HELP! I have somehow managed to rack up a lot of student debt. Debt relief?
D Green asked:
Okay so I was told I had to go to college otherwise I’d be poor the rest of the my life…..soooo what did I do, I went to college!!!
I have about 44,000 in private laons which they charged me interest of 7,000 throughout the last 4 years.
Plus i have a about 15,000 that I am paying back to my school with government loans. This is ridiculous….I feel like my life is over. Come to find out, I find that I could have went to BYU with an accounting degree, and pretty much garanteed myself a job for only about 1900 a semester!
Okay so I was told I had to go to college otherwise I’d be poor the rest of the my life…..soooo what did I do, I went to college!!!
I have about 44,000 in private laons which they charged me interest of 7,000 throughout the last 4 years.
Plus i have a about 15,000 that I am paying back to my school with government loans. This is ridiculous….I feel like my life is over. Come to find out, I find that I could have went to BYU with an accounting degree, and pretty much garanteed myself a job for only about 1900 a semester!
What the heck! How do l get help paying off this debt. I wish I had parents that knew what they were doing when it came to money cuz i didn’t know anything back then….
I have 12,000 in the bank…so I am going to take that and pay off one of my loans….my dad said he’d pay off one for 4,000 right now…. so hopefully I can get my monthly payment down to 350 a month….
Should I consolidate? I wish I could reduce the debt. HEELLLP ME!!
Dawn
Tags: Accounting Degree, Laons, Money
January 26th, 2009 at 9:39 pm
Students loans are a different breed of debt…..They can’t be discharged in BK filings and there are much stricter rules than credit card debt…..All I can say is don’t default…if you do you’ll be stuck in Sallie Mae’s usury trap forever…..
January 30th, 2009 at 12:43 am
Contact your creditor(s) & ask about a refinance. You may be able to get a lower interest rate & have only one loan from each this way. Also, contact your bank you have the $12,000 in and ask them about a loan to cover all the loans you have out & use the $12,000 as collateral. I know, it sounds kind of odd to use money as collateral for money but, think about it, if you default on the loan, they already have the money on hand for a decent percentage so they would be more likely to work with you. Also, this will help your credit history because not only do you have a bank account with them but also a personal loan that you are paying on monthly. Nothing but good stuff with this. Get over to the bank Monday & talk to the loan manager. Just make sure you have your latest statements from your creditors, including the government loan company.
January 30th, 2009 at 10:29 am
If the student loan is backed (guaranteed) by a federal agency, such as Salie Mae, it can’t be discharged in bankruptcy. If the student loan is private, it can be discharged in bankruptcy, as it is treated as a normal consumer debt.
February 1st, 2009 at 6:22 pm
Well you will have to do something about those loans. Things have changed regarding them. The statute of limitations on defaulted student loans was eliminated by the Higher Education Act. Section 484A removes all limitations and gives the Department of Education or the guaranty agency (bank or lender) the ability to file suit, enforce judgments, initiate offsets, or other actions, to collect a defaulted student loan regardless of the age of the debt. Statutes of limitation are no longer valid defenses against repayment of a student loan.
But here is a link to find out about a loan consolidation program. This is not a spam site, it is run by the Dept of Ed.
Hope this answers your question.
February 2nd, 2009 at 7:51 pm
Check out and get a personal loan with low interest. Consolidate everything as soon as you can.
February 4th, 2009 at 7:27 am
Yes. You should consolidate your debts. Coz there are many benefits available for the students and they can guide you in a much better way by providing you an affordable debt management plan. Here is a good and reliable source for your reference.
February 6th, 2009 at 3:50 am
Yes, it sounds like you should consolidate your debts, if possible, but as someone else said, depending on the loans, they may not qualify for certain types of debt relief.
However, many student loan companies are willing to work with you and defer payments or lower the monthly payments, so it wouldn’t hurt to check it out.
Also, you should contact some debt help companies to see how they can help you. I would talk to several before making a decision, as each one is different in how they work. Be sure you completely understand how they will handle your debts.
February 7th, 2009 at 9:27 am
Hi,
I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It’s legitimate.I came across this company on NBC News Special Edition.Check it out here: