Looking for guidance on my defaulted student loans.?

Answers:1   |   LastUpdateAt:2012-09-19 16:32:03  

Asked at 2012-08-24 19:00:03
When I graduated from high school I enrolled in college next fall. You can not trust any of my parents for any financial assistance with my studies, I got about $ 13k in student loans. Long story short, I was not as it should of been responsible and not take college seriously enough as it should. In what was supposed to be the beginning of my junior year, my financial aid counselor told me it was $ 5k short for tuition that year. I had no choice but to enter the "real world" and get a job. I found a high-paying job at the time and decided that instead of pursuing my education. MedlinePlus MedlinePlus Like many others, I got fired from my job since. At the time, he owed about $ 13k in student loans when I was working. I signed up for a voluntary payment program with Sallie Mae to start paying my loans. I paid for about 4-5 months time. At the time I was in the process of getting back on my feet and I lived with my brother. MedlinePlus MedlinePlus Once able to save enough money to return to stand up and have my own place to live, I did just that. During the month I moved I missed a payment due to the fact that the cost of the bond in an apartment, utilities, etc. The next month I was late for my payment and after that began the process of wage garnishment as I found it increasingly difficult to reason with them and explain the situation. MedlinePlus MedlinePlus My wages were garnished on a weekly basis at a rate of 15%, the maximum that could adorn. Although I did not like and I found it increasingly difficult to keep up with my other monthly bills, I found it easier to deal with them in this way to try to negotiate a reasonable payment. MedlinePlus MedlinePlus This continued for 10 months until I lost my job due to close the doors of the company. Instantly I started getting harassing phone calls at all times of the day I pay for my loans. I started receiving unemployment insurance and then threatened to garnish that too. That was the straw that broke the camel. Its bad enough I have to deal with the stress of losing my job. Besides that, it's hard enough to budget all your monthly bills with what I was getting unemployment. To make harassing me by my student loans on top of that was overwhelming. MedlinePlus MedlinePlus I've been out of work for a long time now and am still receiving unemployment. In April I decided I wanted to continue studying, hoping that will give me a better chance in the job market bleak. After entering a school and go through the financial aid process I come to find out that I am not eligible for any help that I am in default. MedlinePlus MedlinePlus Obviously, I would not stay informed enough about the rules and regulations of student loans. I also take full responsibility and understand that the loan repayment is my sole responsibility. MedlinePlus MedlinePlus I guess my question is ... Is there any help I can get with my current situation that allows for me to get financial aid to return to school to finish my education? I'm not looking for more loans. I understand that if I set up a payment plan and pay 9 consecutive monthly payments on time that I will be out of default status and qualify for financial aid and scholarships. Is there any other way? I see all these companies get bailed out in the past year and it seems that none of them have anything positive to show. There must be something for ppl in my situation.
Answer1zairaAnswered at 2012-09-19 16:32:03
Unfortunately , there is no rescue for people who do not meet their financial responsibilities due to bad decisions. You default on student loans , which is one of the worst things you can do to your credit . Until you are out of default status , no lender will give you money . As we found out, you are eligible for federal aid , as they are considered unreliable. Short of winning a private scholarship or grant , you have no choice but to pay what you owe in order to move on with his life . MedlinePlus MedlinePlus Before giving up, visit your financial aid office to see if they can give you some help in restoring your extension if you continue your education . Most student loans stay in deferment until the student leaves school . If your financial aid department can not or will not help , contact Sally Mae directly to see if they can renegotiate their agreement . It is unlikely that they will work with you because you have not been very cooperative in the past ( had to garnish your wages and do not follow a voluntary plan ) . Your lender may agree to place the postponement again once you have re-enrolled in school . Find out if that is the case , and if so , you get registered immediately . MedlinePlus MedlinePlus You will have to pay for school out of pocket at least one semester . If it is cheaper to make payments to Sally Mae , then do it. At the end of that semester , Sally Mae can restore its postponement , as will be a full-time student . If Sally Mae is not willing to do , what to pay first, and then go to complete their education .
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