My son is unemployed and has over $100,000.00 in student loans. He got his degree and has tried to work with the banks to lower his payments, at this time his loan is in deferment and is due at the end of September. The banks will not work with him, what can he do?
By Dolores from Phoenix, AZ
Take any job he can get and make arrangements to make lower payments. (07/26/2010)
I can tell you that filing for bankruptcy does not work! (07/26/2010)
The Armed Forces offer relief for student loan debt:
I'm a single mom with the same problem just that much in student loans. With this hard economy it is tough to find a job in your degree field. I'm going to join the army for that reason and many more. They pay up to $75,000 in loans and have many job options. A plus for me is medical, dental, housing, and utilities are all paid for my son along with free daycare. Just because I join doesn't mean deployment, they have many non combat options.
US Dept of Education Direct Loan, this is where I went to consolidate my son's loans in my name for a lower interest rate and put the loan on a much longer time period. They seem to work with you. Direct Loan Servicing 1-800-848-0979. Best to you! (07/31/2010)
I heard something about people with student loans who work in service professions getting loans forgiven by the Obama administration. It's worth looking into. Sorry I don't have more information. I wouldn't ask the people who he owes the money. Maybe he could ask a local congressman if this is fact. If anyone knows about this, please post. (07/31/2010)
There are forms to be filled out, so ask the bank for them. Tell them it is that or file bankruptcy. They have got funds to help do this. Don't let them tell you anything different. (08/30/2010)
By T&T Grandma
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