Here at the Student LoanDown, we like to think that every month is financial literacy month. But this April, it actually is National Financial Literacy Month! 
Time to brush up on your financial fundamentals!
One of the personal finance bloggers we follow regularly, J.D. from Get Rich Slowly, asked his readers what they want to learn during Financial Literacy Month. They've been more than forthcoming with interesting suggestions — some even want to know more about student loans.
You've been asking some interesting questions lately, too. In case you've missed them, I thought I'd highlight some of our recent exchanges:
- Do you have questions about student loan default or federal student loan rehabilitation? Check out the comment string on my post about student loan repayment.
- Are you thinking about cosigning a private student loan for a student and wondering how long you'll be on the hook?
- Want to know more about how Wells Fargo's private student loan interest rates are calculated? Barbara answers Tyler's questions here.
- If you're curious about student loan consolidation, our most popular post probably addresses the topic somewhere in the comments section!
What haven't we discussed that you'd like to know? You don't have to wait for Financial Literacy Month to roll around — you can ask us anytime.
can I now pay my loan on line??
Maybe someone can help me since thus far, no one has or has seemed to want to - and definitely has not cared or has had any empathy. Eleven (11) years ago back in 1998, making a stupid decision, I decided to take out a student loan (at the time PLATO - not Wells Fargo) to go to graduate school. The amount of the loan was approx. $16,000. For the first 2 years, it was interest only payments but for the next 9 (NINE) years it was a lot to interest, not a lot towards prinicipal......but being niave, I figured it was like a car loan and in 4 to 6 years it would be paid off - but NOT !! 9 years later the loan has only gone down some $3,000 which in my book is out-and-out robbery to say the least. Shame on Wells Fargo.
However, I have until recently paid my $200 payments faithfully until some recent hardships with my husband being out of work..... I have tried to call and talk to someone many times to negotiate the terms of my loan, but no one will budge. I have asked that since I have paid faithfully for 11 years could I just make the same payments directly towards principal or anything for that matter - adjust my interest rate, make it lower........ I keep being told no, can't budge those are the terms you agreed to. (yes, but that was 11 years ago before the bad economy and when I was 11 years younger!)
..... and then I was threatened to have my wages garnished and in 2018 I would be responsible for paying my loan in full if there is a balance.
What I want to ask now since no one will help me (so sad in these trying times and to treat someone like myself who is not hiding and totally communicative and wanting to work something out) is if I continue to pay $200 will I ever see a light at the end of the tunnel? Do I have any other options?
Please help me. I want to pay it. It is my responsibility. I get that. But as a lender you all should bend as well. Especially in these trying times. Especially with someone who wants to pay their debt. Wouldn't that be the American and right thing to do?
where are people's blogs?
Sam -- Whether or not you can make payments online depends on the type of loan you have. Go ahead and contact us through our Ask The Expert tool and we can give you more details based on your loan.
Hi Erinn -- Our comments are moderated, so that's why you didn't see your posting right away.
I'm sorry you haven't had a good experience. Unfortunately, as you've heard before, the terms of your student loan cannot be altered. When you agreed to the terms of the loan outlined in your promissory note it was for the entire life of the loan. Student loans are not like some forms of consumer credit that can be refinanced (for example, a mortgage). This is why we really want students to be informed about their loan terms before agreeing to them. I'm sorry you had some misunderstandings about your terms and how your payments would be applied.
With that said, there are a couple things you could consider that may help your situation. First off, you could try to pay more toward your principal each month. I know that in your current situation it might be tough, but it's something to keep in mind for down the road. You would still need to make the required monthly payment (which goes to principal and interest), but by making an additional payment to just your principal you'll end up paying less interest over time.
Another option for you would be to consolidate your private loan into a new loan. Essentially you'd take out a new loan to pay off the previous loan. This loan would have a new set of terms, like the repayment period and the interest rate. One thing you need to remember about this option is that by consolidating you'll be extending your repayment term, so if you want to pay the loan off sooner, you'll need to make more than the required monthly payment.
Finally, I'm responding to the related email you sent with more specific information about your situation, so please check your inbox.
Oh wow, I never thew there was Financial Literacy Month. I think people should know more about this, especially in an economic slump right now. People can learn from each other's experiences and share money-saving tips, etc.
IMEE
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I have heard that in the past, people were given the opportunity to pay off their student loans by paying half of the loan amount off. Does this really happen?
Hallie, it depends on the types of student loans involved (federal or private) and the individual borrower's situation. Sometimes lenders are willing to take a portion of the debt, also known as a settlement. But in general, this is the exception rather than the rule.
Lenders don't have the authority to take settlements on federal loans. For those types of loans, borrowers would need to work with the guarantor or the Department of Education. For private loans, each lender has its own policy for settlements. Borrowers would need to ask their lender if they would consider accepting a percentage of the debt, and if they have to pay it all at once or if they could arrange a payment plan.