without a cosigner (did not have one). The interest rates were terrible and the company difficult to speak with. I had no option though, I needed to cover the remainder of my tuition, housing, food, etc.
Now it comes to today. I'm starting medical school in August and have a lot of expenses to make (making a deposit on my apartment soon for one). I was told by my loan company (now Lendkey) that I've used all my forbearance time up (which I used while doing my post bacc since I wasn't a matriculated student since I wasn't making enough money at work to cover loan payments and living expenses)
I contacted Lendkey about in school deferment and turns out that they don't offer that after undergrad (which I think used not be the case but their company name and management has changed about 5x since taking out loans with them)
I was told I would need to contact their parent company Relimax to request additional forbearance. Well this is annoying since I'd have to do this every 6 months for the remainder of med school with my fingers crossed that it would be granted.
So I contacted them with my situation and information. Was told they can do nothing but lower my monthly payment to 600/mo. I was in shock. I have to make this payment in a few days now when the money saved up is needed to pay for my apartment and move. And no way can I afford this for the rest of med school where I can't work.
Something must be wrong here. Is there legal action I can take in this situation? Thank you all for the help.
Sent from my SM-G930V using SDN mobile
I've been an independent since graduating high school and so was dropped into the world of student loans with little to no guidance. Outside what public loans covered I took out private loans with the only company that would allow me to take them out without a cosigner (did not have one). The interest rates were terrible and the company difficult to speak with. I had no option though, I needed to cover the remainder of my tuition, housing, food, etc.
Now it comes to today. I'm starting medical school in August and have a lot of expenses to make (making a deposit on my apartment soon for one). I was told by my loan company (now Lendkey) that I've used all my forbearance time up (which I used while doing my post bacc since I wasn't a matriculated student since I wasn't making enough money at work to cover loan payments and living expenses)
I contacted Lendkey about in school deferment and turns out that they don't offer that after undergrad (which I think used not be the case but their company name and management has changed about 5x since taking out loans with them)
I was told I would need to contact their parent company Relimax to request additional forbearance. Well this is annoying since I'd have to do this every 6 months for the remainder of med school with my fingers crossed that it would be granted.
So I contacted them with my situation and information. Was told they can do nothing but lower my monthly payment to 600/mo. I was in shock. I have to make this payment in a few days now when the money saved up is needed to pay for my apartment and move. And no way can I afford this for the rest of med school where I can't work.
Something must be wrong here. Is there legal action I can take in this situation? Thank you all for the help.
Sent from my SM-G930V using SDN mobile
