Financial Help!!!!!!!!!!!

  1. I am currently in default with my federal student loans due to the fact that I'm unemployed and unable to bring them back into good standing. I just recently located a loan consolidation center that was willing to work with me. But I don't think that they will be completed before school starts in Jan. (if they even approve them). Can anyone give me any suggestions on where I can locate any other aid?
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  2. 15 Comments

  3. by   MikeyJ
    Firstly, go speak to your financial aid office to see what recommendations they have. I would look into private school loans (Salliemae, citiassist, etc.)
  4. by   BSNtobe2009
    Many of the loan consolidation programs are scams, so please be very, very careful and check them out thoroughly before you sign anything. Understand the person you are working with works on COMMISSION and is a sales person...they don't make anything until your deal is done.

    Considering you are in default on a federal student loan, you need to pay them back, or it will ruin your credit for the rest of your life....and I'm not kidding when I say shat, but the loan consolidation and new loan will cost you out the ying yang b/c defaulting on a student loan is treated the same or worse as a bankruptcy.
  5. by   Evefox1
    financial officers at school offered no help nor suggestions. and as far as my credit goes it's already shot. I lost my job due to a prolonged illness. in the process my home and car were both repossesed. so student loans are the least of my troubles. i am really desperate right about now. a career in nursing is my fresh start, a way out of this terrible situation.i don't believe that i can get any private loans. i think that consolidation may be my only recourse.
  6. by   MikeyJ
    Quote from love2kids
    financial officers at school offered no help nor suggestions. and as far as my credit goes it's already shot. I lost my job due to a prolonged illness. in the process my home and car were both repossesed. so student loans are the least of my troubles. i am really desperate right about now. a career in nursing is my fresh start, a way out of this terrible situation.i don't believe that i can get any private loans. i think that consolidation may be my only recourse.
    Well, then I would definitely look into consolidation. Yes, there are a great deal of scams out there; however, if you consolidate with a reputable company, you should be o.k. Have you called the loan company that lent you your student loans? If they are federal loans, there are options of helping you out (especially if it was due to an illness).
  7. by   Evefox1
    i spoke with them. unfortunately, they say that once they go into default that you must make 12 consecutive on time payments before that can reverse it.
  8. by   BSNtobe2009
    Quote from sistermike
    Well, then I would definitely look into consolidation. Yes, there are a great deal of scams out there; however, if you consolidate with a reputable company, you should be o.k. Have you called the loan company that lent you your student loans? If they are federal loans, there are options of helping you out (especially if it was due to an illness).
    The thing is, and this is the case for any loan, if you are having trouble paying your bills, you have to call the lender when you START to get into trouble. They will not help you if you stop paying for months and then call when they are ready to take action, because then it's too late.

    Cars, are hard because they will always reposess them, but houses is another story. I have seen periods for as long as 12 months where they only require you to pay the principle on the loan and that can be as little as $150 per month and they tack on the interest at the end of the year.

    LOVE2KIDS....I would work as much as possible to make up what was past due, because even after you make 12 months of consecutive payments, I don't really think that can reverse it when there is a large chunk past due. You need to call the lender and work something out or they WILL garnish your wages eventually.
  9. by   Evefox1
    well i haven't been back to work since i lost my previous job. the condition that caused me to lose my job was actually disableing. i have applied for disability and everyone knows hoe long that takes.so i figure i may as well do something productive that i've always wanted to complete. i actually did call all lenders in an attempt but it's hard to assist a person with no income. and as far as the student loans go, they have what they have a forgiveness plan where they will remove the default from your credit report after the on time payments have been made. the problem is i need money now and i can't even afford to pay for school so making payments to them would be impossible.
  10. by   BSNtobe2009
    Ok...I understand, they may have added that when they changed the bankruptcy laws to where you can't bankrupt a student loan for people with true financial hardships. That's a wonderful thing to know because I believe that people shouldn't be barred from obtaining an education who is truly trying and you sound like one of those rare people who really are trying and life keeps throwing unexpected obstacles in your way.

    I got out of the lending business just last April, and he laws changed the previous October, so I probably didn't see where any of that applied.

    Are you trying to go to nursing school? I am just assuming that since you are on this message board but if you are legally disabled and cannot work I don"t see how you can complete the clinical requirements>
  11. by   llg
    I'm confused ... if you are too disabled to get any kind of job to earn money, how will you be able to go to school? and work as a nurse?

    It seems to me that if you are healthy (able) enough to go to school, you are healthy enough to get some sort of job to start paying your bills. It may not be your first choice as a job, or even a very good job, but it would be a job that would bring in some money and demonstrate to people that you are willing to work to pay your way.

    What am I missing here?

    llg
  12. by   Evefox1
    that's not the case at all. i have worked and supported myself every since i was 17. i even served OUR country in desert storm. for 8.5 years i worked as a deputy at one of the world's largest jail's where i was cursed,threatened hit with things including body fluids and made a very nice salary i might add, but not enough . while working there i began school (at a full time status) worked 40+ hours each week to support my family. after three consecutive years of this things got a bit challenging,then father was murdered these things contributed to my going into a clinical depression. i don't receive food stamps or welfare(my choice) i make it work! i do plan on paying every penny of this money back however, completion of nursing school is a huge part of the plan. not working wasn't my choice rather my dr's recommendation. i am currently seeking employment and under my dr's advice will not overload myself this time. he thinks that i will make a great nurse. i make excellent grades. thanx for all of the positive feedback to those of you who had some. and llg the point was to get help, not dumped on. be very careful this could happen to anyone! if you knew me you would understand that i am the last person to try and get something for nothing. i am trying and i will turn things around with god's help! PS...not intended 4 sympathy but rather empathy!!!!!!!!!
  13. by   Evefox1
    well thanks be to God! i just received a call for a seasonal job that i applied for and i'm off to pick up my uniforms. wish me well everyone
  14. by   lexcourben
    Quote from love2kids
    well thanks be to God! i just received a call for a seasonal job that i applied for and i'm off to pick up my uniforms. wish me well everyone
    Good luck!!!

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