Government Debt Consolidation Loans – Update

uslambo182 asked:


i owe nearly $100k, all government loans. theoretically, what would happen if i just stopped paying? I could care less about a ruined credit score, the only and most valuable item i owe is a 5yr old computer so i don’t see collection agencies being able to take anything away from me, i have no desire to ever own a house or a car or any other ‘things’, and i am living very happily in a place far away from the US. I don’t owe taxes in the US so there’s nothing they can take from me.

Theoretically, what’d happen if i stopped paying? I’m not able to defer the loans any more either. Would i go straight from the airport to jail if i ever came back to the States?

I’m looking for legit info. thanks.

government student loans

Shar asked:


My daughter started taking a college course online with Ashworth college. She did not borrow money from the federal government or take out student loans except she had to pay the school directly.

It has been years since she was enrolled with them and dropped out without paying the remainder of the course.
Now all of a sudden they are hounding her for their money and offering settlements.
Since this isn’t a federal student loan or a bank loan, how long of a period has to elapse before they can start contacting her again? I think it’s been 7 or so years since she heard anything from them until now.

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chelsy132 asked:


I have been in and out of the hospital and am unable to work , my husband makes over $55,000 a year but we are a family of 5 crammed into a 2 bedroom apt. He has student loans and bad credit from divorce. He had a home from his previous marriage, but I have never been a home owner. The question is how can we get out of this hole we are in and start moving on with our life? Iwant to try to be in a home b4 my 3 yr old son starts school.. because the schools where I currently live are unsatisfactory. we currently pay $650 a month in rent .. which is more than most of my friends house payments so I am wondering how do I get started trying to improve our situation and get into a home .. with $1,000 in debt each month and no way to possibly save for a down payment of any kind. We have paid our rent every month, that is one thing we do make sure gets paid . have been in and out of the hospital and am unable to work , though we have not asked or have been receiving any assistance what so ever. My conditions include spinal bone growths, organ failure and chronic pain , which makes it difficult to just care for my son and my 2 step sons (which are all under the age of 12), Since my doctors have told me I am physically unable to work right now options for going back to work are not really there. My husband works 12 hour days at his job, that he has held for over 7 years. We have 1 car( that is paid off). Our rent of $650 a month that we do pay does not include our utlities or anything else. Our phone bills, electric, cable, water all get paid as well and we have a good payment history with them as well. Our credit debt includes :my husbands government student loans, credit cards from his previous marriage, and one month of car insurance not paid by me after I went into the hospital.
we are looking for a home in the $50-$100k price range .. so that we can make our payments.

government student loans

ckfeeney@sbcglobal.net asked:


and there was an entry from a student loan consolidation company called Nelnet that I have NEVER done business with. I opened the first letter they sent me and after my husband and I figured out what they are, we shredded the letter.

How in the world can a company I’ve never contacted have an entry on my credit report?

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cwtt asked:


I have 5+ yrs of credit card debt and also had a repo about 2 1/2 yrs ago. I am able to begin getting my bills paid. Will credit consolidaton help or should I contact my creditors and set up payment arrangements. I have a least 5 credit cards, hospital bills, and a student loan. What is my best option?

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Nick Y asked:


There is only one bad thing in my credit report and that is one student loan that is in default. I took this student loan over 6 years ago. It has been hunting me every since I drop out of College. I have made efforts to pay it, but I have been unemployed for a year now. The last payment I made was a year ago and I just received a letter saying that it is still in default status. I called the collection agency and told them my situation. I am unemployed, currently staying at home with my kid while I take classes online to get my degree. I told her we do not have the money to pay the balance. She wasn’t very helpful. I even told her that I want to make the effort to make payments, but I need a job and I can’t find one at the moment. I told her I will start making payments as soon as I start working.
Anyway, I was wondering if it’s possible to make a debt consolidation with my loan and my husband’s student loan. His student loan is also in default.
Any good info will be appreciated.

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JJJJJJJJJJJJJJ asked:


I’m graduating at the end of the semester.
I’ve worked my entire way through school.
My wife and I have one son and another on the way.
We’re finding it hard to make ends meet and I’m pretty sure my degree won’t get me a better job after graduation.
I plan on getting into grad school, but it is so expensive to apply everywhere and I don’t have the $1,000 or more I will need to apply to the various schools I chose.

I hear of many college students getting large loans to cover all of their debt to consolidate everything they owe. They pay off credit cards, cars, etc. I know it’s only a temporary fix as you still have to pay everything off, but is it a good idea?

Plus, is there even any way I can get an education loan AFTER I graduate?

Is there such thing as a good, low rate education loan to help you get into grad school?

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la428282 asked:


My debt is as follows:
Student Loans: approximately 25k
Credit Card : 5,500
Car Loan: 8k

I am about to enter my 3rd year in my first “real job” after college- and i think its time to get ahold of my finances. I am no longer taking loans (obviously) or using my credit card.. and my each religiously monthly.

But.. ive heard about debt consolidation loans and im confused:

1. do they lower your monthly payment?
2. Do they negatively affect your credit?

If someone could explain what they are, if theyd be good for me, pros and cons etc id really appreciate it!

thanks!

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Baby J asked:


Loan amount 10,000 (wanted a smaller amount but they offered me 10k or 30k. Income is around 25,000 or higher;credit scores Ep650,TU601,EQ?, I’m in alot of student loan debt,1k in credit cards no missed monthly payments I said the purpose of the loan would be also used for debt consolidation, some student loans and credit card bills before graduation. No answers on how I need to build my credit that’s a given I’m basically asking what are the chances.

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Vanessa asked:


There is only one bad thing in my credit report and that is one student loan that is in default. I took this student loan over 6 years ago. It has been hunting me every since I drop out of College. I have made efforts to pay it, but I have been unemployed for a year now. The last payment I made was a year ago and I just received a letter saying that it is still in default status. I called the collection agency and told them my situation. I am unemployed, currently staying at home with my kid while I take classes online to get my degree. I told her we do not have the money to pay the balance. She wasn’t very helpful. I even told her that I want to make the effort to make payments, but I need a job and I can’t find one at the moment. I told her I will start making payments as soon as I start working.
Anyway, I was wondering if it’s possible to make a debt consolidation with my loan and my husband’s student loan. His student loan is also in default.
Any good info will be appreciated.

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