I have double defaulted and told the only way to rehab my loans is 12 str8t monthly payments,any help im crushed with over 135k or more including fees right now, and this was from an undergrad loan and i make squat right now
2007-02-01 07:17:06 · 4 answers · asked by scottykfla 2 in Education & Reference ➔ Financial Aid
I would say you first need to get some income. You cant pay bills if you arent working. Then what you need to do is start sending them what you can afford. It may not be what they are asking for, but at least you would be trying. When you get a bit more financially able, then try and start to make the monthly amount that they are suggesting. If you dont pay them at all then they can take your tax refunds ever year until it is paid off in full.
They will appreciate something more than nothing.
They way that I found to be helpful when i had to pay back my loans was to break them down by loan incurred. One loan was for 1200, one for 1800, etc. Then I started paying off that loan.. It made the final number not look so bad.
Eventually I had it paid off, but it took some time. Just dont get caught with NOT paying it because it can haunt you for years to come and can even make it impossible for you to own a home later in life, etc.
2007-02-01 07:24:29 · answer #1 · answered by glorymomof3 6 · 0⤊ 0⤋
Some loan companies offer "specials" to certain qualifying people with low income jobs. They make the monthly payment lower than usual (some will even defer the loan for a short period of time). The trick with that is that the loan repayment schedule will be longer. Good luck....student loans can be a real bummer....hardly seems worth the education!
2007-02-01 09:08:57 · answer #2 · answered by krystiinkay 3 · 0⤊ 0⤋
Check out a guy named Dave Ramsey. He has a show on the radio called Financial Peace or something like that.
The first thing is to not allow the debt that you have to define you or your life. Once you are in a position to start paying then contact the company to work it out. Until then, nothing you can do. They won't/can't garnish your check.
Check out Dave at www.daveramsey.com and find a station to listen to him in your area.
Keep your head up.
2007-02-01 07:21:54 · answer #3 · answered by grantwiscour 4 · 0⤊ 0⤋
you, sir, are finished. you shouldn't have borrowed in the first place....
2007-02-01 07:20:20 · answer #4 · answered by ★ Lansing ★ 1 · 0⤊ 1⤋