Defaulted Student Loan Advice Needed

[karsen]

Anyone here have tips on negotiating a payoff on a defaulted student loan? Any advice regarding contacting, negotiations, etc. that I can pass on would be much appreciated.

TIA

[goosegunner]

No advice here but I would check,

http://www.daveramsey.com/

gg

[AAA]

http://tinyurl.com/38qvl5

http://www.nolo.com/article.cfm/objectID...8/135/ART/

http://www.edfund.org/students/studentpa...ments.html

http://bankruptcy.lawyers.com/Student-Lo...uptcy.html

And, BTW, this thread already shows up in the google search I did to find the above links, too!!!!

[Craig]

Call your loan holder. Ask for a forbearance. You get something like 24 months over the lifetime of the loan.


Craig

[Dennis S]

I assume you know student loans cannot be included in bankruptcy. If a person starts having financial problems, they should work on them first.

[comaplate]

Negotiations and student loans aren't really compatible.

Look into rehabilitation of your loans, which requires 12 consecutive on-time payments. At that point, the loan is taken out of default and treated normally.

Also, unless you plan on forfeiting all of your income tax refund towards student loans (which will not count as an on-time payment), it might be beneficial to re-organize your withholding so you wind up with the smallest refund possible, if at all.

Check out the Creditboards website for a lot of helpful information

http://www.creditboards.com/forums