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Royfromtexas
Joined: 06 Jun 2008
Royfromtexas's page
Posts: 1
52 Magic Points
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Subject: Need to reduce defaulted student loan to affordable payments
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Fri Jun 06, 2008 10:24 pm
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| I have a defaulted federal student loan that I consolidated in 2002, but never paid. Allied Interstate is after me for $52,000. I cannot afford to pay more than $200 a month. Is there any organization that can work with me to chop down the outrageous cost? I've tried all of the big names, and they can only do $500 a month, which is impossible. Help? |
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Morningstar
Joined: 17 Apr 2007
Morningstar's page
Posts: 601
11 Magic Points
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Sat Jun 07, 2008 4:28 am
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Post your question in the "debt forums" (use the link at the top of the page)...it has a specific board for student loans.
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I don't dream since I quit sleeping |
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CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 382
4435 Magic Points
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Sat Jun 07, 2008 5:42 am
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If you call the company and ask for "A fair and reasonable payment plan" They will work with you. I read that line a few years ago when dealing with my husbands defaulted account. Basically, you tell them your income and expenses and they get a figure from that.
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Laura
Joined: 21 Jun 2007
Laura's page
Posts: 1400
34749 Magic Points
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Sat Jun 07, 2008 5:50 am
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Hi Royfromtexas
The US Education department and companies accept monthly payments that are reasonable to them and you both. You can call the US education dept at 1-800-621-3115 and I think they will be able to solve your problem. You can also go for loan consolidation program which combines several types of federal students loan to simplify your repayment.
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Regards,
Laura. |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
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Sat Jun 07, 2008 6:11 am
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There are two types of loan consolidation programs. Firstly you can go for Federal family education loan (FFEL) or direct loan programs to consolidate your student loan. Under the FFEL , depending on the balance due, you can extend the repayment period till 30 years.
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SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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