Bad credit because of stundent loans!!?
Ok so I went to school for like 3 months got the loans and everything..dropped out, got pregnant and now have a family and we're running into money problems! We're tired of paying rent every month when we could be paying half of that a month to buy a house. So we tryed to get pre-approved! I would need 10,000 down on a 40,000 dollar house!! Now he's not working because the company (he's a laborer) he works for has no work!! Someone please help!! I'm tired of the 100 calls a day from sallie mae! I don't answer the phone because I can't pay!! I owe about 6,000! And my credit score is way past horrible!! (507) What can I do to fix this!!? I don;t have much money! He's credit is just as bad (532) HELP!!
Public Comments
- sallie mae calles me 100 times a day too, i was only in school for 3 weeks before i went broke, and had to drop out, i have a good job but pay a lot in rent, same shoes. i owe the same amount you do, i am currently looking into where my money went, how i spent that much in just 3 weeks of being there, i emailed the governer of my state, sallie mae told me to contact the school to make sure the money was actually used right, theys aid sometimes it isnt and schools keep it, they told me to contact a list of different people to try to dispute it, all in all i have gotten nowhere and theres no way im gonna pay off interest for 4 years like they want me too, ive looked into bankruptcy but that doesnt work either. i need the same help.
- You need to contact your debtors to see if you can work out an arrangement. Even $50 a month would do. Also go to http://credit.com this site has interesting tips and info on what you can do about your situation. Everything relies on credit. So you need to do whatever you can to try to repair it. Be careful of those debt consolidation companies. They end up costing you more money in fees, for what you could do on you own individually. Write the collectors, and tell them your intent to resolve the debt. Do not call. Then begin a payment plan with them throught the mail. I hope this helps.
- To fix the credit scores, pay sallie mae the money that you owe them. You will not be pre-approved before bad scores and past due Sallie Mae bills. Write to Sallie Mae and tell them in writing to contact you only in writing and not by phone.
- Student Loans are exempt from the statue of limitations & some states have other restrictions until the issue is settled. You already see the results of defaulting on that loan. My advice; Fixing this requires you to answer the phone & have a calm discussion about what you owe & what you can do about it. Request a personal interview to discuss options then proceed per that information. Stay calm, you will find that you have a say in what happens provided you get involved in the process. Your not the first person to be in this position. Good Luck.
- There is no way to go bankrupt on student loans. You could consider a chapter 13, which is a wage earner plan and that would shut your creditors up, but I hate to say this, but you really blew it when you dropped out of school and being pregnant and having a family isn't going to make things any easier! You need to look into the website below and learn from your mistakes and try to repair your credit. there are relevant sponsors in each topic including bill consolidation and you might as well explore them all.
- 6,000 isn't that much for student loans. I think they will easily work out an affordable payment plan with you if you call them and tell them you want to settle it! Try having 35,000 for 4 years of school! Yeah that is what I am going thru now and I defaulted at first too but called and worked out payments with them which I am still doing good on. The loans are from the government and you cannot run away from them! They can get you in wage garnishment, taking your tax return, or whatever they feel like doing and you can't get rid of student loans with bankruptcy either so I suggest you just tell them what you can pay. They even have plans based on your income so it's worth a try!
- They know everything from our 18 years ...A small loan consolidation with low interest is the best I found interesting information about your answer & options here. http://all-debt-consolidation-loan.blogspot.com/2007/07/loan-consolidation.html
