Student Loan Question

Date: Tue, 04/10/2007 - 13:39

Submitted by anonymous
on Tue, 04/10/2007 - 13:39

Posts: 202330 Credits: [Donate]

Total Replies: 4

Student Loan Question

I received a call several years back regarding my student loans. I was given an offer to consolidate my loans, which I happily accepted and have been paying since. A few years later, I began receiving default letters and collection calls. After much research, I find that they were only referring to 2 of my 7 loans in the consolidation, 5 still were being unpaid. I still have no idea why. The remaining loans have been transferred several times, each with the same result. They want to me to send in my husband's financial information, so they can dictate our payment amount. They initially asked for a down payment of $2000 and then a monthly payment of ~$300. I stay home with my daughter, I don't work. His income is our only income. He is willing to send an amount that we can afford ($110 a month), but he isn't going to ever allow me to provide them with his personal income and debt information or allow them to set the amount. They have threatened to garnish his tax refund, but they would still get less that way, and much slower than if they accepted the $110 a month. I would love to begin paying on this loan, but I can't give out my husband's information, and there is no way that we can pay as much as they want. Is there anything I can do? Thank you very much for any help!

I do not know much about your situation but I am sure someone wi

I do not know much about your situation but I am sure someone will be along shortly to assist you...I know that they will take your tax refund if need be...Best of luck to you all!

lrhall41

Submitted by Leah on Tue, 04/10/2007 - 13:54

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Like Leah I have no experience in the area of student loans but

Like Leah I have no experience in the area of student loans but there are people on the forum that do and they will be along soon to help. Good luck and do sign up for the forum and join us. There is a wealth of help and information here.

lrhall41

Submitted by Sassnlucy on Tue, 04/10/2007 - 14:11

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I will move this to the proper forum so it can be looked at by o

I will move this to the proper forum so it can be looked at by one of our resident guru's.

lrhall41

Submitted by cajunbulldog on Tue, 04/10/2007 - 14:28

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Well lets put it this way....if they really want to find out the

Well lets put it this way....if they really want to find out the information, they WILL find it out. This is federal debt.

You need to explain to your husband that although he doesnt owe this debt, it is affecting him. You both are now ineligible for FHA or VA mortgage financing because this is in default. With a default, your entire family is ineligible for FEMA assistance.

My suggestion is that consolidate your current loans and your defaulted loans with the Department of Ed Direct Loan Consolidation Program. You will be automatically assigned to the income contingent repayment plan....and yes your husband will have to give permission to have his tax return checked. You really need to do some reading on the consequences of default and get this resolved. The CA is simply doing it's job asking for financial information. Technically when you signed the prom notes for these loans, you agreed to pay the loans in full ON DEMAND if you defaulted on them. You didnt say how much you owe but you have to realize with accrued interest, late fees and collection costs, this is going to affect you and your family long term.

lrhall41

Submitted by SOAPLADY on Tue, 04/10/2007 - 16:52

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