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  1. #1
    goodtimess is offline Newbie 510 points
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    Graduated in 2008 and Can't Payback my Private Loans, Any advice?

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    Hi there,

    I just wanted to see if there are other graduates out there who might be going thru a similar issue as me or know of anyone who is.

    I graduated in June 2008 and have not been able to get into a residency yet as I have struggled with passing the USMLE Step 2 CK exam. I have a total of 5 student loans with two different lenders (i.e. Bank of America and Wachovia) and have been told that I will have to start to pay back my loans as either I have maxed out on the forbearance period or that one of the lenders is no longer honoring the extensions.

    My main issue is that I owe close to $1200 a month and they are offering me a 50% break but paying back $600 a month is even difficult for me. I should also let you know that I have a couple of co-borrowers, namely my father and sister on my loans.

    I am Canadian so in actuality I have to come up with $700 when its all said and done. Realistically, I can afford to pay at most $200-$250 a month with the help of family as I am currently unemployed.

    I don't want either my father's or sister's credit getting bad but I just wanted some advice as to what my opitions are ? I was hoping to keep the peace with these loan campanies by paying them something every month until I pass this exam, which as you all know is very expensive as well but am afraid that COLLECTIONS will get involved.

    By the way, all I am trying to do is pass the Step 2 CK exam as I have a spot in IM already waiting for me come June 2010 so if I can get through this next year with paying what ever I can that would be ideal for me.

    Any advice from past experiences would be greatly appreciated.

    Thank you once again,

    Adnan

  2. #2
    rokshana is offline Member Guru 11644 points
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    Quote Originally Posted by goodtimess View Post
    Hi there,

    I just wanted to see if there are other graduates out there who might be going thru a similar issue as me or know of anyone who is.

    I graduated in June 2008 and have not been able to get into a residency yet as I have struggled with passing the USMLE Step 2 CK exam. I have a total of 5 student loans with two different lenders (i.e. Bank of America and Wachovia) and have been told that I will have to start to pay back my loans as either I have maxed out on the forbearance period or that one of the lenders is no longer honoring the extensions.

    My main issue is that I owe close to $1200 a month and they are offering me a 50% break but paying back $600 a month is even difficult for me. I should also let you know that I have a couple of co-borrowers, namely my father and sister on my loans.

    I am Canadian so in actuality I have to come up with $700 when its all said and done. Realistically, I can afford to pay at most $200-$250 a month with the help of family as I am currently unemployed.

    I don't want either my father's or sister's credit getting bad but I just wanted some advice as to what my opitions are ? I was hoping to keep the peace with these loan campanies by paying them something every month until I pass this exam, which as you all know is very expensive as well but am afraid that COLLECTIONS will get involved.

    By the way, all I am trying to do is pass the Step 2 CK exam as I have a spot in IM already waiting for me come June 2010 so if I can get through this next year with paying what ever I can that would be ideal for me.

    Any advice from past experiences would be greatly appreciated.

    Thank you once again,

    Adnan

    well...how about getting a job??...obviously it doesn't have to be a full time one, but one that would pay you enough to make your loan payments...and i'm not talking about one that uses your degree...that would be a bonus, but let's face it any job would do...i mean you are talking about one that would have to only clear, what? 150-175 a week??
    Endocrinology, Diabetes and Metabolism Attending
    ABIM certified IM
    ValueMD-the place "where nothing makes sense, but everything is related-fellow vmd'r gabon

  3. #3
    goodtimess is offline Newbie 510 points
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    Thank you for you reply

    I actually am working at our family business during the mornings and closing at night. My father suffered a stroke last summer and his condition has limited his hours of work. After running the store, which is covering the cost of our mortage I have about 8 hrs left. I try to squeeze in what ever time I have for studying and tutor privately for a couple of hours in order to come up with the $200-$250 a month.

    Since my father's stroke last year my sister has been covering all the costs in our house.

    Due to the current economy being the way it is my mom and I have been running our store but we are barely covering our expenses.

    This is why I was hoping to get some advice about how to handle these loan borrowers.

    I do appreciate your guidance though.

    Thanks again,

    Adnan

  4. #4
    rokshana is offline Member Guru 11644 points
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    Quote Originally Posted by goodtimess View Post
    I actually am working at our family business during the mornings and closing at night. My father suffered a stroke last summer and his condition has limited his hours of work. After running the store, which is covering the cost of our mortage I have about 8 hrs left. I try to squeeze in what ever time I have for studying and tutor privately for a couple of hours in order to come up with the $200-$250 a month.

    Since my father's stroke last year my sister has been covering all the costs in our house.

    Due to the current economy being the way it is my mom and I have been running our store but we are barely covering our expenses.

    This is why I was hoping to get some advice about how to handle these loan borrowers.

    I do appreciate your guidance though.

    Thanks again,

    Adnan
    probably need to talk to a bankruptcy lawyer then...there are different types (in the US anyway) that will allow for a certain amount of payment over the course of a certain number of years and then the rest of your debt will be paid. This doesn't work with any federal loans since they are not forgiven with bankruptcy.

    the other is simply to talk to the creditors and say this is how much you can pay for the next year and that you will have a residency spot in july of 2010 (if you can get something in writing stating this would probably be a big help)and can then assume more of your debt with with a higher payment..wil people defaulting left and right, they may go for it...

    sorrry about your dad...hope his recovery is going well...rehab can do wonders with gaining back some abilites.
    Endocrinology, Diabetes and Metabolism Attending
    ABIM certified IM
    ValueMD-the place "where nothing makes sense, but everything is related-fellow vmd'r gabon

  5. #5
    goodtimess is offline Newbie 510 points
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    Thank you so much for your kind advice

    Hi there,

    I just wanted to thank you for your kind words. I think that I have an idea of what I am going to do, at least until the remainder of this year but just wanted to see if others have dealt with a similiar issue as me and how they might have handled it.

    The main issue here is that I have two co-borrowers and I just dont want their credit getting bad due to me. Any idea if being Canadian and living here in Canada would bad credit on American Private loans effect us here ? or to what extent going into collections would effect us here in Canada ?

    My goal is to give what ever I can to these loan collectors and hope that it is enough of a payment so that we can aviod getting COLLECTIONS involved. I really hope that by giving some sort of payment to AES (American Education Services) would buy our family some more time and at least keep the peace until I start Residency in 2010.

    Thanks again for everything and once again any advice would help me out a great deal as far as what I am planning on doing about this situation.

    Take care


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