My student loan is in default, could someone please tell me the first steps to go about gettiing my loan back?
549232
The first step is always to call the company that currently holds your loan.  Typically, when a borrwer goes into default the lender that USED TO hold the loan will then send the loan to collections, so your point of contact would become the collections agency.  Call them up and explain that your loan is in default and that you had made a mistake by missing payments, but would like to resolve your default and take responsibility for the payments from now on. Typically, the collections agency will recommend loan rehabilitation, which entails making a certain number of consecutive payments on time.  Making one large payment is generally not sufficient to resolve a default.  Your loan holder may require 12 -- some require as few as 6 before they consider your default resolved, but you won't know until you ask.\n\nYou can technically file your FAFSA now, before the default is resolved, but if you do, your school's Financial Aid Office will know that you defaulted and you will be inelgiible to receive Federal Student Aid.  If you choose to file, you will later need to submit proof to your Fin Aid office that your default has been resolved before they can award you any aid. They won't necessarily know if/when it has been fixed, so it falls upon your shoulders to keep them updated.  If you begin making your 6 (or 12) payments now, you may not be eligible for aid before school begins, but that's OK.  If you regain eligibility for aid mid-year, you can still receive the full year's worth of Stafford Loans, Pell, etc.
801488
The first thing you need to do is get a job. Once you have money coming in talk to your creditor and try to work out a repayment schedule. Don't ignore them. Once you make an agreement with them make sure you stick with it and pay more if you can. You may be able to work out a lower amount to pay them or a reduced interest rate, but make sure you get any agreement in writing. You have already damaged your credit, but it isn't anything which cannot be corrected. Unless you straighten this out you may find it difficult to find a better paying job when you graduate from college. Some companies will check your credit before making a decision to hire an applicant.
259015
I would start with a student loan. That would be your best bet,a lso with the Standard loan try a Stafford loan. There are two types you can get and you should be able to cover you costs.
1109396
Check with your student loan provider.  Ask about Consolidation - they will consolidate all of your student loans into one payment.  There is also a graduated payment plan where you start out with smaller payments the first couple of years and they gradually go up as your income likely goes up. \n\nFinally, if you are in a financial bind, you can ask for a forebarence and they will stop your payments - but not your interest - four a couple of months.  \n\nBut to pay them off fast - pay as much toward it as you can.
692124
Call the lender (or, possibly the collections agency if your situation has gotten to that point).  Many companies are willing to work with you because defaulting on a loan is bad for their business, too.  However, you have to show them that you are a responsible borrower:\n\n1.  Explain to them what happened (tell them just what you told us here)\n2.  Tell them that you will take responsibility from now on (the loans will always be in your name, so even if your mother still plans to pay them off, you should still keep a watchful eye on your account balance to make sure that she is never late) \n3. Ask what repayment options you have at this stage.  Some lenders will put you into a forbearance in order to alleviate your payment problems.  Other lenders will recommend that you consolidate your loans in order to lower your monthly payment.  Others will, as you suggest, devise alternative payment options called an "income contingent" or an "income sensitive" payment plans.  Ask them if they can do this and, if so, whether they can make your payments close to $50.  Generally, once you make 6 consecutive payments on time, you will be out of default, which will help your take-home wages and your credit report in the long run.\n\nRemember, too, that collections agencies deal with a lot of lazy people -- show them that you are different.  If the person you speak to is having an "off" day or doesn't seem willing to help you, try again.  Consider asking your former Financial Aid Office to contact them on your behalf (I have done this for students) -- sometimes they are more pleasant when dealing with someone "in the business."\n\nFinally, one of your rights as a Stafford or Perkins Loan borrower is that you be allowed to speak to an ombudsman when things get rough.  You can find one and learn about what they can do at http://www.ombudsman.ed.gov/  (Basically, an ombudsman is an individual who resolves disputes through an independent viewpoint; they do a lot of impartial fact-finding to make sure that you have been treated fairly.)
33956
When you are enrolled again, you can apply for deferment through the loan company. If they have a Web site, it should be very easy to find information on how to go about doing this.  If not, try the FAFSA site.
556793
Have you called your lender yet?  If you haven't, RUN to the phone.  Apologize like crazy; tell them that you want to take responsibility for a loan that you *chose* to borrow.  Then ask if there is an alternate payment plan that they can place you in so that you can better manage your monthly payments to (a) get out of default and (b) STAY out of default.\n\nThey may not be chomping at the bit to help you since, frankly, this default didn't "creep up on you."  It generally takes SIX months of non-payment before a lender places your student loan in default.  To put it another way: your lender has been trying to contact you for the past six months.  After you missed 1 payment, you were placed at a "delinquent" status, but they gave you a second chance... in fact, they gave you *five* second chances.  When a lender sees that you are in danger of defaulting, they begin looking for any inkling that you are trying to pay. A phone call might have been all they needed to help you avoid default, but when your lender didn't hear from you, their natural assumption was probably that you didn't care to take responsibility for your loan, your credit rating, or your fiscal well-being.  This is why you have to show them that you ARE responsible.\n\nI know this all sounds harsh, but it is a big deal and, chances are, they will have a similar reaction if you don't call them (or if you do call but try to lay blame elsewhere).  It's not too late to work with them, but now that you are in default, it is going to be an uphill battle to resolve your default and restore your newly-tarnished credit.\n\nhttp://www.usafunds.org/forms/dpdm133.pdf?ID=39
689019
Student loans take time to pay back. Typically you are allowed up to 10 years. Don't think you owe all 18 grand immediately. \n\nSet up a monthly budget and pay your monthly loan payment on time. That way you won't default on the loan. \n\nUsually, you are given 6 months from the date of graduation from college before you owe your first payment on the loan. That way you have time to find a job, get settled into an apartment, etc. before the loan payments start.\n\nOne more bit of advice. Pay extra on the loan every month (towards the principal) if possible. That way it won't take as long to pay it all back, plus you won't pay too much extra for the loan.
