Student Loan Default...what are my options?

Question

I am facing default on my student loan. I cannot afford the $500 per month payments they want. Does anyone know if there are lawyers who handle this sort of thing? I cannot file bankruptcy, so that's not an option. I called Care One Credit, and they can't get my payments lowered. I want to make payments, but just not $500 per month. Any ideas?

Answer 1

Geez, how much do you have borrowed to owe that big a payment? That's awfully high. Have you told the lender that you can't pay the $500 a month, and proposed a lower payment? They're not likely to OK $15 a month, but might go for $300 or something like that.

Good luck.