College Loan Advice (degree, paying, private, government)

[evan228]

So my college loans are a mess, how I got there is irrelavant, what I looking for is for some financial advise to ease my burdon.

Here are the facts:
-My father has $120K of government loans in his name. Broken up in $40k & $80K with two different agencies.
-I have 30K of goverment loans in my name.

I would like to enroll in the IBR plan for obvious cash flow reasons however because the loans are non-transferable to my name and can not be combined into one federal loan the IBR plan would cause us to pay more then the current rate.

So far we have consolidated everything and increase the amount of time to pay for the loans. The monthly payment is about $1200 (which is still a huge burden).

Questions:
1)Is there a way to combine all the loans or just my Dad's loans to qualify for IBR?
2) If I wanted to lower the payment what other options are there?
3)Thoughts on private loans outside of federal/gov loans?
4) Other ideas? Maybe I am looking at this the wrong way.

Thanks for your help!

[lovetheduns]

Originally Posted by evan228

So my college loans are a mess, how I got there is irrelavant, what I looking for is for some financial advise to ease my burdon.

Here are the facts:
-My father has $120K of government loans in his name. Broken up in $40k & $80K with two different agencies.
-I have 30K of goverment loans in my name.

I would like to enroll in the IBR plan for obvious cash flow reasons however because the loans are non-transferable to my name and can not be combined into one federal loan the IBR plan would cause us to pay more then the current rate.

So far we have consolidated everything and increase the amount of time to pay for the loans. The monthly payment is about $1200 (which is still a huge burden).

Questions:
1)Is there a way to combine all the loans or just my Dad's loans to qualify for IBR?
2) If I wanted to lower the payment what other options are there?
3)Thoughts on private loans outside of federal/gov loans?
4) Other ideas? Maybe I am looking at this the wrong way.

Thanks for your help!

I want to say that IBR does not consider Parent Plus Loans if that is what your father took out on your behalf.

[Pupmom]

The loans in your dads name remain in his name. They can't be changed to you name.(unless of course you tool out a loan in your name and paid them off, but it doesn't sound as though you would want/ or could get a personal loan). Depending on the agencies, they may be able to be combined, but ask the individual lenders.
ALso, start paying down your loan if at all possible.

From your statements, I am guessing these are stafford and parent plus loans. Nothing can be done unless you would take personal loans or get a 2nd mortgage to pay them off (which is not what I am suggesting at all),

[evan228]

so there are no better options?

[Suncc49]

What degree did you get with these loans? Dental, Law, or Medical I hope.

[lovetheduns]

Originally Posted by evan228

so there are no better options?

Not for the Parent Plus loan.

They are usually not considered to need the same kind of help as someone who just finished college or a professional program.

I am curious too-- what in the world did you graduate with for your parents to incur 6 figure debt?

[evan228]

engineering, took a little while longer because wasted a year of my life in ROTC