Education is getting more and more expensive. Student loans, credit cards and other debt accumulated while going to school can be an unnecessary burden to the student later in life. This guide is about paying off debt from college.
If you have student loans and are receiving Social Security Disability the loans and all part of the loans no matter how large can and will be wiped clean. All that has to happen is your doctor filling out a couplke of forms. I believe the forms come from The Social Security Administration. If not there then get them from the institution in which you owe.
My daughter is on disability and had 5 years of student loans. They are all gone now. The loan forgiveness does not show up as a negative on your credit report either. I am not sure but I assume that if a person is collecting SSI benifits the same is for them.
From what I have heard the doctor has to fill out numerous forms and they don't want medical abbreviations, they want the full terminology and the forms that they send to the doctor don't have enough room to write out the full terminology, therefore what it amounts to is the doctor and nurse end up doing a lot of typing, then when the school loan department receives those forms, they send more forms out and this goes on for some time.
For several years, I was hounded by student loan collectors. I would laugh at their letters saying "Please make sure your 72,897.16 is in the form of a check". When I called them to remind them I made less than 800.00 a month, they said "Oh, we will set you up with a payment plan. For just 720.00 a month, you can settle your debt". Not only would this have left me 80.00 to live on but at the time I was 45 and I would have been paying till I was 85. So...
I just had mine done but redhatterb has a point. The student loan people began offering me this service at the point where I "could not even answer a phone"...in other words could not be employed by anyone. The funny thing was I could pick up a phone, and did twice a day for over 6 months, telling them the same thing:"I am on disability which means I don't work, can't work, etc. I had to change my number and then my daughter had to change her land line due to their harassment.
When I finally decided to try, it took about 6 months but it got done.
However, you are going to be watched like a hawk for 3 years. If you work any time during that time, they will not only revoke the loan forgiveness but tack on the interest/fees as well. Doing it is like of like childbirth. It is an arduous process but one well worth it.
My daughter never encountered problems you are referring to. I think that she had two lenders Her doctor was very understanding and they didnt have any trouble. I am sorry if it was you who had to deal with the red tape over and over again. She had thousands and thousands of student loans to repay. I believe it was a lender that told her about student loan forgiveness. She was so very sick at that time and still managed to take care of the filling out of forms. She never needed my help. I hope people will not be discouraged and check out what needs to be done about their student loan debt.
My daughter is on disability and had several thousand dollars in student loans from earning her degrees. Did you know that the loans will be forgiven when your doctor fills out the proper paper work?
This is a guide about consolidating student loans. Sometimes consolidating loans can help lower payments making it easier to repay them.
If you have student loans, are disabled and drawing Social Security Disability benefits, you can be forgiven of all loans if your doctor fills out a specific form for you. I know this because my daughter did it.
It took me 7 years to pay off my student loan and I had only a small loan. When paying off your student loans, you need to create a budget where you allocate for making that payment every month.
I am a single mother who was out of work for a while and the cosigners to my student loan paid about $2,000 during that time. I am now working and sent out a payment to them, but they wanted me to sign a confession of judgment.
I refused to and now they have been calling and threatening to take me to court to sue me and even went as far as saying they are going to take my tax refunds. The loan is not fully paid off yet, so I didn't think that could sue me for the full amount, just for the amount they have paid, is this true?
Also, I haven't returned their phone calls, because in the past they have left me messages and one was threatening to come and beat me up with a baseball bat if I didn't pay them the money. What if anything can I do about this. I intend to make sure I pay them the amount for the loan each month now that I am working again.
First of all the fact that you are not communicative about you financial issues to your co-signers causes bad and harsh feelings. That does not excuse their threats in any way. There are laws about how people must conduct themselves in trying to collect a debt. That a side you still have to pay your debt. I would try to set up an agreeable payment plan to pay back what they paid for you and never miss a payment again. If they take you to court for the amount that they paid for you they can claim all of their expenses etc etc. Have them draw up a promissory note of which you will sign with an amortization schedule of payments and interest and you keep a copy. Lesson learned here? Never ask anyone to guarantee your loans for you and never do it for anyone else. It only causes problems.
I recently saw on Suze Orman that you can pay off your student loan with a credit card if you have that much limit. If you have to file bankruptcy or need to just pay the minimum you are free from the government. Student loans cannot be included in bankruptcy and you are never rid of them until they are paid, but credit cards can be.
If anyone leaves threatening messages on your answering machine you should report that to the police. The police are your friends! They will help you with this problem.
Of course, if you owe anyone money be it a personal loan or a loan from a bank, you must pay it back even if you can only make very small payments on that loan. Make small payments of ten or twenty dollars a month until it is finished if you have to do that. Pay as much as you can every month. But do it.
