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Date: Sat, 11/14/2009 - 08:20

Submitted by Minnow1258
on Sat, 11/14/2009 - 08:20

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Total Replies: 1


I have defaulted on federal stafford loans and on private loans through Sallie Mae and am torn up about it. I never wanted this to happen but we just couldn't make ends meet. We really have no other debt that hasn't already been taken care of or is in the process of being taken care of. I do not know how to proceed to get these student loans back on track. The government is garnishing my wages for the federal stafford loans and Sallie Mae has, I think, given the loans through them to a collection agency (who calls every day at all hours it seems). I was wondering if anyone could tell me what my first step should be as I am just at a loss about where to start so that we can move on with our lives. I have been reluctant to get married because of this debt as it will ruin any chances at all of us being able to purchase anything in the future as my credit score is zilch.

Thanks,
Frustrated and Feeling Defeated in NY.......


For the federal loans, I would make sure they are consolidated into one loan and see what is the lowest payment available to make. They have income sensitive repayment plans and extended payment plans too (depending on how much debt). Usually the federal lenders will work with you through forbearance or some other type of arrangement. Have a conversation with the lender and see if you can find something that works for both of you.

Private Student Loans are evil and you might could try debt settlement with them I am not sure if it will work since you can not discharge private or federal student loans in bankruptcy anymore. I would ask Sallie Mae to consolidate the private loans for you if it would mean a smaller payment.

Maybe others with more experience in this area will weigh in...........


lrhall41

Submitted by anonymous on Sun, 11/15/2009 - 12:30

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