Student rehabilitation

Date: Sun, 01/23/2011 - 10:41

Submitted by anonymous
on Sun, 01/23/2011 - 10:41

Posts: 202330 Credits: [Donate]

Total Replies: 1

After hours of researching my loan difficulties and contacting the Government agencies i realize that because I am of low income I should be ble to make a payment of 50.00 on my student loan. Tomorrow I will be calling the toll free number for ED.GOV and explain to them that I DO want toparticipate in the rehabilitation program and see if they can provide me with the help that your agency would not.

If you are in default, you are partly correct. Under the rules

If you are in default, you are partly correct. Under the rules in the Higher Education Act, you are entilted to "reasonable and affordable" payments. The payment should be affordable to you and reasonable to the CA based on the balance. If you owe $8000, $50 might be reasonable. If you owe $16k, $50. would not be as you would not be covering even your interest. You are not flat out entitled to $50 payments. Again the CA will look at your budget. If you are low income and are making a car payment that is out of wack with your budget, that does not sit well.

Student loans are not difficult to manage. Direct loans consolidations have been around for over 20 years and they offer payments that are geared to income. On top of that, they will lower payments if you have documentable expenses like daycare or medical

lrhall41

Submitted by SOAPLADY on Sun, 01/23/2011 - 11:52

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