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Student Loan Advice

I've been out of school since September 2009. Is it too late to get my student loans deferred?

By Charman from Austell, GA

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January 31, 20110 found this helpful

No. Call your loan company and go through the process. If they say you can't get deferred ask about a forbearance.

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January 31, 20110 found this helpful

I can't afford to pay my student loan. During the last three years, I have been unemployed for about nine of those months. During the two years and 3 months of employment, I just did not have made enough to afford to pay for rent, etc. (and all the costs associated of being a father of a two year old and being the prime "breadwinner").

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I have just started a job at $13/hr. Once it goes permanent, I will make $35K base and commissions which may go up to 20K per year. But, until then, what do I do? I don't want to default. I would like to get a house one day. A lot of people have told me that defaulting on student loans looks very bad on one's credit report.

My question: How do I inform them that I can't pay right now? I have already forebeared the most that was allowed. Can they reduce payments (to like $100/month even that may be too high right now!). I need help. Advice would be very appreciated.

By jcoreyL from Atlanta, GA

Answers:

Student Loan Advice

You will have to contact them and see what arrangements can be made. I'm surprised if they haven't been calling you. If they call you that would be a good time to talk to them about it. (11/29/2010)

By redhatterb

Student Loan Advice

If these are loans from the federal government you can request to be put on the Income Based Repayment plan. I wouldn't wait for them to contact you. Call and explain your situation and ask what options might work for you. (11/29/2010)

By lah34a

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November 29, 20100 found this helpful

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

Answers:

Student Loan Advice

Take any job he can get and make arrangements to make lower payments. (07/26/2010)

By redhatterb

Student Loan Advice

I can tell you that filing for bankruptcy does not work! (07/26/2010)

By Suntydt

Student Loan Advice

The Armed Forces offer relief for student loan debt:

military.com (07/27/2010)

By MCW

Student Loan Advice

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.

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This will allow me to provide for my son and pay my loans back without getting behind and them garnishing checks and taking property. (07/27/2010)

By honeybees

Student Loan Advice

dl.ed.gov 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)

By Ace00

Student Loan Advice

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)

By Stngray

Student Loan Advice

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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July 26, 20100 found this helpful

I need some information on how to get rid of or pay back a student loan that has accrued a lot of interest. When I call they say they will only accept payment in full.

Lizzy from Chandler, AZ

Answers:

Student Loan Advice

Getting rid of a student loan is impossible unless you pay it off. You may want to try getting a loan from a family member or a bank and just pay it off. But if that is not possible send then payments that you can afford on a biweekly or monthly schedule. I know they say will only accept payment in full, but in my experience I have found that to be untrue. Lastly, keep your head up, it took me almost ten years to pay my student loans off. (07/07/2006)

By rv

Student Loan Advice

If you pay any extra indicate it is for principal and not interest.
Pay 13 payments per year instead of 12 and several years may be lopped off the end of the payment schedule. Depends on how much extra you pay and the length of the loan. (07/12/2006)

By cookwie

Student Loan Advice

Have you consolidated your loans? This will allow you to chose a bank or other financial institution's interest rate, and often times they will have plans which will allow you to pay off small at first, increasing to larger payments later on (when you have work). I have mine through nelnet, but definitely shop around! (07/13/2006)

By Kelly

Student Loan Advice

Look into "income contingent repayment" which I'm pretty sure all lenders are required to offer now. And definitely consolidate if you haven't already. My understanding is that it's virtually impossible to discharge a student loan if you aren't basically living at the official poverty level and you have no prospects to improve your earnings.

If you are already in default they may be demanding payment in full, in which case you need to talk to someone besides the collection agent who is hounding you. Get familiar with your rights as a debtor (fair credit act, etc.). If you absolutely can't get them to discuss a do-able payment plan with you, which is unreasonable, you can try to take them to court for a discharge. If you can prove you've honestly tried to make payments or that you've been up front trying to work with them if you can't, and if you can prove you've done everything humanly possible to minimize your expenses and the payments are still unattainable, you "might" win a discharge (unlikely) or you "might" be able to negotiate a payment plan, perhaps even with cents on the dollar you owe. (08/01/2006)

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By Elena

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