candy asked:
i keep seeing info for debt consolidation and all of these companies will NOT touch student loans!? what can i do? my credit is bad so i cant get a bank loan
i keep seeing info for debt consolidation and all of these companies will NOT touch student loans!? what can i do? my credit is bad so i cant get a bank loan
Bank loans aren’t covering it either right now.
None of the big reliable companies are messing with student loan consolidation right now. I know your pain, I have tried.
Good luck.
Left by ice_romeo02 on April 6th, 2010
Debt consolidation companies will not work with student loans.
Your best bet is to contact the student loan company and come to a settlement agreement. They usually will agree to a much smaller amount than you actually owe, and allow you to pay it split up over a certain number of months.
Before you call them, figure out how much you can afford to pay a month. You might have to work a little extra for the next year, but that would be worth it.
Also, student loans don’t count against you in trying to get a bank loan. You should probably consider settling your other debts first. When a potential creditor looks at your credit report, they don’t hold a student loan against you. They don’t look at someone trying to get an education but getting behind with paying the same as they look at someone who has wracked up hundreds or thousands of dollars in impulse buying. They hold accounts against you that are not being paid, have been sent to collections, have a high balance to credit limit ratio, and also they see if you have tried to make arrangements to pay if an account has been neglected.
Once it has been a few years since you have not paid on the student loan, they start taking the money from your income tax. My husband owed over 12,000 a few years ago for students loans and each year they take his entire inome tax. He hasn’t made any payments towards it and now it is down to about 8,000…
Left by kt on April 9th, 2010