What happens if you cannot pay back your student loans?

RE: What happens if you cannot pay back your student loans? Post by monterey2008 (1) | (07/09/2008) Contact I'm 61 and owe $158,000 in student loans. I took out the loans for my daughter who went to a wilderness program. I'll never live long enought to pay them back. Should I wait until I become disabled in order to ask for "forgiveness"? Report Spam or Abuse RE: What happens if you cannot pay back your student loans? Post By jpowell (Guest Post) (06/14/2008) What about when you have 650,000.00 dollars worth of loans what do you do? Report Spam or Abuse RE: What happens if you cannot pay back your student loans? Post By just out of luck (Guest Post) (06/06/2008) They will even take your "stimulus check" so much for stimulating the economy! We really need the money too. My student loans are 22 years old now and I feel I shouldn't have to pay them. They should go after the school that supposedly gave me an "education". After graduating with two diplomas, I was so proud. I applied for a job in an accounting department and there were things on their test I had never even heard of. I then went to the employment office and the guy behind the desk just laughed at me and said: good luck finding a good job after going to "that" school. I was devastated. I've written the government about this stating that I shouldn't have to pay, but they have no heart. I worked hard for those diplomas, only to find out that they're worthless and all my work was for nothing. I was crushed, mentally and emotionally. I had no self esteem after this. So I think it's totally unfair of them to expect me to pay for an education I didn't get. As I stated before, they should be going after the school, not me. Report Spam or Abuse RE: What happens if you cannot pay back your student loans? Post By Kliz (Guest Post) (05/07/2008) Your income tax refund will be kept until the debt is paid. Report Spam or Abuse I can not pay back my syudent loan I totally disable on a fi Post By Lillie M. Jefferson (Guest Post) (02/27/2008) Is their any help for me I don't like owing people and when they call day and bight harassing me I can not sleep it makes me depressed. Fed student loan officer call day and night none stop they block their number and study making threats. Report Spam or Abuse RE: What happens if you cannot pay back your student loans? Post By big dog (Guest Post) (12/30/2007) If you are disabled and can not work, you may ask for loan forgiveness. If you can have a doctor say you are unable to work and will probably never be able to work. Report Spam or Abuse RE: What happens if you cannot pay back your student loans? Post by vinayanand (1) | (01/16/2007) Profile | Blog! | Contact its a tough question to give my feedback but i think bank had made some law of name as guarantor n on that basis only they r sanctioning the loan..also if there is any accident in between the study bank never take their loan back from them.... Report Spam or Abuse RE: What happens if you cannot pay back your student loans? Post By (Guest Post) (05/14/2006) I don't know where u got the idea that you CAN'T DEFAULT ON STUDENT LOANS, but you most certainly CAN! I should know, I unfortunately defaulted recently! Please be aware of this! Also, I want to point out in the worst case senario of your health deteriorating to the point of no longer being abled to attend school or work, that is the ONLY time a student loan can be considered for bankruptcy. So, although bankruptcy is not a necessarily a positive outcome, it will be an option if your health unfortuantely reaches that point. For more answers, u may want to post some questions on http://www.freeadvice.com . This is a free legal advice forum where I have posted questions about default and bankcruptcy before. GOOD LUCK!! Report Spam or Abuse RE: What happens if you cannot pay back your student loans? Post by susanmajp (720) | (01/25/2006) Profile | Contact Thanks for all your responses. I am disabled and living on SSD. The government now requests that anyone who is disabled return school to be retrained, which I am fine with. Re-hab is paying my tuition, but not much else (cutbacks). It is nearly impossible to pay for gas (I drive 1.5 hours each way to get to the college), food, utilities, medical bills, etc. The Pell helps, but money is SO tight. My disabilities (I have several) will never get any better, and will continue to get much worse. To date, I have not taken any school loans out, since if I cannot finish school, I will have no way to repay them. I am unsure if I will be able to finish without financial help. I have just found out, that if you start school and later get disabled, your school loans can be forgiven. However, if you are disabled when you start school, and cannot finish, you are responsible for them. It seems ironic. Report Spam or Abuse debt for life Post By America (Guest Post) (01/24/2006) I think the US government is a parasite. It feeds off the young. Other countries provide affordable education and even free medical care. But in the US many people have to take out a loan when they are in there early twenties for education...choices that will impact there lives for many years. Especially since we live to be in our 