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Topic: defaulting on student loans

Gottagetthrough
27325
Member # 27325

Posted: 8:12 AM, August 27th (Tuesday), 2013

Has this ever happened to anyone? Just got a note in the mail that wh is super behind on one of his student loans-- the big one.

He just paid one off and pays 2 every month with an automatic payment. We are trying.

When wh calls, will they work with him, we can't afford much with the other 2 loans that automatically come out each month.

How much can they garnish from his paycheck? Is it like child support and they can get 60%? Seriously, added to the other loans, that would be his paycheck.

Posts: 1461 | Registered: Jan 2010

ajsmom
♀ 17460
Member # 17460

Posted: 9:09 AM, August 27th (Tuesday), 2013

CALL THEM.

They are really easy to work with.

Have you investigated consolidation? Forbearance? Income Based Repayment?

There are tons of options out there.

AJ's MOM

Fidelity isn't a feeling...it's a choice.

"Truth has no special time of its own. Its hour is now - always." - Albert Schweitzer
____________________________________________
Me: BW - Him: 200+ # tumor removed 7/09
DS - 31 - Yikes!

Posts: 21159 | Registered: Dec 2007 | From: Been Through Hell...On My Way Back

purplejacket4
♀ 34262
Member # 34262

Posted: 10:52 AM, August 27th (Tuesday), 2013

Yes, they are easier to work with. Why? Because they can't foreclose on your mind!!

Me: BS 45
Her: fWS 48 (same sex partner)
Together: 18 years now (both MDs)
OW: meh so what 40s PhD
DD1: 10/30/11EA; DD2: 11/10/11 Had ONS; TT until 12/26/11; broke NC 6/12; NC again 7/12; R-ish

Posts: 2412 | Registered: Dec 2011 | From: Great Southwest

Gottagetthrough
27325
Member # 27325

Posted: 1:42 PM, August 27th (Tuesday), 2013

I'm just surprised that wh contacted the other 3 but not this one... So they might do income based repayment???

[This message edited by Gottagetthrough at 1:42 PM, August 27th (Tuesday)]

Posts: 1461 | Registered: Jan 2010

ajsmom
♀ 17460
Member # 17460

Posted: 1:45 PM, August 27th (Tuesday), 2013

They will qualify your situation with you when you talk through the options.

Not talking to them is about the worse thing you can do and you certainly do not want a default judgment entered.

Not when they are so willing to work with you!

Fidelity isn't a feeling...it's a choice.

"Truth has no special time of its own. Its hour is now - always." - Albert Schweitzer
____________________________________________
Me: BW - Him: 200+ # tumor removed 7/09
DS - 31 - Yikes!

Posts: 21159 | Registered: Dec 2007 | From: Been Through Hell...On My Way Back

Dark Inertia
30727
Member # 30727

Posted: 1:51 PM, August 27th (Tuesday), 2013

Income based repayment are only for fed loans, and you are only eligible if you are current. If it is a default status then he will not qualify until he brings his loans current.

"If I listened earlier, I wouldn't be here. But that's just the trouble with me. I give myself very good advice, but I very seldom follow it."

Posts: 1430 | Registered: Jan 2011 | From: The Ohio

Gottagetthrough
27325
Member # 27325

Posted: 3:55 PM, August 27th (Tuesday), 2013

OK, he's calling now,, fingers crossed they will work out something we can afford

Posts: 1461 | Registered: Jan 2010

Topic Posts: 7

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