Inter Next Technologies, Inc., Internet Marketing Services, Reno, NV
Call (Toll Free)
Community Area
Get FREE Counseling


Helpful Resources
Popular Discussions
Creditmagic Twitter
Credit on Facebook

Need to reduce defaulted student loan to affordable payments

Post reply  Start a topic
Author Message
Print this topic
Invite a friend
Email this topic
  Bookmark online
Add to
Add to YahooMyWeb

Joined: 06 Jun 2008
Royfromtexas's page
Posts: 1

52 Magic Points

Subject: Need to reduce defaulted student loan to affordable payments
Posted on Fri Jun 06, 2008 10:24 pm  

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?


Joined: 17 Apr 2007
Morningstar's page
Posts: 576

11 Magic Points

Posted on Sat Jun 07, 2008 4:28 am  

Post your question in the "debt forums" (use the link at the top of the page) has a specific board for student loans.
I don't dream since I quit sleeping


Joined: 08 May 2008
CMBV22's page
Posts: 364

5489 Magic Points

Posted on Sat Jun 07, 2008 5:42 am  

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.
Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:


Joined: 21 Jun 2007
Laura's page
Posts: 1327

36452 Magic Points

Posted on Sat Jun 07, 2008 5:50 am  

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.


Joined: 28 Jun 2006
scott's page
Posts: 446

10890 Magic Points

Posted on Sat Jun 07, 2008 6:11 am  

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.

Use your credit account responsibly and enjoy a debt free life.

Quick Reply
Your Name
Message body
Page 1 of 1

Delete this topic Move this topic Lock this topic Split this topic 

Page loaded in 0.037 seconds.