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Student Loan Trouble

Date: Sun, 06/26/2011 - 12:54
Submitted by nitrobusa08 on Sun, 06/26/2011 - 12:54
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Hello, I fell on real hard times and I have not paid my student loan in four years, If the loan collector try's to sue me. What can they get because I do not have any assets, I have no money in savings I can just barely pay my rent and electric/water/phone/insurance/food/gas there is no way that I can afford anything else, Unless this economy changes there should be some protection in paying the loans back if the economy deteriorates like it has, It does not seem fair, The easy affordable monthly student loan repayment plan is not easy or affordable $ 250.00 a month of nine consecutive months and than it goes up to more money after. If I had a real good job that would help also but the job market is empty no body is hiring anymore unless you have a 5+ year collage education. I do not take vacations or buy things, So I do not know what they want to sue me for, I already know that I owe them money . Thank You for your help,


Sounds like a federal loan...and they do not have to sue you to garnish your wages. Under administrative wage garnishment they can garnish your wages without a court order in all 50 states.

Have you tried getting a part time job to increase your income.

You might also want to look at Direct Loan Consolidation.


Submitted by SOAPLADY on Sun, 06/26/2011 - 13:04

SOAPLADY

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I am not that worried about the wage garnishment because I can get a job off the books if I need to, But I do not understand what they can sue me for ? I have no house or savings, what else is there ? Thank You .


Submitted by nitrobusa08 on Sun, 06/26/2011 - 13:15

nitrobusa08

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