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What are my options for dealing with my student loan?

Ok. before we start, I know this is stupid and I should have paid it... But I got a call saying that it's now pre- legal. I have to pay them $715 now or $400 in dec and $400 in Jan or they'll send my account to a lawyer and sue me.

Now I've made payments, they're just small and sporadic.. whenever I can afford it. This is also the private loan and not the government loans. I have the government portion in "remission".

However, can they actually sue me when I'm paying, I'm just not paying what they're asking for when they're asking for it?

And they're asking for $800, or $715 all at once.. and when I log into my account on their website, I'm only behind $223. There is no way I can come up with that kind of money. If I could, then I would not be behind on this loan.

If anyone has any information about the best thing to do when I don't have $800, that would be great!



Answer Question
 
ColeParkerMason

Asked by ColeParkerMason at 10:31 AM on Dec. 6, 2010 in Money & Work

Level 4 (48 Credits)
Answers (9)
  • They can send you to collections regardless of what you've paid because this is a private loan. Have you asked them why they want so much because you're only $223 behind? Hopefully they will work with you, best of luck.
    Scuba

    Answer by Scuba at 10:33 AM on Dec. 6, 2010

  • Call an attorney, first consultation is no chrarge. They would be best. They could tell you worst and best case.
    KARRIEMARIE

    Answer by KARRIEMARIE at 10:35 AM on Dec. 6, 2010

  • probably also dependents on what you sign when you mad the loan.
    LittleBirdFly

    Answer by LittleBirdFly at 10:36 AM on Dec. 6, 2010

  • Don't pay the amount all at once. They are getting really edgy right now with trying to get money out of people. I was actually in a courtroom the other day and saw a hospital suit. The hospital wanted the whole bill paid in full. The judge asked the person what they could pay. They said $5.00 a month. He said, Fine... That's it. $5.00 a month! So, let it go to court if it has to, but I seriously doubt it will. Ask them if you can file a deferment or a forbearance and see if they will let you do it.   The other option is that sometimes they can take your tax refund if you get one. 

    m-avi

    Answer by m-avi at 10:49 AM on Dec. 6, 2010

  • Thank you! I have paid them $95 since Sept. 1st. So it's not like I'm not trying. They did tell me I could do a deferment for 1 or 2 months, I'm not sure which... They said they would send me the paper work and then never did. Then I was still behind. And when I called last February to pay the past due amount, they told me there was no past due amount. So I quit trying to talk to them, and just paid online when I could.
    ColeParkerMason

    Comment by ColeParkerMason (original poster) at 10:52 AM on Dec. 6, 2010

  • don't pay that amount, you continue to pay what you can when you can. they really shouldn't be able to sue you as long as you are mkaing some kind of payments but collectors are getting desperate these days.
    mhaney03

    Answer by mhaney03 at 10:53 AM on Dec. 6, 2010

  • It depends. If you called them up in the past, told them you couldn't make the payments but would pay what you can and they agreed, then they can't sue you. If you didn't make prior arrangments, then they can.
    HotMama330

    Answer by HotMama330 at 1:06 PM on Dec. 6, 2010

  • That's not accurate. They can sue you any time you fail to meet the terms of the loan- which included making at least the minimum payments and there is probably a clause in there that says the lender can call in the full amount at any time. So yes they can sue you- you haven't been meeting the terms of the contract.

    That being said, what are they going to get from you? Well it depends on which state you live in. They can probably garnish your wages, attach liens to homes and other assets. But if you don't have any- well then they aren't going to get much. They also might just work out a payment arrangement with you once they sue.

    They are also not very likely to sue you if you are making payments even if it less than the agreed to amount. That doesn't meant hey CAN'T sue you, it's just unlikely. However it sounds like you are paying way less than the minimum payment so maybe that's why they are threatening you.
    Erica_Smerica

    Answer by Erica_Smerica at 3:57 PM on Dec. 6, 2010

  • Have a garage sale, start looking for a 2nd or 3rd job to see if you can come up with some extra money to satisfied them. If you haven't done so already get on a written budget and cut your expenses so that you can start paying them more.

    I think you'll be fine. I hope things get better for you soon!
    Erica_Smerica

    Answer by Erica_Smerica at 3:59 PM on Dec. 6, 2010

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