My question is, what can I do to solve my problem of getting my private student loan out of default. It already went to a collection agency. Realisticly I can pay it off, but it would years to do so. I don't make that much money and the money that I do make I barely can pay my bills. So If anyone can give some advice what to do.
2006-12-12 06:09:56 · 6 answers · asked by collegecat2001 1 in Business & Finance ➔ Personal Finance
On the bill payment, they have payment options, check those out and see if how can lower your payments. If not you can also defer your payments, until you are ready and established.
E-mail me if you have any more questions, David_C_Stewart@yahoo.com
2006-12-12 06:14:05 · answer #1 · answered by David S 2 · 0⤊ 0⤋
I had this happen to me with one loan. The problem is once it goes into default and a collection agency has it the odds are it will not go back to the original lender. My suggestion is work with the collection agency to setup sometype of payment that will work for you . If it's a reputable place they may accept a small amount as long as you show that you are willing to pay. The other way is to work with a nonprofit credit protection company to negotiate the pay back for you. I went this route and it did work well for me as you can combine other bills into one payment. It took me a while to rebuild my credit but everything is great now..good luck:)
2006-12-12 06:23:12 · answer #2 · answered by BuckNeked 1 · 0⤊ 0⤋
Contact the collection agency. They have a vested interest in seeing you get them out of default. They are likely to present some options to you. They may require you to pay some of the back interest to bring them out though. Afterwards, often they will offer a payment plan based on your income or the option of applying for a deferment.
2006-12-12 06:14:50 · answer #3 · answered by Scottie 2 · 0⤊ 0⤋
Write the collection agency, and tell them that you want to and intend to pay. Ask to work out a payment schedule. Then follow the schedule, and start making payments.
This will look better on your credit report than just ignoring it. Get a 2nd job to help pay for it - weekends, evenings, etc.
2006-12-12 06:12:20 · answer #4 · answered by Ralfcoder 7 · 0⤊ 0⤋
call the loan compnay or collections agency and make arrangements, that you can pay. You cannot get out of it, I am in deferment, and I will have to deal with the same types of problems, and I do not have it now either
2006-12-12 06:13:30 · answer #5 · answered by SWRK student 2 · 0⤊ 0⤋
maximum inner most pupil loans count number a similar as federal pupil loans even as it is composed of eligibility she ought to ought to prepare for FAFSA & no matter if it look like she were given with the help of that... she nonetheless ought to ensure she is ineligible she desires to talk with the college she is attracted to attending
2016-11-30 11:53:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