What options do u have if u cannot afford to make student loan payments? Would consolidation be a wise thing with 3 seperate student loans? Plus they are not federal student loans, my mistake there. I really need some good advice, I worry myself almost everyday. Payments don't start till after Christmas.
2006-11-07 14:26:23 · 6 answers · asked by Mikey C 2 in Business & Finance ➔ Credit
Before any goes and tells me to get a job again. I work over 40 hours a week. I do have a job. I worked while going to school too. I am just looking for a way to not mess up my credit and be able to pay my loans.
2006-11-08 13:19:50 · update #1
Your options:
1) Get a job and quit spending so much money. If you can't afford it, make it so you can afford it.
2) Delay it. If you can consolidate your loans and roll them forward with another loan, then that's an option to delay the payments. However, this is dangerous. Your past history of getting into trouble is indicative that the same thing will happen when the bigger loan comes due. If your parents can afford to bail you out, it's best to eat crow and see if you can get a loan from them. If that's the case, then tell them you screwed up, you learned your lesson, you have a plan to get out of debt (e.g. job, a budget that you've already started and are sticking to).
3) Default. You can default on your loans, but this is very, very bad. Student loans (and taxes) are the two things that don't go away - ever - even with bankruptcy. You will still owe the money and you sabotage your credit permanently. If you want to ensure that you can't buy a car, never qualify to buy a house, get rejected on apartment rentals, get screwed on credit card interest rates.
2006-11-07 14:41:10 · answer #1 · answered by csanda 6 · 0⤊ 0⤋
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2016-10-21 11:12:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
why don't u get a job and pay ur student loans.
2006-11-07 14:46:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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2006-11-07 21:35:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Could you not work for a while?
2006-11-07 14:35:18 · answer #5 · answered by svpasamba 2 · 0⤊ 0⤋
You can defer them.
2006-11-07 14:37:51 · answer #6 · answered by Anonymous · 0⤊ 0⤋