Student loan question...?

Question

If someone has bad credit and a huge student loan, other than deferment is their any way to get it paid? I do know that as long as you pay the interest on the money owed, the bank can do nothing...but is there really any way to find people who want to help others get the financial monkey off their back? A federal loan cant be put into bankruptcy or forgiven...it follows you forever... I have 4 kids and only one person is working presently... because of childcare cost it would not be financially beneficial for both to work.

Answer 1

You have several options available to you, depending on the size of your student loans. While you are on the deferment (I'm assuming it's an economic hardship deferment), contact Direct Loans (it's run by the U.S. Dept of Education) about consolidating your loan. Consolidating is NOT a bad thing. You lock in the interest rate you have now (averaged if you're paying more than one rate on multiple loans). The best repayment option in consolidation, given the limited information you've given, is the Income Sensitive Repayment option. This allows you to stretch out the payments beyond the normal 10 year time frame, as high as 25 years in some cases. While this may feel like a death sentence, it sets your payments at such a low monthly amount that in lean months, you can make your monthly payments, while in flush months, you can pay a little extra, reducing the amount of interest you are paying in the long run. There may be other consolidators out there, but Direct Loans is one of the few (actually only one I've run across) to work with less than sterling credit borrowers. Access the website www.edfund.org for futher consolidation information (trust me, I work there, we don't sell anything, nor do we gather anything if you aren't one of our borrowers. We're underwriters or guarantors, if you will.) You can also type in "Direct Loans" in your search engine. The alternate name of the program is William D. Ford foundation.

Answer 2

1

Answer 3

My loan is in deferment. Deferment does NOT ruin your credit, and you can claim "economic hardship" or "unemployment". There are also different kinds of repayment plans: Level, graduated, and so forth. A graduated plan usually is calculated by using your income, and you start out paying a small amount and it increases over time (the hope is that your economic situation will change!). Contact your lender NOW and ask them about these options. They would rather work something out with you than to have it go into collections.

Answer 4

try to aim for grants/scholarships more... they are not to be paid back. its confusing sometimes, but just keep applying.

every big (and small) company you see (manufacturer, orgs, corps and groups also) all have grants and scholarships they hand out like candy. Walmart, Kmart, Target, Coke, computer companies etc etc etc

heres a link with a HUGE amount of some available. some you will need to copy and paste into a new window. also, fastweb (take the time to fill it in) will search databases and get back to you with a list of scholarships you qualify for.

Also contact all mens, womens associations in your state, they almost always have grants & scholarships. What ever field you are going into, contact the orgs, associations etc for them; Also check with professional organizations related to your career interests, such as the American Bar Association or the American Medical Association. they also always have scholarships. Research and dig, call then write. Its all worth it.

OVER apply; it doesnt hurt to have too many, and the extra funds can help with housing.

http://www.angelfire.com/nj4/njcomputerchick/school.html

MORE:

http://college-scholarships.com/
http://www.statefarm.com/about/part_spos/grants/grants.asp
http://www.gmsp.org
http://www.gmsp.org/gmsp_web/(nb5ctd55gavpfi55bb3a3j45)/scholarships.aspx
http://www.sfa.ufl.edu:16080/scholarshipcafe/
http://www.fafsaonline.com/
http://www.fafsa.ed.gov/
http://12.46.245.173/cfda/cfda.html
http://www.salliemae.com/
http://www.ed.gov/finaid/landing.jhtml

http://www.studentawards.com/
http://www.collegeanswer.com/index.jsp
http://www.studentscholarshipsearch.com/
http://www.studentscholarshipsearch.com/Detailed/Scholarships/Meta_indexes_and_other_scholarship_directories/Women_s_and_Non-traditional_students_scholarships_meta-directory_126.php
http://www.discovernursing.com/nursing-scholarship-search
http://bhpr.hrsa.gov/DSA/nsl.htm
http://www.nsna.org/foundation/
http://www.4cnas.com
http://www.schoolsoup.com/
http://www.blackexcel.org/link4.htm
http://www.jackierobinson.org/
http://www.siemens-foundation.org/TeacherScholarship/
http://www.childcareservices.org/ps/teach.html
http://www.act.org/goldwater/yybull.html
http://www.uncf.org/
http://www.vfw.org/index.cfm <-do search for ‘scholarships’
http://www.finaid.org/
http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
http://www.actstudent.org/finaid/scholarshipscams.html
http://www.act.org/recognition/clients.html
http://www.act.org/kfcscholars/index.html
http://www.kfcscholars.org/
http://www.rhodesscholar.org/
http://www.collegedata.com/
http://www.fastweb.com/
http://www.getreadyforcollege.org/gPg.cfm?pageID=139
http://www.policylink.org/EDTK/AH101/Financing.html#4
http://www.hud.gov/grants/index.cfm

BECOMING A TEACHER
http://www.aft.org/teachers/jft/becoming.htm
http://www.fseog.com/


DEPENDENCY or NOT
http://www.salliemae.com/get_student_loan/apply_student_loan/understanding/financial_aid/dependency/

LOAN FORGIVENESS (nurses/teachers)
http://www.pheaa.org/loanforgiveness/healthier_futures.shtml
http://www.aft.org/teachers/jft/loanforgiveness.htm
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp?tab=repaying


STATUS of your student gov loan or aid:
http://www.nslds.ed.gov/nslds_SA/

if you don’t have a PIN yet (for your loan / aid status) apply for one:
http://www.pin.ed.gov/PINWebApp/pinindex.jsp

ESSAY HELP
http://www.scholarshiphelp.org/
http://www.gradesaver.com/resources/scholarship.html
http://www.collegeadmissionsessays.com/
http://www.nataviguides.com/broke_essay.html
http://www.princetonreview.com/college/apply/articles/process/essayjump.asp
http://www.scholarshipessay.us/
http://www.freschinfo.com/tips-brainstorming.php
http://www.freschinfo.com/tips-topic.php
http://essayedge.com/
http://www.korepetycje.com/Essays_Articles/scholarshipessay.html


GRANT SCHOLARSHIP SCAM LIST
(if you find a scam report it here too)
http://www.ftc.gov/ftc/consumer/media_psas_classads.html

LOANS
http://www.acteducationloans.com/
http://www.finaid.org/loans/educationlenders.phtml
http://www.financialaid.com/plus/index.cfm?id=plusloans
http://www.alternativestudentloan.com/
http://www.parentplusloan.com/
http://www.financialaidpodcast.com/about/
http://www.myspace.com/financialaidpodcast
http://www.FinancialAidPodcast.com

GRAD LOANS
http://www.gradloans.com/graduate-plus-loan/

DEFAULTED STUDENT LOANS
http://www.ed.gov/offices/OSFAP/DCS/index.html

CONSOLIDATE LOANS
http://www.plusloanconsolidator.com/
http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm
http://www.salliemae.com/content/privateconsolidation/index.html
http://loanconsolidation.ed.gov/

RATE MY PROFESSORS
http://www.ratemyprofessors.com/index.jsp

Answer 5

i think you need to try to pay a small amount like 10.00 a month on the principle until the lids are old enough for you to work