student loan? what to do?

Question

I owe about $6,000 of student loans, i am delinquent on payments by about a year..i looked at my credit report and it has not been charged off or anything..so, im guessing i could still make payments to sallie mae..the credit report says my account is still open..but ive been thinking of using consumer credit counseling...? should i just contact sallie mae and make arrangements to pay (b/c i really want to fix this and start making payment)..or use CCCS?

Answer 1

The most important thing is to contact the place you took the loans out with and work something out, so they will not put it on your credit.

Then, ask them for advice, and they can help you! They get paid to do this for a living!

Answer 2

I'm sorry I have to LAUGH! I'm not done school yet and I'll owe 60,000 so far. I WISH it was only 6000$

There is help for you can you apply for hardship with your loan company. Just call them and tell them you can't afford to make payments. They can hold off the payments for 6 months at a time or longer depending on your situation. You REALLY should have called them when you weren't able to make the first payment because I'm sure they have been charging you late fees for a whole year now.

You could also ask them about those fees when you call them and let them know you need to either file for hardship or another payment arrangement. Don't agree to make payments if you know you just won't be able to. Let them know. They have paperwork for when you are out of work or unable to pay.

Of all things I would say pay what you HAVE to first than student loans.

Student loans have the lowest interest rate and you don't get a great deal by paying them off fast. You may save some interest but if you're charging up your credit cards instead of using the money you paid them than it's not good. DO not use consumer credit counseling you have nothing that you need counseling for and it will COST you a great deal more that way.

Most likely that counseling will rip you off.

Answer 3

Student loans do not get charged off. Also you cant file bankruptcy on them. You should call them and make arrangements. If you are having financial difficulties they might be able to defer your loans which would give you some more time before you have to pay them. Unless you have a lot of credit debt that you cant keep up with I would not suggest CCCS. Using this type of service shows up on your credit report and many lenders will hold it against you (like having a low credit score)

Answer 4

You are not too badly off (6000 vs say $100000). Consider these:
(i) CCC will make your life worse, so NO NO
(ii) Talk to the creditors, make payment arrangements if possible
(iii) Borrow more from (say www.prosper.com, high interest though) to pay off the bad ones, then make sure the new loan is serviced well. This should give you breathing space.

YOU CAN DO IT!

Answer 5

Actually, I think you can call Sallie Mae and they will consolidate them for you, which will bring your payments current and drop the amount by almost 50%!!! So definitely call them pronto. They can tell you how you can bring your account up to date, which will do wonders for your credit.

Answer 6

If you default on student loans, YOU WILL NEVER NEVER be approved for any other loan..IT IS THE LAW. Get in good standing with Sallie Mae ASAP.

Answer 7

certain that is and in case you have not already recognize, the transformations between pupil loan and pupil help is that pupil loan you should PAY decrease back!, in case you may't the overdue expenses will rises so becareful with how a lot money you going to borrow.

Answer 8

Talk to them. If they have not transitioned your account to a collection agency you are lucky. Even if they do, you have little to lose by gaining information.

Answer 9

http://www.venture-capital-india.blogspot.com