SERIOUSLY!!! Defaulted Studen Loan! - What Can I do and What can they do?

View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.



LifeLock Identity Theft Prevention - Save 10%

I owe on a defaulted student loan that is ten years old with only one small payment being made in that time. The amount is in the 10,000s with approx. 30% of it being the principal and the rest is in penalities and fees. I am in contact with the collection agency who is handling the debt for the Dept. of Education, w/ the option of entering a rehabilitation plan. However, they want more money than I can afford. They have gone from $263 per month to $320 per month. I only make $8.50 an hour and I have four children. I offered $100 per month but they said that was too low. Does anyone know of a way I can get them to accept my offer or should I just send them the $100 a month in repayment on my own. I really want to accept a plan with them. because I want to go back to school and become eligible for financial aid again ( I don't plan on getting another student loan ever!)

SERIOUSLY!!! Defaulted Studen Loan! - What Can I do and What can they do?

I would suggest sending them whatever you can. As long as you are making some attempt on sending them something they cant attach your wages and or sue you. As for future plans for finacial aid.. Until that is paid up I am not sure they would touch you with a ten foot poll. Also keep in mind, your tax refund can be nabbed to pay a default loan.

If you do start sending them the money.. DO THIS.. VERY IMPORTANT..

Send a PERSONAL CHECK.. for 100, in the memo put.. PAID AS AGREED 100.00 per month towards default loan. Once its cashed it agreeing to accept 100 a month. Make sure you do not slack on this then.. Also.. make sure you always send a trackable method of payment. Personal check is the best way to go so you have a record.


FirstPrevious1234NextEnd

More Related Questions and Answers ...
  • Spanish question student?
  • When we owe a loan for financia aid...?
  • Federal Stafford Loan?
  • How to get a loan to pay off school debt?
  • How do you obtain a personal loan from a bank..
  • Does anyone know how I can get a personal loa..
  • Loan cosigner?
  • What are allowable college student tax deduct..
  • Can I get a debt consolidation loan with bad ..
  • Loan for college needs!?
  • What type of loan?
  • Banckruptcy and Stafford Loan?
  • Can i get a loan for this?
  • Student loans question?
  • Defaulted loan and tax return?
  • Auto loan question?
  • Will Final Conditions make the deal fall apar..
  • Student Loans????
  • Need loan bad but have horrible credit what d..

    • The loan information post by website user , we not guarantee correctness.