Marketplace

Related Articles

More

Related Categories

More

Recently Added

More

Join StudyUp.com Today

It's always free and anyone can join!

Watch StudyUp Demo Video Now

Defaulted Student Loans

Donna Said:

Can you still qualify for a mortgage with defaulted student loans?

We Answered:

The short answer is "yes."

...buttttt, it depends on your credit report. If you have a history of default then it isn't looking so good. That is why we have a sub-prime market (think very high interest rates).

Find a mortgage broker in your area that will pull your credit. They will let you know if you are capable of getting a loan.

Best of luck

Edwin Said:

Can I file for bankruptcy with defaulted student loans?

We Answered:

Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News special edition.Check it out here:
http://simurl.com/vohmer

Adam Said:

How rare are discharges/cancellations of defaulted student loans?

We Answered:

From what I have seen the application process is completely bogus.

I *think* the reason for the application is to bury you in paperwork, which in many cases they "loose", requiring you to go through the whole process, yet again. Then once you have done it again, the two better match EXACTLY, or they are going to come after you harder.

I have a buddy who is a paraplegic due to a car accident, he is NEVER going to work, we did the forms twice, and they still send him a bill once a month, and call every two weeks. Maybe sometime in the future his parents are going to die and they will be right there, with their hands out.

Brad Said:

Will credit score ever go up after defaulted student loans? Serious answers only please?

We Answered:

This is what you need to do in order to raise your credit score at this point. First of all- yes you can raise it back up as well as you can bring it even further down- it all depends on your payments. Its good that now you pay on time and just make sure you stay on time with your payments and you make at least the minimum payment. But without any other creditors reporting it will take much longer to rebuild the credit score. Try to get a credit card or two, even with higher interest rate, and start using it and making monthly payments on it. This way you will have other creditors reporting at the same time and that will bring your score up faster. If you are unable to get the credit card now because of the low score- get a secured credit card- you go to any bank and you tell them you want to get a secured credit card from them. The way it works is you leave some amount cash with them (usually minimum is around $200-300 dollars) and that is your credit limit. After six months, as long as you make good payments they will make it unsecured and then other credit card companies will start giving you credit back as well.
Good Luck.

Sherry Said:

Do they garnish first for past-due child support or defaulted student loans?

We Answered:

Tax returns are not garnished. Only wages can be garnished. Tax refunds can be captured to offset certain tax or non-tax debts such as back taxes, child support or student loans in default. The offset priority is as follows:

(1) Tax levy for federal tax debts;

(2) Assigned child support debts;

(3) Other federal debts;

(4) Unassigned child support debts; and

(5) State tax debts.

Assigned child support generally refers to cases where the custodial parent is collecing TANF. Others go into the unassigned pile. Student loans fall under item (3) as Other Federal Debts. So where your child support falls depends upon whether you're receiving TANF or not.

Do bear in mind that if there is no refund there can be no offset. Most deadbeats have figured out in a year or two that if they boost their withholding allowances a bit they will wind up with a small tax debt at filing time. This is perfectly legal and if this is what the other parent is doing there's no way to fight it.

Discuss It!

Pulau Tidung said:

executing work in the field associated with tourism is within desperate want excellent skills. working work site is extremely appropriate in my opinion that an professional in the field of trip plus leisure time.

Travel Pulau Seribu said:

performing work within the field connected with tourism is within desperate want excellent abilities. working function site is incredibly appropriate in my opinion that an expert in the field of vacation.