Paying off Defaulted Student Loans

Defaulted student loans end up being a double wammy on credit reports as they will report 2 negative tradelines...1 from the defaulting lender and one from the guarantor who paid the claim.

Your friend needs to be aware that they will be charged collection fees of up to 25% at 60 days post default, so that will increase their balance. If you dont have a checking account, you can pay by money order but the CA's dont really like it. They cannot refuse it though.

my student loan was discharge through bankruptcy chapter 7 because of financial hardship in 2001.the lender will not accept this,so i am agreeing to pay some but not all because it was discharge not dismiss.i want to set up some kind of payment plan,but how do i go by this.i can only afford 50-75 a month to pay.this has been going on long enough.the credit bureaus has deleted this account because they found that it was discharge.please help.

Did you have the extra hearing that is involved with discharging your student loan? If not, then your student loan was not discharged. With the hearing, the lender or an attorney for your lender/guarantor would have been present to raise objections. If you simply had the 341 hearing, then your loans were not discharged.

what is the minimum monthly payment for a defaulted student loan

There is no such thing a minimum monthly payment on a defaulted loan. When you default, your loan balance becomes due in full....any payment plan set up is strickly based on finances and are temporary.

My student loan has been in default for several years, but I now finally have a job where I can start paying it again. Is it better to pay the debt collector (Wyndham) or to pay the people who were collecting on the loan before, which was the Colorado Student Obligation Bond Authority?

You dont have a choice...once your loan is assigned to a CA, you must work thru that CA. Your guarantor assigns them under contract.