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not paying student loans
Added: 991 days ago.
Added by: happyforest
Section: General.
Status: This question is Closed. (Questions will be closed after 10 days.)


does anyone have a student loan that they dont pay on or cant afford to pay? im just wondering bc i have already had a forebarence, and now i am supposed to be making payments but i am not. they call me everyday and i dont answer. how long is it before they do something about it? someone i know said her mom is just now getting her wages garnished and she hadnt made a payment in 10 years...

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readyfornumber2 - 989 days ago Rating: 0 (0 votes) Talk to them and get them deferred. Mine are and right now they are pretty easy to work with because they know everyone is having a rough go of it finacially

jamiespaulding - 989 days ago Rating: 0 (0 votes) I didnt make contact or a payment for almost 5 years then they took my tax returns until all was paid.

jacquecmsu - 990 days ago Rating: 0 (0 votes) ... my hubby has kept deferring his loans since Dec. 2006, that was awhile ago. The main thing to do is call them and tell them you can't pay- they'll usually keep deferring them. You def. do NOT want to defult them, this will totally screw up your credit.

tto - 990 days ago Rating: 0 (0 votes) Definitely talk to them or your credit will take a hard hit. You can get them deferred or in forebearance still. One is for financial hardship and the other isn't. I am doing the one that isn't for financial hardship (you have to qualify for that one). The problem is that they still accrue interest- so they are getting higher as I don't pay. I will soon though, I hope. Don't ignore it- they won't go away. Call the company and deal with them.

Excited4June - 990 days ago Rating: 0 (0 votes) I agree with most of the others. Work with them and try to get another extension or spreadout the number of years you are paying in order to reduce your payment amount. You don't want to end up with horrible credit. Some jobs check your credit score so it could hurt you in many different ways if you don't pay.

brendalee - 991 days ago Rating: 0 (0 votes) I think it depends on your state. In my state if you take any breaks from college or you don't start paying it back after graduation they file a lawsuit against you.

Bangel - 991 days ago Rating: 0 (0 votes) depends on who the student loan is from on how evil they can be and how many forebearance's or deferments you can have. My Direct Loans would always help....Sallie mae is evil.

novinsmommy09 - 991 days ago Rating: 0 (0 votes) i have one i havent paid ever and that was 2 yrs ago and they havent done anything, my husband has one that they took his federal tax return on

kingsmommy - 991 days ago Rating: 0 (0 votes) I had a temporary forbearance and now just applied for a 1 year deferrment (sp?). The woman said that since I am pregnant and have a financial hardship that it can even be prolonged after that year if I still am not working or back in school. Hopefully I'll be back in school to finish by then but you never know. Good Luck!

xolblondieox - 991 days ago Rating: 0 (0 votes) First off, you can be given more than one forebearence. There's the obvious forbearence that occurs when you are still in full time school, but you can request for others. For instance, I requested for another when I found out I was pregnant with twins and would have to stop work at 24 weeks gestation. I asked for a 6 month forbearence and they gave me a year! I have a dear freind who was also granted several, due to her husband's militarty status and therefore living conditions. They don't want you to default. That's trouble for them and you. They will forebear to avoid this. Also, while you may not be able to afford the payments, call and work out a deal. For instance, most set you up on a monthly payment to pay off the debt in 10 years. Who the hell cares if it's paid off in 10 years?! You can renigotiate for a 20 or even 30 year payment timetable, that will cut your payments down by 2/3! Your friend's mom got lucky. Ten years is unheard of for them to JUST start taking action like that. Every 30 days that goes by with no payment is an attack on your credit score and it gets reported to all 3 credit bureaus. They will report every 30 days and points will be deducted. Eventually, after the debt is sold to collections, they will sue you for it and garnish your wages (like your friend's mom). You do NOT want this to happen. It would be near the equivalent to filing bankruptcy, as far as how long it will take get your credit back. This may not sound like a big deal now, but someday you will want a new car, house, or to go back to school to better your life for you and your child...which will require approval for more student loans. Keep in mind too, that most decent paying jobs now and days require a credit check and will turn you down for a job if your record is not adequate. And be certain that you don't have a co-signer because they will start coming after them anyday now too. This can destroy their credit rating as well. I would call up your student loan company and negotiate the hell out of them. Trust me, you need to cut a deal, because it's what's best for you and your family. Don't ignore it because it won't go away.

stacky - 991 days ago Rating: 0 (0 votes) Yeah I would definitly call them and explain your situation as well. You would hate for your credit to get too messed up. I would try and work out a new paymet plan with them that you can afford or see if your bank can refinance you for a lower rate.

mrsscorpio - 991 days ago Rating: 0 (0 votes) Word to the wise...DO NOT play with the student loan people, they will garnish your wages and once they start a garnishment they are often unwilling to set up a payment plan with you. Call them, explain your situation and request an additional forbearance. If they say no... ask for a reduced payment...typically they have graduated payment plans that you can choose. I am currently in forbearance and when I resume payments in February, I will be making reduced payments. Hope that helps.