Daycare costs & student loans? — The Bump
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Daycare costs & student loans?

With the anticipated daycare costs of two nearly nullifying my income I have been trying to look into whether we would qualify for student loan deferment. I am having no luck.

Anyone with experience with this? It seems that as long as my income stays the same we don't qualify...do you know if maybe when the babies are here our income is weighed differently with the dependents?

I am lost and confused and getting really stressed about our financial situation. It feels like everything is stacked against us. Sigh.

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Re: Daycare costs &amp;amp; student loans?

  • If you stay home and do not work and you have federal loans, this sadly does not work for private loans, you may qualify based on income and family size for lesser payments.

     

    http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRPlan.jsp

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  • I have this issue as well. ?I have a PhD and was in school forever. ?My public loans are deferred for one year with no problem which has been a HUGE help. ?They were all consolidated with Great Lakes. ?It was great ? especially since I was placed off work sooner than I thought. ?Great Lakes gave me no problem at all and were really nice. ?Now I am not sure what happens if I want to do more than one year, maybe then they would have a problem, but they gave me a year without any question. ?Sallie Mae holds my private loans and they would not budge. ?They were unwilling to even lower my monthly payment. ?I called multiple times and tried to speak to multiple people. ?They were so rude and not helpful at all. ?I have always paid them on-time and just wanted them to make some adjustment for the time I would be off of work and they just wouldn't do it. ?Since they are the lower of the two payments, it worked out okay, but it really pissed me off. ?With private loans they can do that. ?SUCKS!! ?GL!!
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  • Call and ask for options.  I'm in the process of doing that and have found that my government loans have been pretty willing to be flexible.  One provider even told me to come up with a number that I could afford and they would see what they could do for me.  As long as they get something they are generally happy so tell them what's going on and I'm sure they'll try to help.  I agree about Sallie Mae though, they're not the most helpful. 

  • You're not alone.  I pay around $800 a month in loans, and child care for 2 babies where I live looks like it'll cost over $2,000 a month.  It's beyond depressing.

    Everyone tells me "you'll get through it" - but I don't think they had the same amounts of debt as we do!!

    I'm looking into home care instead of daycare, and possibly a nanny share situation.

    Good luck!

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