Comments for Student Loan Guidance

Comment on Defaulted Student Loan Help by Kayson Terrence736

Kayson Terrence736 — Wed, 16 May 2012 23:59:40 +0000

it’s a government loan you’ve to pay off. there’s no way around it. it depends on what types of loans you have. subsidized vrs. unsubsidized, defferment vrs. not in defferment. get all the info associated with your loan and make some calls. see what’s going on and how you can fix it. I fixed one of mine that I didn’t pay on for a while by calling them up, telling them to put the overdue balance (and fees) back into the loan and made a payment to start fresh again. student loan companies will work with you and can make the payments into something you can afford. just make sure you don’t let the interest pile up. that will keep you paying it off forever.

Comment on Help With Private Student Loan Debt by Tiger RR97

Tiger RR97 — Wed, 16 May 2012 05:43:24 +0000

Student loans are not dismissed by bankruptcy except in very rare circumstances. These are generally only if you become severely and permanently disabled. There are any cases that they will dismiss loans if it shows extreme financial hardship, but we’re talking about you owing hundreds of thousands and making minimum wage, with no hope for future increase in income (this one is really hard to prove). No offense, but you chose to take out the student loan debt and run up your credit cards. . . now, you have to pay them off. It would be silly to file bankruptcy on $5,000 in credit card debt because that’s not much money. Have you looked into getting a second job? Have you cut back on all unnecessary expenses? Cancel the cable and internet, only have the basic plan on your cell phone (or better yet, get a pre-paid phone for emergencies only), don’t eat out, get roommates or move back home, compare your insurance rates, etc. If you only make the minimum payments, you will be 80 before everything’s paid off because the minimum barely covers the interest in most cases. Your student loan payment should be around $300-$350/month depending on your interest rate and should be spread over 10 years (so unless you’re 70, you shouldn’t be in debt until you’re 80). You might have to live on an extremely tight budget for a few years, which isn’t fun but you’ll get out of debt. Cut up your credit cards and live off of cash — then you won’t find yourself getting into deeper debt. Look for a second job and put all of the money from that job towards your debt to pay it off earlier. There are a lot of free entertainment options so that you can save more money. Think about how great it will feel in a few years to be debt-free and to then have that extra money each month! Good luck to you.

Comment on Help With Private Student Loan Debt by Dee Robot

Dee Robot — Wed, 16 May 2012 02:42:24 +0000

My mom did but someone goofed and didn’t include her loans. She is stuck paying them and they take all her tax refund (for years now. ) If you do, double make sure it is included. This has been several years ago so check with the lawyer you are using.

Comment on Student Loan Payoff Help by A. Terrence792

A. Terrence792 — Mon, 14 May 2012 03:19:40 +0000

You might find the info on this site helpful:

Comment on Student Loan Help by Randi Lowell

Randi Lowell — Sun, 06 May 2012 23:53:47 +0000

A similar thing has happened to me as well. When I decided to go back to school I had to take out new loans even though I am still trying to pay back existing loans. It is expensive but I am hoping my financial status will improve after finishing my classes and the repayment will not seem like such a burden.

Comment on Student Loan Legal Help by Jasmine Durham

Jasmine Durham — Sat, 05 May 2012 00:01:15 +0000

lol pick the person above me. . . . . . . lol

Comment on Student Loan Debt Help by Terry Raneesh

Terry Raneesh — Wed, 02 May 2012 00:02:33 +0000

Work more than one job to pay it off faster.

There is no magic fix and you might as well get used to having to work more than one job to survive.

The days of little work and huge pay are long gone, unless you go to work for the government–and even that is only going to last a little while longer.

Good luck

Comment on Help With Private Student Loan Debt by Mindy RR966

Mindy RR966 — Mon, 30 Apr 2012 04:00:06 +0000

Welcome to the hell of student loan debt. and sorry to say this, but the banks and Sallie Mae do believe you can squeeze blood out of a turnip. I think there is even a repayment plan now based on income. However, you will be paying for YEARS. YOur $20,000 can easily balloon to over $200,000 in total repayment. Student loans are legalized loan sharking. One thing to check into for at least the public loan, there may be loan forgiveness for working with low-income groups (maybe like doing tax work for the poor during tax season). Good luck.

Comment on Help With Private Student Loan Debt by TuffGirl X1

TuffGirl X1 — Mon, 30 Apr 2012 00:35:06 +0000

they will go forward and get the judgment anticipating that at any point in the future your wife will have income again. The judgment is for 10 years and can be renewed for an additional 10 years (although it loses its priority).

At this stage, unless you are in a position to truly come up with a feasible payment plan you are kind of stuck. It doesn’t help that the Bar will not look kindly at a judgment when your wife wishes to become active again, or take the TN bar exam.

I am not aware of a way you can discharge student loans in BK although it may well be worth a consultation with a BK attorney to confirm that.

Comment on Help Paying Off Student Loan by Mindi Jackson786

Mindi Jackson786 — Thu, 26 Apr 2012 02:13:06 +0000

Yes it is right, because when you take loan your credit score tends to decrease, but if you pay off your loan automatically your credit score increases.

Comment on Help With Student Loan Payments by Valen Eaddy

Valen Eaddy — Wed, 25 Apr 2012 00:18:41 +0000

Interest on qualified student loans should be reported on form 1098.

If you have federal student loans and you do all of your payments and account notices online, you may not get a 1098 form in the mail. This was my situation. I just logged into my student loan account online and there is a link for tax documents. It shows me my 1098 and gives me the option to print it for my records.

Comment on Help With Private Student Loan Debt by TuffGirl

TuffGirl — Mon, 23 Apr 2012 00:16:59 +0000

with private loans, there really is not “consolidation” per se, but you may be able to refinance at a lower rate depending on your credit.

it may be hard without income and considering the large amount you have in loans.

for your federal, I would contact your lender and ask for an economic hardship deferment to postpone those payments at least.

with the private loan, I would try to pay as much as you can afford. you can get forbearance, but you still accrue interest, which will hurt on that dollar amount. . .

good luck.

Comment on Private Student Loan Consolidation Help by Valen X1

Valen X1 — Tue, 17 Apr 2012 01:08:52 +0000

Sallie Mae offers private student loan consolidation. Remember, private student loans are credit-based, so your interest rate will depend on your credit history. It’s a good idea to get your credit in good shape before consolidating, and/or find a cosigner with good credit. The cosigner can often be “released” from the loan after a certain number of on-time payments.

Their website has all the info you need:

Comment on Student Loan Debt Help by Wizard RR872

Wizard RR872 — Sun, 15 Apr 2012 09:39:39 +0000

read this mate. It will tell you all

Comment on Student Loan Debt Help by Karen Nguyen

Karen Nguyen — Sun, 15 Apr 2012 08:32:39 +0000

You have the legal right to check your credit report once a year, from each agency, for free. So you could just find out your credit score. Some people check each of the 3 credit score agencies every 4 months, giving them a regular peek at how their credit is doing. Here is the link –