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Need to reduce defaulted student loan to affordable payments

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Royfromtexas



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?
Morningstar

Morningstar

Joined: 17 Apr 2007
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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)...it has a specific board for student loans.
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CMBV22

CMBV22

Joined: 08 May 2008
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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.
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Laura

Laura

Joined: 21 Jun 2007
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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.
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scott

scott

Joined: 28 Jun 2006
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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.
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