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Student Loans Default
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Mattie Said:Is is possible to get out of default on student loans?
We Answered:Student loans are there forever. No matter what you do, you will have that on your credit, until you pay them.
That is how the government gets their money. They put these loans on everyone's credit indefinitely, and anyone who cares about there credit and future will pay them. If not, I think they get the satisfaction of ruining people's credit.
Try to set up a plan to start paying on them again. Maybe you could get financial aid again, after returning this account to good standing. It is a shot.
Anna Said:Will I go back into default with student loans if my wife's taxes were taken and then she filed form 8379?
We Answered:Yes. You will owe the money again.
Kelly Said:What to do if your student loans go into default?
We Answered:You lose a lot of rights and benefits when you go into default on your student loans. Until your loan payments are caught up you will have fewer options.
There are two ways to get out of default on federal loans. Assuming you are talking about federal student loans and not private loans. One is you can consolidate through the Direct Lending program. The second is that you can arrange through your lender to set up a satisfactory repayment plan to rehabilitate your federal loans. You have to make 12 consecutive on-time monthly payments to rehab your loans.
If you are in default on private loans you are at the mercy of the lender and their collections department. Good luck with that situation. If it is federal the loan company is going to work with you. They have no other option. If you send them money they will apply it toward your balance, but your best bet is to work out one of the two above options.
Dennis Said:Will my federal income tax return be garnished now that I'm out of default on student loans?
We Answered:Dear Kat: If you are out of default, you are out of the woods. Consolidation solved your problem. The IRS should have received notification from your lender.
This advice was prepared based on our understanding of the tax laws in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent.
Eileen Said:How do I bring my student loans out of default ASAP?
We Answered:The fastest and easiest way to get a loan out of default is to simply paid it off. Use that 1000 to help you.
Isaac Said:If you default on student loans, is it legal for the government to immediately add on 43% collection costs?
We Answered:student loans can NOT be dc thru bankruptcy.. If u are permanently disabled they will be written off. Even if u are mentally ill and can work, they can't be written off ..must be a permanent disability where u can't work. Undue hardship can be anything..illness, death in family that keeps u working. Temporary economic hardship..u really need to contact them and see if u might qualify for any sort of deferment or any payment methods that u can qualify for.. Most of them will work with you but as this point, u are probably screwed. but I would talk to them.. don't be surprised if they tell u "u should have applied for deferment when u were not working or sick".. GL
Janice Said:Has anyone ever had their Fed. student loans default and then get sent to this thing called the FTB offset?
We Answered:Once you are in default you can not get any grants, loans, work study, or any kind of federal or state financial aid.
Being in default means they now have the right to charge you an exorbitant amount in penalty fees and make your loan have a higher interest rate. A loan originally of about 2,000 could EASILY become a loan of 15,000 or more depending on how long you let it set there without paying on it. There is no way to get around paying on student loans, they NEVER go away.
Being in default also means they will prob start garnishing your wages and seizing your income tax returns.
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