(albeit very low ones)?
2006-10-17 04:21:00 · 4 answers · asked by Karelaine B 1 in Business & Finance ➔ Credit
As long as you're making affordable payments, no court or judge would do much of anything. Maybe require proof that you can't pay more.
Can't get blood out of a turnip. I was a turnip once. Hi turnip!
2006-10-17 04:31:06 · answer #1 · answered by ed 7 · 0⤊ 0⤋
Since we are talking about a student loan, I will assume we are discussing a large sum of money.
Note that these people who tell you to make any type of payment and they can't sue you are very wrong. If you do not make the amount due as stated in the terms of your loan you will be in default, and they can sue you.
If your payments are not "reasonable" the most certainly will sue you. They are not going to wait for 20 years to get their money, so making a $5 a month payment is not "reasonable".
Federal backed student loans are not dischargable through bankrutpcy, so you can't dodge it that way.
2006-10-17 07:02:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Your best bet is to contact them. Most of them have a form you can fill out to report income and you decide the percentage of your income per month you can pay. It does have to be at least the interest of the loan. Always contact your lender if you are having difficulties making payments and keep good record of the dates you call, the result of the call, when you made a payment and how much it was for should also be recorded.
2006-10-17 06:37:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
if you're not making the minimum payments required by your Promissory Note, they have a cause of action against you.
2006-10-17 04:28:11 · answer #4 · answered by nuejerz 2 · 0⤊ 0⤋