What is the best way to get rid of student loan payments that you can't afford?
Wednesday, September 1st, 2010 at
5:05 pm
I attended a university for a few months this past summer. I came back to my hometown and got married. During the time that I was at the university I took out a student loan. The interest on it is outrageous! I have a baby on the way and would like to continue my college education, but cannot afford it. Does anyone know of any support thing that helps pay for previous student loans?
Tagged with: baby on the way • college education • hometown • student loan • Student Loans
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If you default on a student loan it will affect your credit and will stay on your credit report for a full ten-years. If you decide to make any major purchase: car or home; it will affect your interest rate and may prevent you from obtaining financing.
Even bankruptcy will not cover student loans.
If you took the loan, regardless of your current situation, you have an obligation to pay it back. You agreed to the term(s) of the loan when you signed for it.
Simply dont pay, it goes away in 7 years
if you don’t care too much about your credit rating then just simply don’t pay and they just might ignore it and put it in bad debts category…if you are lucky…good luck!
are you in the UK or US??
you really don’t have many options. You may be able to refinance it for a lower rate – especially if you have a co-signer.
I am not sure about this, but I heard if you do not make payments for 90 days that loan gets written off as bad debt. At that time, the Company should be more willing to reduce the principal and lower the interest rate. Bear in mind, you will damage your credit in the process.
pay your loans!!!! student loans are not discharageable through bankruptcy. They can affect you getting another job especially through the federal government. people should pay what they owe. when you don’t pay other have to pay more.
you just have to pay it. sorry.
For other unsecured loans, you might be able to get rid of them through bankruptcy. However, for the student loan, you MUST pay back. They can haunt you for "LIFE" if you default on your student loan.