Defaulted loans
Date: Tue, 04/28/2009 - 09:29
Defaulted loans
Hope someone can help me.
I graduated from NYU back in 94 and have an outstanding Perkins loan (and maybe Stafford & PLUS, too - can't remember).
I've never been in touch since cause my financial position was so precarious, but clearly they must be seriously in default/delinquent at this point. But I realise that I can't stick my head in the sand anymore and have to get this sorted.
My question is: what do I do when so much time has passed, and - since i have a friend who's willing to lend me the money to pay off the principal (which was under 2000 when I graduated) - is it possible to negotiate a cancellation of some of the accrued interest in return for payment of the principal?
Any advice would be welcome.
I am not to sure about the cancellation of interest. Others will
I am not to sure about the cancellation of interest. Others will be along to help you with your question.
I am taking it these are federal loans?
No...you will not be able to settle for principal. Perkins l
No...you will not be able to settle for principal.
Perkins loans originate at the school. The interest is low 4-5%, and would have continued to accrue and capitalize. By now the DOE would have subrogated or taken over the loan from the school, adding on an additional 24% in collection fees. By my guess, you probably owe about $4500 on an original $2k balance. The will waive some or all of the collection fees but almost never waive the interest.
Now if you have other loans as well, the same will hold true. You might wanna log into NSLDS and look up your loans. These will not go away....they can even garnish social security.
I have a question about financial aid for veterans. If I am r
I have a question about financial aid for veterans.
If I am receiving VA benefits, why does my school require me to apply for financial aid. Is it just a requirement to apply?
Also does the FAFSA include application for federal and state assistance??
Sorry just curious :?
I believe so....VA benefits are calculated into you FA package.
I believe so....VA benefits are calculated into you FA package.
FAFSA transmits the info to the school as to your eligibility. The school will package whatever state and federal student assistance you are eligible for.
Defaulted loans
Thanks a lot for the quick reply guys!
Soaplady, you really seem to know a lot. That was great advice to go to NSLDS. I have to register, but I'm a bit scared that if I give my address, I'll suddenly get pounced on by collectors. I want to "do the right thing" and get this thing behind me, but it would freak me out to suddenly be fully accessible to them.
You are accessible to them already. If they really wanted to fi
You are accessible to them already. If they really wanted to find you, they have there ways. Not even sure if NSLDS requires an address.