Anyone know the best way to consolidate or make payment arrangements for student loans in default?

Question

Is there a website I can go to? Do I have to make a huge down payment? What is the best way to pay for it without them garnishing my tax refund? I only owe $3,697. But the debt collectors are harrassing me about it and I want to find some other solution rather than having to deal with these a**h**** that keep calling me.

Answer 1

hey there don't sweat it......i was in the same situation when i finished school except i owed 40 000 in loans. best thing to do is get a hold of the of the student loan dept. and ask if they have interest relief program. that allows you just to pay the interest for 6 months..... this will give you sometime to get things straightened out.. Next go to the bank that you deal with or shop around to different banks and see which one will give you the best rate and take out a loan over 5 years and pay it off... I would also ask the student loan office if there is loan forgiveness....i know in Ontario Canada if you graduate there are sometimes a grant that you can apply for and they pay off a portion or all your student loan....i can help you out more but would need a little more info from your end...im me or email me if you like.....hope this helped

Answer 2

If you are in default contact the agency yourself and tell them you want to start making payments on it and see what they say. You might be required to make a large payment up front and you might not it depends on how long you have been in default. I would advise using your tax refund to pay down the debt anyways instead of blowing it on fun stuff because it will be best in the long run.

Answer 3

have you ever tried emailing them and asking them? Or calling - or both. the military and medical fields - you could get them behind agenda. financial ruin is really puzzling besides the undeniable fact that it would want to be executed - yet there is in reality a minute possibility of that I also searched a thanks to diminish pupil loans and it comes up with some issues in case you bypass with a company, continually do a search for on that corporation, like ACME sucks or seem at the different link to boot.

Answer 4

The best thing for you to do is get in contact with your lender. Most lenders will work with you in getting out of a bad situation. There is such a thing as deferment and also forbearance, both of which may be able to help you. But your lender can't help you through if you won't let them. You can go to the website http://nslds.ed.gov to track your loans. You will need a PIN number to access the site. You can apply for a PIN by going to http://pin.ed.gov. It takes about a 7-10 days to get the PIN in the mail.

Answer 5

you have a couple of great answers here from people. i dont know if this will help or not, but it helped me.

1) FOR ANY CREDITOR CALLING YOUR HOME: you have a right to write a letter to these harassing people. in it, you give your name, address, account number and phone number.

request in writing that they are not to contact you by phone any longer but only by mail. have it notorized and send 1 copy by reg mail and 1 copy by certified mail, RRR.

that will stop the calls. by law, they are not allowed to call you again after that letter. if one does get through, just remind them of that.

that applys for ANY creditor calling your home/work/ etc.

2) i dont know if its too late to apply for a 'forebearance' on the case or not. i think it applys to gov only, so i dont know if yours is with a bank or not...

call and ask if it applies to your loan or not.

with a forebearance, you write a letter to them, telling them you are having a hard time (explain briefly what your situation is) and ask them if you could have a 'forebearance' with your student loan.

its where they stop billing for 3 months.

every 3 months you reapply for a forebearance (to keep it going) until you are on your feet again.

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