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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » Defaulted Student Loan $75K and unable to pay.?

Defaulted Student Loan $75K and unable to pay.?

I owe $75,000 on student loans, which is delinquent now. I am surfing the Internet for a solution that I doubt I will find. I make around $ 1100.00 a month. How can I get red off this big time student loan? Loan consolidation does not help, simply I am unable to pay, I work under people who have less education than I do. Man this sucks and is humiliating. Please somebody give me some hope and a way to get a decent job.

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4 Responses to "Defaulted Student Loan $75K and unable to pay.?"

  1. wednesdayschild says:
    Defaulted or delinquent or both? They are two different things. Did your student loans actually default, meaning they went more than 180 days past due and the guarantor paid a claim to your lender or are they only delinquent? This answer pertains to delinquent not defaulted. Is the consolidation a federal or private student loan. If its federal try contacting your servicer and asking about economic hardship deferment, economic hardship forbearance and temporary hardship forbearance. The first two have criteria to qualify, the last option doesn.t. Ask the representative to explain all of them in detail for you and ask if they can try to determine which you qualify for. If the consolidation is private, it will depend on if you have any forbearance, again contact your servicer to find out. If no forbearances or deferments askg about alternate repayment schedules to reduce the monthly installment amount. Federal and private loans may both have these. If your loan is federal and actually defaulted, you should be able to make a payment arrangemet with the guarantor to try to rehabilitate the loan, usually about 50.00 per month. If the loans are private and defaulted, contact the guarantor and try to work out a payment arrangement.
  2. Found-1 says:
    if you make 1100 a month and your payments are roughly 750 dollars a month, then you need to get rid of all your expenses to the extreme. 1100 is less than the amount of your payments.
    So,first, get a second job, one you can work part time in addition to your full time one. Second, Getting rid of any rent or mortgage payments you have. Perhaps moving in with your parents or grandparents so you can pay as much on the loan as possible.
  3. Some Girl says:
    With federal student loans, you cannot get out of the debt. That’s poor students can qualify such huge loans in the first place…. you are guranteed to pay them back. The government will see to it. You can be as delinquent as you want…. and in fact, the lenders are probably excited that you are. Means more interest for them in the long term. And they know, one way or another they will get their money. You won’t get out of it.

    Now I’m interested in what your major was if you have graduated and can only get a job making 1100 a month??? That seems absurd! You do have the option to return to school to major in something that will qualify you for a better paying job… or go back and get master’s degree in something. While in school you can defer payment again and get more aid. Could you go to school at least half time and keep your job? It might sound like a lot of work…. but might be worth it in the end. Your job sounds like a dead end.

  4. conscience says:
    Guessing from the amount you mentioned, we re talking about a loan that is long overdue. I happen to be in the same boat as you, although my default amount is somewhat smaller. I can tell you from my experience that the only way is to talk to the U.S. department of Education repayment center directly.
    Their website is: http://www.ed.gov/offices/OSFAP/DCS/repaying.html
    There is a telephone number in the bottom of the page where you can call and locate your loan and then try to talk to an officer or a supervisor and explain your situation.
    There is something definitely wrong with the picture of you getting a loan with a figure like this yet only making 1,100 $ a month. You are either underpaid or you ve paid too much for your education.
    Anyway, talk to them and try to negotiate your loan and be as candid with them as possible. Good luck

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