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Defaulted Student Loan Consolidation
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Ruben Said:Will a "Debt Consolidation " company also help with Ed fund student loans that are now defaulted?
We Answered:Most likely not. Student loans are one of the few things that get paid back no matter what happens to you. About the only way to get out of repaying student loans is to die.
If they are already garnishing your wages, the lender will not stop until all your arrearage has been repaid and a debt consolidation company isn't likely to be able to arrange that.
Be very careful and only use a company that you trust and know something about (someone else you know has used them with good success). Debt consolidation schemes are quickly becoming the biggest scams in the financial industry taking your money and leaving you worse off than you were in the first place.
Robin Said:Are there any real legitimate Student Loan Consolidation Agencies out there with a real history?
We Answered:I too had a defaulted student loan from many years ago, and I ended up doing the loan rehabilitation to get it out of default, and then consolidated them with Direct Loans, which is Direct Loan Servicing from the Dept of Education. It was a very long process from the time I began the loan rehab till it was finally all done and consolidated (about a year), but it is all completed and it went without any issues.
There website is here:
Amanda Said:How do I pay defaulted student loans to save my credit?
We Answered:Unfortunately if you have a Federal Student Loan that is in “Default” status, you will not be able to use your Deferment or Forbearance options until your loan is brought back into good standing. These are programs that may qualify you to hold on your payments for up to three years. I would contact the original Lender of the loan and speak with them first to get a payment plan put into action immediately. Explain your situation to them and they should be able to get some kind of payment plan hammered out that will allow you to get your Student Loan back in good standing.
Your account can be brought back into good standing through a number of ways, one of which is by making six agreed upon monthly payments over a six month period.
Loan Rehabilitation Programs are also available to help you get your Defaulted Student Loans back in good standing, giving you the ability to take out more funds if you decide to go back to school.
For more information on getting your Federal Student Loans out of “Default” status, please visit the source below. If you have any questions, shoot us a message on yahoo at studentaidlending.
Good luck, I hope this helps!
Cynthia Said:Defaulted Student Loan $75K and unable to pay.?
We Answered:With federal student loans, you cannot get out of the debt. That's poor students can qualify such huge loans in the first place.... you are guranteed to pay them back. The government will see to it. You can be as delinquent as you want.... and in fact, the lenders are probably excited that you are. Means more interest for them in the long term. And they know, one way or another they will get their money. You won't get out of it.
Now I'm interested in what your major was if you have graduated and can only get a job making 1100 a month??? That seems absurd! You do have the option to return to school to major in something that will qualify you for a better paying job... or go back and get master's degree in something. While in school you can defer payment again and get more aid. Could you go to school at least half time and keep your job? It might sound like a lot of work.... but might be worth it in the end. Your job sounds like a dead end.
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