Hi Heather,

I currently have two Stafford Loans from graduate school ($3,500 and $11,400). My undergrad loans are paid off, as well as my husband’s graduate loans.  A year ago, I left working a state job (I worked in philanthropy for a large state university) so that I could spend more time with my child.  We’ve been on one income for the past year, and the student loans are really crunching things. I then realized that I may be eligible for deferment with the possibility of forgiveness. However, I am planning a career change in the next few years and will need to return to school to make it happen.

History:
I completed my graduate degree in December of 2008. 
I worked for the government (nonprofit foundation for higher ed) from 2006-2009.
Volunteered with AmeriCorps for 2009.
Returned to the nonprofit job from 2010-2012.

Our current repayment structure hits 11% of our monthly income, and I do not think we can continue to sustain this.

I will also have to most likely take out loans to obtain the education necessary for my career change (into mental health nursing).  I hope to have tuition break as my husband works for the university where I plan to go to school, but I strongly foresee still needing to take out a loan.  I’ll note it is my goal to return to working for the government or nonprofit agency once the program has been completed.

What is your advice as to what my options are?  Many thanks for your help!

Villette,

I’m sorry but I can’t advise you about your circumstances.  If I did I’d run into problems with the requirements for my professional license.  I can give you information about specific loans, repayment options, forgiveness programs and the like, but can’t apply the provisions to your personal situation.

I can say that federal loans are generally safer and more flexible than private loans, as well as less expensive typically.  Let me know if other questions arise.

Best,
Heather