Defaulting on Student Loans | ThriftyFun

Defaulting on Student Loans | ThriftyFun

Question: Defaulting on Student Loans?

I’ve round $80,000 of unpaid student loans, in default. Can I be despatched to jail for not paying this quantity? How a few years in jail for such motion? I made some funds, however as a consequence of life difficulties I did not make any extra. Are there some other choices to repay these loans? Please assist me, I’m determined. Thanks!

Tucker5 from Baltimore, MD


March 4, 2009 discovered this beneficial

Do not go to a credit consolidation firm for paying off student loans! There are so a lot of them which might be absolute scams that you just run a excessive danger of stepping into much more bother along with your loans.

If you wish to search credit counseling go to Consumer Credit Counseling Service – it is the one one that may be trusted. Go to the Federal Trade Commission’s web site – – for data. Click on the “Consumer Protection” tab.

If you may have federal student loans there are all types of choices that can assist you get by means of this tough patch. There is forbearance, deferment, and income-based compensation. Call them at this time!

March 5, 2009 discovered this beneficial

I’m seconding lah34a’s put up !!!

As far as your query about jail, properly, it is a protected wager you will not however positively learn the next hyperlink and it is sub hyperlinks concerning ‘debtors jail’ …


March 5, 2009 discovered this beneficial

They will discover you irrespective of how lengthy it takes. They will garnish your wages and even accumulate on any earnings tax refund you will have coming to you. I’d counsel contacting them. My daughter is aware of of a web site the place they mixed all her student loans into one cost. It makes it a lot simpler for her to repay. Hope this helps.

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March 25, 2009 discovered this beneficial

Hey there, sorry to listen to about your issues 🙁 Foolishly I used student loan cash to repay credit playing cards.. I’m in a MUCH higher place now however nonetheless in class and ready for that invoice to come back due subsequent 12 months!

I at the moment work in training and what I can let you know is that the lender likes to see ANY sum of money paid. Even if you happen to can afford $5/month it’s going to present that you’re making funds. Call the lender and clarify your scenario, MAYBE they will work one thing out for you however once more I believe it is clever to pay them SOMETHING.

Good luck.

August 6, 2009 discovered this beneficial

I’m sorry to your scenario, many of those corporations actually take benefit on the student’s scenario and so they should be punished for the scams they’re concerned!!!
I hope by the point you learn this message you’ll have your scenario already labored out, however if you happen to do not, my recommendation is to search out authorized assist.
I’ve discovered this web site (a parked area on the market) the place you’ll be able to learn concerning the unbelievable CPC advertisers pay for “student loans” $12/click on!! Draw your personal conclusions…
Good luck!

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