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I want to pay back a student loan I am default on. How much can they make me pay.?
Momof3kidz63
When you attempt to repay in full a student loan that you are defaulted on, you will have the opportunity to negotiate with the lender (or more likely the debt collector who currently owns your debt) and settle on an amount that will probably be less than what you actually owe. That said, they do have the right to request that you pay all of what you owe, and they do not HAVE to negotiate with you, although they probably will. Consulting with an attorney or a credit counselor can help you have better standing in your negotiations and ensure that you receive the best possible settlement.
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∙ 10y ago
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What are repurcussions on loan default?
There are many repercussions for defaulting on a student loan. The government will get its money back by garnishing your wages, tax refunds, or any social security benefits. These are serious actions and it is better to work with the loan companies if you can not make payments.
If your student loan was in default but you are in a rehab program that will make your loan current once finished how much will your score increase?
The Student Loan GUY @ http://www.studentloanfundamentals.com Your Student Loan will become "Current" on your credit report. Now figuring out the score is hard because it depends on the rest of your financial situation. It depends on what you have on the credit report.
Receiving student loan when being in Default?
In the US, you can only get a new student loan if you rehabilitate or consolidate the defaulted loans. To rehabilitate, you need to make 9-12 on time payments to your current lender. If you need help with the consolidation of your defaulted student loans, click on the link below
What does it mean to have an outstanding loan and be in default?
To have an outstanding loan and be in default means that you have forfeited to make the required repayment instalments on the principal loan. You still owe the loan amount and the relevant interest levels.
Are you in default of a car loan if the vehicle is not registered?
Registration of the vehicle has nothing to do with the loan or financing of the vehicle. The only was to "default" is to not make the payments.
What is student loan forgiveness?
Student Loan Forgiveness is when a student can't pay a loan that he owes and so the government has money to pay for that loan if he/she is unable to make the payments on it.
When is your student loan in default status?
In the US, a Federally Guaranteed student loan is considered default after 270 days on non-payment. If you need help with your delinquent or defaulted student loans, click on the link below.
How might one make a student loan application in Canada?
A student in Canada would need to apply through a student loan company. There are some available out there willing to help any student with their student loan applications.
What is the recommended level in school a student should get a loan?
You need be make sure you will have a way to pay the loan back monthly. I wouldn't think you would need to get a loan until you are closer to starting school.
Example of an Default of the debtor?
An example of default by a debtor could be when they fail to make payments on a loan or mortgage as agreed upon in the terms of the contract. This could result in late fees, penalties, and ultimately, repossession of the collateral if the default continues.
Can you still receive student loans if you owe back taxes and child support?
No, you are not eligible for grants or any other student aid while your current loans are in Default. If you need help getting out of default, or getting a garnishment lifted, then contact Default Management Services, Inc. for help. You can Google the name for a phone #. Ask for Doug, he is knowledgeable.
Can 20 year old student loan default still be considered present default for home mortgage application?
Yes, there is no statute of limitations on student loan default for Federally Guaranteed student loans. You need to get the loans out of a default status.There are only 2 ways to get out of default on your Federally Guaranteed student loans.Contact your collection company or student loan servicer and request to enter the rehabilitation program. Most people qualify, but I have seen some refused when the default is over 10 years old. In the rehabilitation program, you will need to make 9-12 on-time payments in addition to your garnishment. After the 9-12 on-time payments, they should stop the garnishment, but you will stay in a default status until your Rehabed loans are sold to a new lender. In the past, that was an easy process, but in these turbulent financial times, other lenders are not buying rehabed loans. So, with this option your loans will stay in a Default status for the forseeable future.The second way you can get out of default and have your garnishment lifted is to consolidate your loans. These days very few Federal lenders will consolidate defaulted loans and your lender will probably not release the loan for consolidation while in a garnishment stage. The good news is, there are a few companies out there that will help you get a garnishment lifted and find a Federal lender to consolidate the loans. One good example is Default Management Services, Inc. They are the cheapest I have seen and give a 100% money back guarantee on their services. You can Google the company name to get the phone #. Ask for Doug.
