Student loan $874/month

[dianejsmith]

My husband just finished his Masters in Dec,
He had got a loan for about 40,000. in January we received a bill for $250 then a couple months later aces said we now owe $500/month.so i paid that. Then a month ago i got a bill from Nelnet for $250.so i was now paying $750/month. Now just a couple days ago Nelnet now says we owe $374/month.
We called and they said we can’t consolidate or defer the payments..
Does this seem right?

[Lockeout]

It does seem strange why the rates would go up suddenly. And were you expecting to get two seperate bills? I'm not familiar with aces or Nelnet, but the Alaska Supplemental Education Loans my wife and I took out won't work with us at all. They're around 40k each ($460 mo. each, on top of our Fed. loans through Wells Fargo, another $250 mo. each) and they won't consolidate or extend our repayment period. My wife was only able to get a deferment because she was out a few months on maternity leave.

[frogger]

If you have not registered with Nelnet for online access, you need to do so.

Go here:

http://nelnet.com/

Register, and you can find out everything about your account. They have a very good online system.

[Lockeout]

If you have not registered with Nelnet for online access, you need to do so.

Register, and you can find out everything about your account. They have a very good online system.

Looking on their site, they only work with Fed direct loans, unless the lender sells the loan to them, neither which apply to me. So it sounds like the OP's loans were sold off, which might be why the amounts changed.

[october99]

It sounds like they are coming out of deferrment and into repayment at different times. Depending on the repayment period and interest rates your payments can vary widely. Also, it sounds like you have multiple lenders holding loans, I'm guessing some are private and those would not qualify for consolidating. If you have any federal you might be able to consolidate those to have fewer payments.

I'd recommending contacting each lender (or accessing his accounts online) and determining how much you owe on each loan, the term owed and interest rates. You may also see if they have any alternative repayment plans/terms available.

Student loans are killer and private are the worst. Good luck to you.

[wnguyen]

We called and they said we can’t consolidate or defer the payments..
Does this seem right?

Seems weird to me. I consolidated all of my student loans with them before my credit went bad and they even gave me pretty good interest rate 2.875% for the life of the loan.