that I need to pay off, I have not made a payment since 1997 or 98, and i want to pay them but I think the interest is so high. Is there a place that will work with me on bringing the balance down.
I really want to pay it off, but I have not worked in 2yrs. an im not working now.
2006-06-11 14:18:31 · 6 answers · asked by got2know 4 in Business & Finance ➔ Credit
TO MRDOWJONES, I dont mooch off of the system, just because I have not worked in two years does not mean, that I collect welfare or any of that. so you can take your comment and stick it. Thats all I have to say, to that.
2006-06-11 17:56:19 · update #1
Listen carefully, you must consolidate those loans prior to JULY 1!!!! All your loans are in default and it will take numerous calls just to find out who has your loans.
New, higher interest rates go into effect July 1 and if you don't lock in prior, you will find incredibly high rates in the future.
Gather all the papers you can find and start calling, then find out how to consolidate (if even possible) defaulted loans. It is worth the effort.
Good luck and don't delay!!!!
2006-06-17 09:09:38 · answer #1 · answered by Paula M 5 · 2⤊ 2⤋
It is unfortunate but true, that you will have a hard time finding a lender to offer additional student loans when you have defaulted on past student loans. As a former financial counselor, these type of defaults were especially upsetting because student loan lenders are much more forgiving and lenient than, say high interest loans such as credit cards. Whenever someone called about these loans because they fell behind, I would advise them to call the lenders because they have several programs to choose from to help individuals that are having a hard time making payments or lost job etc. Many would even have used forebearance (putting off payments until later) in extreme circumstances and losing your job IS considered extreme. Many people become so anxious when lenders start calling that they avoid them altogether. My advice is to contact the lending banks and try to arrange a repayment plan, because the only other alternative when going back to school is to pay for it yourself. Educational loans aren't credit based (at least not the federal ones), but when they see the defaults they won't even consider lending to you. Good luck with your situation. It is good to see that you are at least making an attempt to do something about it. And don't let others discourage you with nasty remarks. Alot of times there are situations beyond your control that put you in a tough spot. You can only keep trying!
2006-06-11 18:34:30 · answer #2 · answered by hivoltgfly 3 · 0⤊ 0⤋
The only thing you can do to be able to receive aid again is to go to the department of education website and apply for a consolidation loan. They will still do the loan if you are in default, and once it goes through, you will be able to get aid again. Since it is in default, they will allow you to make payments depending on your income. Good luck.
2006-06-13 15:26:22 · answer #3 · answered by GAgirl 4 · 0⤊ 0⤋
The first thing you need to do is get a job. How many years of schooling does one need to get a job, any job? Be responsible for the first time in your life. Taxpayers, like myself, are getting tired of supporting you. Quit mooching off the system.....
2006-06-11 17:08:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You can't do anything when your loans are in default. contact your lender and arrange repayment agreement. If you can't do that, you'll have to find an employer who offers a furthering education program.
2006-06-11 14:22:44 · answer #5 · answered by Stacy R 6 · 0⤊ 0⤋
try Citibank they will consolidate your loans (at a lower rate just longer time) and still give a new loan
Here's the link www.studentloans.com
2006-06-11 14:22:43 · answer #6 · answered by laura468 5 · 0⤊ 0⤋