This may be worth a visit to a lawyer's office. There is never a charge for the first visit to a lawyer's office. So dont hesitate to do that. You need an advocate who "knows" or is willing to find out what needs to be done. YOur safety is at risk here and you cannot leave your child or children without a mother. You must take care of this ASAP.
What can happen to me if I cannot pay all my students loans off at one time? I did not find a job after college and I am looking everyday. I babysit and I am paying on two loans now and my mother is paying on one for me and my aunt is paying on one for me.
My dad passed away without any notice in 2006 and my mother and I just can't take all that has happened to us. We are trying to pay as much as we can on the loans, but I keep getting calls and they are demanding more that I just don't have. I am so scared that we will lose our home if I can't pay them all back at once. My question is: I am paying as much as I can and is there any help out there for people like me with the same problem?
If you don't pay on your student loans, they can garnish up to 15% of your wages, take your income tax refunds and take a portion of some social security benefits, but they can NOT take your house, so please stop worrying about that. What you can do is apply for a forbearance. This is a link to a government site that will give you the information you need about forbearances: http://studentaid.ed.gov/PORTALSWebApp/students/english/difficulty.jsp
I have not been able to pay mine, and they have never done anything to me but threaten. There have been times when I made a little more than needed to live on, have never been garnished, audited, or had my current SSD taken away. If you can find an attorney who will see you for 30 minutes for free, you can find out for real.
In 2001, 9 years after I graduated, I was offered a payment plan of just 275.00 (more than half my net income besides room and board), and at that rate, it would have taken me till I was 82 to pay it off.
But this sites will help.
One of the things I tried was to get the loan forgiven because I was disabled. They offered to cancel every penny...if I could get a doctor to say I was so severely disabled that I couldn't work at anything, which included picking up a phone. The irony was they called me about every other day which means I can pick up a phone. They set me up to fail knowing that it wouldn't work.
I wish you well. I also know that so many loans and the horror stories that go with them have made my grandson decide to not go to college.
Has anyone been through a Disability Discharge for a school loan? If so, how much time does the education department take until a conditional or final loan discharge is decided? How many in depth medical records are requested and how much privacy is there on what is requested? The law changes on July 1, 2008 with the education department. I am on a deadline. Any help is appreciated.
Sandy from Orange Cty, CA
Anytime your doctor or you send anything
GET COPIES!!! I sent in all paperwork for
disability and they requested info from my
numerous doctors and years later it was approved.
They kept putting me on something like
medical hold so it would not pop up on my credit.
And the thing is it is never a guarantee you just
have to keep calling till you get someone who
is compassionate and respectful.
I live in Pa. and when my husband turned terminal I started to call and find out information when I can cancel his student loan. I paperwork from the Cancer Doctor and he enclosed tests and x-rays. That department hounded me every day for payments and I kept saying that he is terminal and that should take care of the loan.
To make a LONG story short, 1 year AFTER his death and 3 original copies of his death certificate, I received a letter from the department saying he MAY BE discharged from paying his student loan. Days later I received a letter from the board of directors saying that they were sorry to hear of his death.
Of course, his loan is discharged. Any time I need help again do not hesitate to contact us. I don't want to feel hopeless about your case but I had even a lawyer and he couldn't get through to them.
Good Luck, daisywoods
PS Keep your paper that says the loan was excused. I still think they will come back to try to collect.
I only recently got approved for my disability a few months ago, and I too have encountered more rude people than I knew existed! I told them in a very nice letter of my approval and told them I would be more than glad to go through the paper work it would require. But it's like, it's all about them.
I took a statement for my doctor to fill out and send in, and they act like I'm not a person at all, forget about the disability or the doctor or the fact that there is anything wrong at all. It's just gimme gimme gimme, money, money , money. I'm wondering if they will hound me to the grave over it! They won't even acknowledge
I ever said anything or that my doctor has sent anything. Is this a total lost cause? You know, that's a bad thing. If you owe a dime, they will never let up. If they owe you, nobody gets in a hurry over that one!
I am trying to help my daughter who has come down with a medical condition preventing her from working regularly to pay off a huge old student loan. I didn't realize she still owes over $40,000 after eight years, mainly because of high interest rates. Is there anyway to get this reduced to a reasonable amount when the loan has been sold off two or three times by the original and subsequent lender?
Thank you for your assistance, we really need help.
I would recommend you call into the Dave Ramsey show and ask Dave - he will know what to do - or go to his website http://www.daveramsey.com and send him an email with your question. This sounds like a question I have heard him answer before. Good luck.
Is your daughter considered disabled? Can she get social security disability payments? I started college at age 42, using student loans. I had to retire about 10 years later due to medical problems. If she can get disability, her student loans can be wiped out. That is what I did.
Apply for a consolidation loan and lock in one low interest rate, instead of a variable one. I just did this in July and cut my monthly payment by over 60%. It only added a little more time on to the length of time to pay off the loan and I can now afford the payments and can afford to pay a little extra each month.