80's or more. You have to choice the right career. Or you may not find a job even after college. Then you have loan problems. They will help you find a plan that works. No matter what plan it is, it is slavery to the system. If you do not play by the rules, you can not play the game. No job, no money, no quality of life. I do not care if they make it easy or defer your payments you are SOLD. A slave to the system. How is an adult that has been working in business for years can file for bankruptcy. Be forgiven. Start fresh. But a young person, just trying to get an education is held to that debt for life. It is a way to keep people down. The American dream is a joke. Yes, there are people that do it!! But the majority of the people never really move out of the same soc./econ. group. Double standards. Report Spam or Abuse RE: What happens if you cannot pay back your student loans? Post by JustSusan (14) | (11/29/2005) Contact Contact lenders in your area-Because if you default they can take part of your SSD benefit check to pay for the defaulted loans. Also you should have a financial adie omsbudsman who can answer still your questions and even negioate a payment you can afford-DO NOT DEFAULT!! YOU WILL STILL HAVE TO PAY YOUR LOANS ONE WAY OT THE OTHER! It took me 4+ years to straighten out my student loans and I just wish I had not avoided it for so long. I was in the same position and my loan amount was almost 40,000.00 :0 I have rehabilitated all of my loans through the ombudsman and have a payment I can afford and a GREAT credit rating now, which when I was in default was down the toilet. Hang on and find help-Email me anytime I would be glad to share what I know-Take care! Report Spam or Abuse RE: What happens if you cannot pay back your student loans? Post By darrellg in oklahoma (Guest Post) (11/21/2005) Try checking into the rehab program in oklahoma city. I went to school under voc-rehab they paid for my tuition,books, equipment, and any tests that I had to pay for as well as license. They also paid my mileage to & from school. It's a great program. They also have an office in most larger cities in Ok. look in gov pages in the phone book. Good Luck Report Spam or Abuse RE: What happens if you cannot pay back your student loans? Post by ThriftyFun (3743) | (11/20/2005) Profile | Blog! | Contact The U.S. Congress just passed the budget that will cut student aid and raise interest rates on student loans. All of my kids are paying on student loans and a friend of mine paid for 15 years for her master's degree. It can take a very long time to pay them back, especially if you are unable to find a good job after you get your degree. Education is expensive but luckily for the last few years, the interest rates for loans have been low. You can get forebearances, the interest accrues but you don't have to make payments. It is much better if you know you are having financial problems to apply for one immediately rather than get a bad credit record on your loan. Do what you can to not borrow any more if you are worried and write your representative about your problems. Maybe they will give those who can't afford to pay back student loans because of medical reasons a break. Besides grants some schools offer hardship scholarships. Do all you can to pay as you go with grants, scholarships and working. Susan from ThriftyFun Report Spam or Abuse RE: What happens if you cannot pay back your student loans? Post by evan's"mama" (45) | (11/20/2005) Contact I have thousands of dollars in student loan debt (but have my degree to show for it, so I suppose it evens out!), and right now things are pretty tight financially. I was just approved for an economic hardship deferrment though, so I have a year long "grace period" on my repayment. I can make any type of payment I can afford right now. My lender was incredibly helpful with the whole process, and there were many different options to choose from that fit all different situations. So if worse came to worse, one of those alternatives might be a temporary solution if you find yourself unable to repay for a short time. I do agree with the other feedback comment though; check out grants or other means first. Don't take on a lot of loan debt if you have serious doubts that you'll be able to repay it. I've heard that defaulting on a student loan is TERRIBLE for your credit...Best of luck to you! Hope you're able to pursue those higher education dreams! Report Spam or Abuse RE: What happens if you cannot pay back your student loans? Post By SNIGDIBBLY (Guest Post) (11/20/2005) YES, YOU ARE RESPONSIBLE FOR PAYING BACK STUDENT LOANS. I HAVE A FRIEND WHO IS ON SSDI AND THEY ARE TAKING OUT HER STUDENT LOAN PAYMENTS FROM HER CHECK EACH MONTH. YOU SHOULD ALSO KNOW THAT YOU CAN NOT INCLUDE STUDENT LOANS IN A BANKRUPTCY. HAVE YOU CONTACTED YOUR LOCAL VOCATIONAL REHABILITATION OFFICE FOR EDUCATIONAL ASSISTANCE? THEY WILL PAY YOUR TUITION AND BOOKS AND THAT WILL LEAVE YOUR PELL GRANT FREE TO COVER TRANSPORTATION AND LIVING EXPENSES WHILE YOU PURSUE YOUR EDUCATIONAL GOALS. YOU MAY ALSO QUALIFY FOR OTHER SCHOLARSHIPS AND GRANTS THAT YOU DON'T HAVE TO REPAY. MEET WITH YOUR SCHOOL COUNSELOR AND THEY SHOULD BE ABLE TO DIRECT YOU TO OTHER RESOURCES. Report Spam or Abuse