930951
It depends on the State and city you live in. And also the firm that holds the loan. Most do charge a fee or penalty to cancel a loan. I would check with the company that holds the loan and get the information. Also read all the fine print on the loan papers, there should be a section that tells you about penalties etc..\nGood Luck.\nKali
481860
It sounds like they are bumping your reporting dates.  The law says the reports can only be on your history for 7 years, beginning the date of default.\n\nIf you have anything to show this, send the credit reporting agency a letter to protest it and have the listing corrected or removed.\n\nAlso send a letter to the creditor demanding that the "Validate" the debt.  That means that they must supply you with contracts, bills, recepts, and everything that was used to calculate what they claim you owe.  If they can't produce this information, the listing must come off.  Otherwise you can sue them for violation of the Fair Credit Reporting Act.\n\nRead the link below, along with a sample letter.\n\nAs for your student loan, it's not likely you can fight it, especially if it's a government backed loan.  It will drop off after 7 years.
740280
Please ask a loan officer in the financial institution you have borrowed money before.  It is easier to deal with people who know you  than with a bank you never dealt with.  Good luck.
498170
contact edu.org.  there are student loan sites, start to consolidate, or refinance with another company, quickly!  also, not sure who you have your loan through, but most of them have a forebearance method.\n\nhttp://www.dlservicer.ed.gov/\n\ntry this site, was helpful for my husband.\n\nNo, You cannot file bankruptcy on student loan.  it is a federal government loan.
60253
As a customer service rep, I am sorry to hear about your frustration regarding your student loans.  Since I am not at work right now, I can speak my mind and give my personal opinion.  You may want to become acquainted with the Better Business Bureau if you have not thought about that before.  Allow me to introduce you (see links below).  You may want to consider filing a complaint with the Better Business Bureau.  You would have to explain the details in detail (literally), but you would get your problem resolved promptly.  If you have the proof (receipts, invoices, etc.) to show that the bank completed a double transaction, they will request that for resolution purposes.  If the bank is doing this to you, it's highly likely that there are other customers that have experienced similar frustrations.  Sure, there are periods of time when companies get busy and you may not get the immediate answer that you want, but reasonably, something should have happened within two weeks or so.  You had stated that your loan payment was in October.  This is now January...they should be getting a move-on AND I don't blame you for wanting to take your business elsewhere.  Try one of the links below for additional contact information.
1179592
For the best no hassle student loans go with the government. The William D. Ford Federal Direct Loan Program, administered by The Department of Education, is not out for profit like the commercial institutions, does not sell your loan and does not jerk you around like the commercial guys do.\n\nI am getting all my other loans consolidated with them because I am sick and tired of the commercial profit making outfits and the problems they have caused me.\n\nThe William D. Ford Federal Direct Loan Program\nhttp://www.ed.gov/offices/OSFAP/DirectLoan/index.html
473115
I don't know about getting them written off but you can ask for a forbearance b/c of financial hardship.  You will still have to pay them but at a future date set up by the student loan ppl. Contact them ASAP! Don't wait to long.  Once they are put into default there will be nothing you can do.  They will take your federal income taxes until the debt is paid in full and/or garnish any future job salaries.\n\nGood Luck!
1172662
Actually I work for a company that consolidates student loans, I can help you. Call 1800 710 0114 first thing monday morning and ask to speak with Yvette. \nI'd be happy to help you and anyone else you know that needs help locking into to the interest rate for this year. Good Luck!!!!
443970
That depends partly on what types kinds of aid you have and what dates your school has set as their "payment period" (for example, September 1st through December 15th, or whatever dates they choose -- usually these dates are close to the first and last days of classes)\n\nSchools can disburse Federal Stafford Loans as early as 10 days before the start of their payment period.  However, some schools will disburse the money to your student account early but then take a few days before they can cut everyone's checks. Other schools don't allow any money to enter the student's hands until classes have begun or until after the add/drop period.  This is generally done for security reasons -- they don't want students enrolling for a week, taking Federal funds, withdrawing, and disappearing with money they haven't earned.  \n\nIf a school has a default rate higher than 10%, it must wait for 30 days before it can disburse funds for a first-time, first-year borrower (e.g. Freshmen who have never had loans before).  You can look up your school's default rate here: http://www.ed.gov/offices/OSFAP/defaultmanagement/index.html\n\nSome types of aid takes longer to disburse.  State aid, for example, can take several weeks, and Pell grant funds take a little longer because the school must confirm eligibility criteria before disbursing it.\n\nYour school is required to notify you before crediting Stafford or Perkins Loan funds to your account, so you should be given some heads-up as to when your refund will be available.  Just ask your school's Financial Aid Office or Business/Bursar's Office for a timeline -- trust me, they get this question a lot!