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will i be all my life paying for this loan?

I want to college & never finished, I own like no more then 3,000 on a loan. The problem is that i havent pay for any of it for like a years now! Poeople tell me im going to be all my life paying for it, what you guys think?? all i know is that for every pastdue payment the rate gose up! Can i call them and tell them im not working To stop the payment until i find a job? PLease help me, im so scared i dont want to be a life time apying for something i didnt get to finish, && to have bad credit...


Asked by Anonymous at 5:01 PM on Aug. 31, 2010 in Money & Work

This question is closed.
Answers (12)
  • call them and see if you can defer it.

    Answer by R_Kay at 5:59 PM on Aug. 31, 2010

  • Get in touch with your student loan holder. File for a deferment so that payments can be deferred for 6-9 months.. Once that time period is up. You can apply for another if you need to.

    If your student loan is only $3k.. It shouldn't take you long to pay it off once you get on your feet.

    Answer by pixie_trix at 5:07 PM on Aug. 31, 2010

  • If this a government student loan you have a limited number of times you can defer payment. or apply for a forbearance. This will not go away. Communication with your lender is key. I hope you haven't waited too long already. Contact them immediately.

    Answer by GrnEyedGrandma at 5:07 PM on Aug. 31, 2010

  • No you won't, but you should contact them. You can usually request a forbearance if you are having financial difficulties, however since you haven't paid anything in years, I'm not sure how well that work for you. All you can do is ask. If your loan amount was $3,000.00, you've already accumulated a lot of interest on it, depending on how long ago you've taken it out. You might trying having it consolidated.

    Answer by thatgirl70 at 5:07 PM on Aug. 31, 2010

  • They will start garnishing your check or taking your tax refund before you have to "pay on it for the rest of your life."

    Answer by matthewscandi at 5:09 PM on Aug. 31, 2010

  • definitely call them! A lot of times creditors will work with you when you call them because if you call they know the chances are better that they'll actually get paid. Also student loans are really good about giving you a deferral until you get a job and can afford it. They are also good at making the minimum payment abour $50, but I wouldn't recommend only paying the minimum payment. If you look at like credit card bills sometimes they will tell you when you will be paid off if you only make the minimum credit and it's shocking actually lol. good luck

    Answer by MamaSarah1104 at 5:06 PM on Aug. 31, 2010

  • I did that. Went and go a school loan and never payed it for like 10 years. It went from a couple thousand to like 10 oe so thousand. I called them and told them what I would pay them. I asked them if I start paying will they take it off my credit that I am not paying. They did. I took a while to pay off.

    Answer by louise2 at 5:11 PM on Aug. 31, 2010

  • Well you probably already have bad credit if you are not paying on it. Your best bet is to call them and try to arrange some type of payments. You may be paying them off for awhile but hopefully it will not take your whole like.

    Answer by Melbornj at 6:27 PM on Aug. 31, 2010

  • matthewscandi- that is not totally accurate... dependng on the state you live in they can take action but there are laws around that... in order to garnish wages you have to make a certain amount of money... ALSO in the state of FL and some others they cannot garnish your wages at all...

    OP-Call them... you can apply for what is called a "Hardship Defferment" (sp) I did this when DH lost his job... you are 3000 in debt... that can be paid of relatively quickly if you work on it... ALSO if you go back to school FT you can get your loans deffered as long as you are in school FT

    Answer by mamachef694 at 6:45 PM on Aug. 31, 2010

  • OP it's only $3000. $100 a month and you've cleared it up in 30 months (2 1/2 years) plus some interest. $50 a month and it takes you 5 years. Obviously the more you pay the sooner it goes away- but it isn't always easy to come up with extra money.

    Student loans are tricky little buggers and they are for life. It will depend on what state you live in- but in most states they can garnish your wages, clean out your checking account, get your tax refund, and attach liens to assets without suing you first. So like everyone else has said, signing up for deferral, going back to school (at least part time), or making some kind of payment is your best bet.

    I hope you get this sorted out soon. GOOD LUCK!

    Answer by Erica_Smerica at 10:37 PM on Aug. 31, 2010