Grace period is almost over and I can't afford the payments. I am not eligible for deferment and my co-signer refuses to help.
What happens and what do I do?
2007-03-15 07:32:16 · 9 answers · asked by Arthur 2 in Education & Reference ➔ Financial Aid
Thanks for the insults, do you mind if I receive an intelligent answer?
2007-03-15 07:40:41 · update #1
Call the company, and try to lowewr your payments.
If not, you'll have to find somewhere else : http://index-go.com/student-loans-finance.asp
Good luck !
2007-03-15 17:35:07 · answer #1 · answered by carlos 5 · 0⤊ 0⤋
Call the company that holds your student loan. Explain your situation. They may be able to work something out. Say all you can afford is $50 a week or month. Any company is will to accept say that $50 rather than $0. I learned that a long time ago over a credit card.
If your loan defalts, the loan company can come after your co-signer as well.
2007-03-15 07:39:21 · answer #2 · answered by misstigeress 4 · 0⤊ 0⤋
Speak to the loan institution, maybe they can work out a payment schedule conducive to your financial situation, many times they will work with you. Second, get some financial planning, another option is to get in touch with a local credit counseling service. Defaulting (not paying) on your student loans will haunt you until they are paid. Many states and the federal government can deny professional licenses, including teaching, doctors licenses, etc if you default on a student loan. Next, your co-signer needs to listen to you and work with you, because they can also be held liable for the entire amount should you default. The government may also garnish a certain portion of your wages to pay off the loan and your income tax rebates can be withheld as well. In other words, get help and start planning to pay the loans off, because you are not getting out of them no matter what.
2007-03-15 07:40:56 · answer #3 · answered by James H 1 · 1⤊ 0⤋
1. Drop your cosigner, if you can. It sounds like s/he will be of no help.
2. Most student loans offer forbearance options for up to 72 months. It's similar to deferment, but can be used upon your request for any reason.
3. If you are unemployed, you can get an unemployment deferment. If you are still in school, even part-time, you can get a part-time deferment.
4. Many loan plans offer income-sensitive repayment options. If yours does, they may lower the payment to something more manageable.
5. In any case, contact them and let them know what is going on! Most companies want to help you pay them!
2007-03-19 07:42:11 · answer #4 · answered by Holly 5 · 0⤊ 0⤋
Contact the lender and make arrangements with them - they will always negotiate to protect themselves - if the first person you speak with says no, ask for his/her supervisor and repeat and if necessary - they will let you make a deal to protect themselves.
The last thing they want is a defaulted loan - so contact them asap! Don't agree to any infalted interest payments. if the first persons ays no, go ask for boss and so-on - they will make a deal!
Don't hide - it will cost you -
2007-03-15 07:42:13 · answer #5 · answered by mikeleibo 2 · 1⤊ 0⤋
If they are federal loans you can apply for an economic hardship deferment.
2007-03-15 12:49:26 · answer #6 · answered by dncullen_1999 1 · 0⤊ 0⤋
Pay what you can, or get the loan transferred. If you pay something, they may not send it to collections.
2007-03-15 07:35:54 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You go deeper and deeper into debt and they put you in debters prison
2007-03-15 07:37:28 · answer #8 · answered by Anonymous · 0⤊ 2⤋
its called get a job and quit using the system
2007-03-15 07:36:04 · answer #9 · answered by BajaRick 5 · 1⤊ 3⤋