2006-10-26 05:30:31 · 15 answers · asked by shepark2006 1 in Education & Reference ➔ Financial Aid
That's a Federal Loan, and I can tell you, there's no getting out of it. There is no statute of limitations on a student loan, which means they can pursue you in court forever, the loan will continue to accrue interest, and this will not ever come off your credit report--the 10 year rule for other types of credit does not apply to student loans, and it is not dischargable in bankruptcy. Just pay the bill already, and save yourself some money in penalties and interest.
2006-10-26 05:38:57 · answer #1 · answered by melouofs 7 · 0⤊ 1⤋
There's no way the federal government is going to let you "get out" of paying back money that you borrowed from them.
Apply for a forebearance. Depending on your reason for defaulting (loss of job; change in marital status; change in student status; change in income), you may be able to successfully prove that you are not able to make your payments on time. If you do have a legit reason for applying for a forebearance, they will need proof. So you can't just say "I lost my job" - they want concrete proof.
You'll still have to pay the loan back, the forbearance just gives you a bit of a break until you get on your feet (maybe a year or so... it depends.)
Good luck!
2006-10-26 10:24:54 · answer #2 · answered by chocolate-drop 5 · 0⤊ 0⤋
You just can't, declaring bankrupcy won't do it. I have one too. The government puts special provisions on loans so people can't get out of them- it's because they don't ask if you can pay it back before you take it, or qualify you in anyway.
You see, the government wants an educated workforce- because educated people make more money, and pay more taxes. I probably owe more than you- $140,000, and I have friends who will owe $450,000 without interest.
I think after 25 years if it hasn't been paid, it is forgiven, but that's gonna be most of your life. My advice- make the minimum payments, or they will make your life miserable.
Oh, get your loan back in good standing, did you know you can defer it for up to 5 years even when it is in it's repayment period? Tell them its financial hardship if it really is.
2006-10-26 05:37:19 · answer #3 · answered by Anonymous · 0⤊ 1⤋
depends on your educational area...if education, you can have some or all of your loan discharged upon completion of a 5 yr teaching assignment in a low income/teacher need area/school district. There are other programs/provision for student loan discharge. Also,if you have filed for bankruptcy or are permanently/totally disabled, you may qualify for loan cancellation. Do a web search on "student loan cancellation" and you will see what you options are.
2006-10-26 05:58:46 · answer #4 · answered by annettetyler77 3 · 0⤊ 1⤋
The only way to help you is to etiher pay them or file a chapter 13 bankruptcy and you will have to pay on that for three years and then at the end of the bankruptcy. IF there is any of your student loan left then you have to pay the remaining balance. But the nice thing is that the bankruptcy will get them off of your back for three years.
2006-10-26 05:36:16 · answer #5 · answered by Anonymous · 0⤊ 1⤋
You can't .. Thank God Congress past the law to stop people from reniging on this debt.
You will be placed in collections and wages garnished. You can't even go bankrupt and get away without paying..
As a hard working taxpayer that paid my own student loans, I don't want to pay for your education.
2006-10-26 05:39:00 · answer #6 · answered by Anonymous · 0⤊ 1⤋
once you've a cosigner and also you default, then the sequence organization is going after your cosigner for price. if so as that they might in all chance call for finished price particularly than month-to-month funds. It will change right into a mark adverse on your credit and your father and mom credit for 6 years (even after price has been made).
2016-12-05 06:19:24 · answer #7 · answered by blessing 4 · 0⤊ 0⤋
Sorry it's not going to happen. You can't even file Bankruptcy on student loans.
2006-10-26 05:33:06 · answer #8 · answered by The Druid 4 · 0⤊ 1⤋
Pay it back!!
There are actually people who need loans and benefit from th education given by these loans. your question shouldn't be how do i get out of it. It should be "How can I pay it back?"
2006-10-26 05:33:52 · answer #9 · answered by exel 2 · 1⤊ 1⤋
You can't............the gov't will track you down till they get their money. Just start making the minimum payments. If you don't they will start taking your tax refunds from both federal and state, and any other source of government income that you might get. They WILL get their money anyway they can.
2006-10-26 05:41:20 · answer #10 · answered by Scotty 6 · 0⤊ 1⤋