Oct
02
Student Loan JUST defaulted, I want to pay origional lender?
By
My family and I have had so many problems as of late, including a student loan that has JUST defaulted. We just couldn’t make even the smallest of payments, not just to them but to anybody. We have terrible credit and other creditors are hounding us as it is. We do want to try to make monthly payments without avoiding the full lump sum, we cannot put a down payment on it, only 100 a month. The loan isn’t that bad, it is under 10K. I dislike dealing with collection agencies since they have always been nasty in the past and always refuse to make deals. What should I do? I know within a year I can pay back what set it into default in the first place, but not the massive amount the collection agency wants.
Thank you to the very FEW that actually made an effort to answer and help. I have been noticing the sincerity through all the “advertising”.
I finally got a letter from the company that has taken over the student loans and we are going to give them a call today.
Thanks.
Quick House Sale
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5 Comments
October 5th, 2009 at 8:07 am
Contact the holder of the student loan , tell them you are going through hard times right now and ask them to defer you loan for at least 6 months. They will usually defer student loans twice. Good luck.
October 8th, 2009 at 1:08 am
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. I would contact the original Lender of the loan and speak with them first to get a payment plan of some sort put into action immediately. Explain your situation to them and they should be able to get some kind of payment plan hammered out with you 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.
October 10th, 2009 at 4:07 am
You should have contacted your lender and asked for a deferment before you defaulted. Now it is too late and you will have to deal with the collection agency. I have dealt with collection agencies in the past and they have always been willing to accept payments, but they will not just discharge your debt.
October 12th, 2009 at 12:57 pm
Once the loan goes into default you can no longer contact the lender regarding your loan information. The loan is turned over to the guarantee agency which contracts with a collection agency to try to collect your payment. If you don’t know who your guarantee agency is you can find out. You will need your federal PIN to access this information…your PIN can be obtained at.
October 15th, 2009 at 12:06 pm
Have you tried to apply for a loan from Prosper.com maybe they can help you. You never know. Good luck.