Student loan advice

[smutman]

Okay if you get a Perking Student Loan doesn't that come from Phea because I'm confussed with this letter that I keep getting from "Campus Products and Services say that I my student loan is past due when I'm already paying American Educatinal Service back every check that I get. How do you pay 2 bills when I only got money from one place and I only got the loan because my father was late with the check for the fall semester. All my other semesters were straigh up cold cash in this schools hands and I never asked for any money from them after that.

 

[danieldrew3]

Okay if you get a Perking Student Loan doesn't that come from Phea because I'm confussed with this letter that I keep getting from "Campus Products and Services say that I my student loan is past due when I'm already paying American Educatinal Service back every check that I get. How do you pay 2 bills when I only got money from one place and I only got the loan because my father was late with the check for the fall semester. All my other semesters were straigh up cold cash in this schools hands and I never asked for any money from them after that.

that's weird. Usually University Accounting Services https://www.uasecho.com/ handles the pay back for Perkins Loans.
Your school might be different though

 

[BCSD2012]

Depends on wether the loan was an institution loan or a federal loan. Sometimes the money comes from the federal lender which is one source you pay back, sometimes the loan comes from the school which is another source you pay back. Easiest thing to do is to do a deferment or economic hardship on the loan that is past due, see if they can make it retro, so it will come out of default(if you have defaulted on it), and consolidate them into one loan so you have one payment instead of two.

 

[Aww Skeet Skeet!]

Okay if you get a Perking Student Loan doesn't that come from Phea because I'm confussed with this letter that I keep getting from "Campus Products and Services say that I my student loan is past due when I'm already paying American Educatinal Service back every check that I get. How do you pay 2 bills when I only got money from one place and I only got the loan because my father was late with the check for the fall semester. All my other semesters were straigh up cold cash in this schools hands and I never asked for any money from them after that.

You answered your own question. Your Perkins loan and (I'm assuming) Stafford loans are two separate beasts. Although they are both federal loans, the two aren't combined. Reason being is that Perkins loans have certain forgiveness benefits and a favorable interest rate and the bitch is subsidized during school (no accrued interest). If you were to consolidate your perkins and your other loans (again assuming they're Stafford loans), you would lose out on the aforementioned benefits (but you would only have 1 bill). Just for the record, I consolidated my perkins and stafford loans back on early '05 and ended up w/ a 3.65% interest rate (back when interest rates were lower).

I know someone mentioned deferment and/or forbearance. It could be a good idea as well as a bad idea depending on the amount owed and the interest rate. Either way you look at it accrued interest is a bitch and that shit will accrue during your deferment period and cap (be added to principal) when you go back into repayment. Thus, making your monthly payment amount higher and possibly paying 1000s of dollars more in interest. If you are only a few months late on payments, I say try to work that shit out w/ the lender. Lenders are usually pretty flexible; hit em up and tell them what you can do to get back on track and for the most part, they will work with you. After all, they just want they're money.

Good Luck!