Student Loan Advice

RE: Student Loan Advice Post By Elena (Guest Post) (08/01/2006) 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, and 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. RE: Student Loan Advice Post By Kelly (Guest Post) (07/13/2006) 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 definitly shop around! RE: Student Loan Advice Post by cookwie (850) | (07/12/2006) Profile | Contact 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. RE: Student Loan Advice Post By rv (Guest Post) (07/07/2006) 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.