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How To Get Rid Of Student Loans

Benjamin Said:

How can i get rid of student loans?

We Answered:

Unfortunately, these loans are usually federal, and they do NOT go away. You must pay them off some how or they do haunt you for life. Perhaps you can call the holder of the loan and discuss payment arrangements that will be affordable and not destroy your credit. They will work with you if you try!
Good Luck!

Miriam Said:

How can you get rid of defaulted student loans?

We Answered:

Umm....

I suppose you want to know the truth.

Pay them.

Or wait 7 years until the default automatically ages off your credit report.

Here are the payment options:

1. Pay the loan in full.

2. Consolidate your loan(s).

3. Rehabilitate your loan.

You can find full details of all three of these options here: http://www.ed.gov/offices/OSFAP/DCS/repa… at the US Department of Education website.

Having said all of that - if your loans are not loans that are held by the Department of Education, Option 3 is eliminated.

By the way, student loans have "no statute of limitations" for enforceability. Your lender can continue to seek repayment - in theory - forever.

Good luck to you in getting this resolved.

Edit: Dorothy's information about the 7 year period is incorrect. You (and she) can confirm this by reading this passage from the US Department of Education page that I already linked to, above:

"My credit record is tarnished because of my defaulted student loan. Is there anything that I can do to improve my credit record?"

Failure to repay your defaulted student loan can be damaging to your credit record. In fact, consumer reporting agencies may continue to report an account for 7 years from the opening date."

Jimmie Said:

Could America really have to get rid of student loans because of the horrible economy?

We Answered:

America ( the government ) does Not make the loans ,
The banks make the loans , just like they do for mortgages and cars and everything else people want but cannot afford to pay for .
You need to establish an account with a bank , deposit all your part time work checks there and get in good with them .

When shopping for a bank , inquire whether or not they do student loans .
This is a bank / finance issue , America just happens to be one of the countries where there is a banking problem .

>

Alma Said:

How can I get rid of Student Loans?

We Answered:

I would take Tiare's advice.

You obviously wasted a lot of time and effort working toward a degree that there is no market for in your area. You took out an excessive amount of loan debt for a degree that is worthless in your area. There is nothing that you can do about that now, so it is a good suggestion to carefully consider a REASONABLE degree objective for which your area has need. Do a little research! Once you have decided on a degree objective that will actually get you somewhere, go back to school again to work toward that objective.

But this time, DO NOT TAKE OUT LOANS! If at all possible, try to not to take out loans at all. Work part-time or more while going to school at nights. It will be difficult, but definitely doable (been there, done that myself and it IS possible). It will take a lot of hard work, but you will thank yourself for struggling a little bit now to make your future better. If you must take out loans, only take out what you ABSOLUTELY NEED! There is no need to take out the maximum loan amount every year if you don't really need it. Taking out student loans to pay for personal expenses while attending school is not a very smart financial move to make, considering that you will be paying back much more than what you actually borrowed by the time the loans are fully repaid. It's just not worth it.

Meanwhile, as long as you're back in school at least half-time (6 units at most schools) your loans can be deferred. If they were subsidized stafford loans, that also means that interest will not accumulate.

Hopefully, once you complete a degree for a more in-demand occupation in your community, while NOT amassing any more loan debt, you can more easily repay these loans. I wish you all the luck in your future. Whatever you do, DO NOT ALLOW YOUR LOANS TO DEFAULT! You will only bring harder times for yourself. Stay in contact with your lender if you ever feel you may become delinquent. If you are making efforts to stay current with your loan, they are more likely to work with you to find a deferrment of forbearance that you might qualify for in order to keep you in satisfactory agreement on your loan terms.

If you are already behing on your loan payments, contact your lender RIGHT AWAY and ask about an unemployment or economic hardship deferrment (if they are federal Stafford loans). Remember that there are always options out there that you are entitled to use if you need them--take advantage of it and do not default!

Diana Said:

do any one know how to get rid of student loans?

We Answered:

Fake your own death and move to Honduras. Still not a foolproof plan, student loans are federally guaranteed, so they'll probably still find you. Can't legally extradite you from Honduras, though.

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