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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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").
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
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)
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)
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.
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)
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)
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
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.