Author Topic: All my student loans are in default  (Read 3977 times)

TypingMonkey

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All my student loans are in default
« on: July 01, 2015, 11:15:20 PM »
All my student loans, some government and one private loan are in default.  I know the private loan is 29K the others I don't know how much I owe and I don't know how to find out either.

Should I worry about these loans and plan on paying them off?  Or should I concentrate on raising my FICO score by other methods and invest?

a1smith

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Re: All my student loans are in default
« Reply #1 on: July 01, 2015, 11:52:41 PM »
My opinion is that you shouldn't ignore them.  You signed an agreement; stand by your word.

ABC - What Happens If I Ignore My Student Loans?

The article also says you shouldn't ignore them.

You should be able to find out the government loan amount either from the financial aid department at your school or https://studentloans.gov/myDirectLoan/index.action.

Ignoring you student loans will affect your credit score; getting further behind will probably more than wipe out any positive things you can do to increase your score.

Frankies Girl

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Re: All my student loans are in default
« Reply #2 on: July 01, 2015, 11:59:52 PM »
You are (I am assuming) and adult. If so, then start acting like one. Be responsible and contact your school and ask for help figuring out where your other loans are from if you can't find any paperwork on them. Get everything together, sit down and figure out how bad it is and then contact the loan companies and try to get the loan payments figured out ASAP, and then make them on time each and every month and pay more than the minimum payment if at all possible to knock them down faster.

Pay your debts.

You really shouldn't be doing any other optional spending until you get the loans back into good standing and at least are able to make the minimum payments every month without fail, but if it was me, I'd cut all other spending to the bone to get those paid off ASAP if any of them are over 4-5%.

You have a hair on fire situation and it can get much, much worse by ignoring this.

johnny847

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Re: All my student loans are in default
« Reply #3 on: July 02, 2015, 02:18:43 AM »
What the others said.

You can't bankrupt your way out of student loans

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MrsPfennig

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Re: All my student loans are in default
« Reply #4 on: July 02, 2015, 04:03:35 AM »
You should be able to find out who your servicer is over the Department of Education Website. I believe I got the name there and then signed up for online Access on my servicers Website.

Do not ignore your loans! While I type your interest is accrueing! Clean up the mess now. We currently put every single cent on our loans.

ShoulderThingThatGoesUp

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Re: All my student loans are in default
« Reply #5 on: July 02, 2015, 05:25:15 AM »
You need to spend every lunch break, evening, and weekend figuring out what you owe and how you'll pay it back until you have a plan. You cannot afford to eat out, you cannot afford rent on anything more than a studio. Most of us here aren't in that situation because we've given ourselves the gift of not worrying about money. You aren't there yet.

I don't think it's possible to raise your credit score (aka a rating on how well you pay your debts) if you aren't paying your debts.

marty998

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Re: All my student loans are in default
« Reply #6 on: July 02, 2015, 05:33:10 AM »
Agree totally with Frankies Girl.

Pay your debts.

Also. I don't understand how you know your debts are in default if you don't know what your debts are.


Mrs.LC

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Re: All my student loans are in default
« Reply #7 on: July 02, 2015, 09:04:49 AM »
You are (I am assuming) and adult. If so, then start acting like one. Be responsible and contact your school and ask for help figuring out where your other loans are from if you can't find any paperwork on them. Get everything together, sit down and figure out how bad it is and then contact the loan companies and try to get the loan payments figured out ASAP, and then make them on time each and every month and pay more than the minimum payment if at all possible to knock them down faster.

Pay your debts.

You really shouldn't be doing any other optional spending until you get the loans back into good standing and at least are able to make the minimum payments every month without fail, but if it was me, I'd cut all other spending to the bone to get those paid off ASAP if any of them are over 4-5%.

You have a hair on fire situation and it can get much, much worse by ignoring this.
Well said!

I don't understand why people think it is OK to not to pay back student loans. You borrow the money - you pay it back!

JLee

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Re: All my student loans are in default
« Reply #8 on: July 02, 2015, 09:07:00 AM »
You need to spend every lunch break, evening, and weekend figuring out what you owe and how you'll pay it back until you have a plan. You cannot afford to eat out, you cannot afford rent on anything more than a studio. Most of us here aren't in that situation because we've given ourselves the gift of not worrying about money. You aren't there yet.

I don't think it's possible to raise your credit score (aka a rating on how well you pay your debts) if you aren't paying your debts.

lol, this - you can't really improve your credit score by letting stuff sit in collections.

charis

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Re: All my student loans are in default
« Reply #9 on: July 02, 2015, 09:33:36 AM »
All my student loans, some government and one private loan are in default.  I know the private loan is 29K the others I don't know how much I owe and I don't know how to find out either.

Should I worry about these loans and plan on paying them off?  Or should I concentrate on raising my FICO score by other methods and invest?

I am baffled by this.  How could you raise your credit card "by other methods" when you have loans in default? 

It is incredibly easy to get your student loan info these days:

https://studentloans.gov.

That link will have all of your federal loans in their database.

Also. I don't understand how you know your debts are in default if you don't know what your debts are.

If you took out student loans and you haven't been paying them after the grace period and you haven't applied for a deferment, you'd know they are in default.

affordablehousing

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Re: All my student loans are in default
« Reply #10 on: July 02, 2015, 09:37:07 AM »
Seems like a pretty typical baiting to do something bad and immoral. If you want to be a bad person be a bad person. You won't do anything other than hurt yourself and annoy the people here.

Bracken_Joy

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Re: All my student loans are in default
« Reply #11 on: July 02, 2015, 10:20:48 AM »
No one is going to advocate you skip out on your loans I don't think. Bite the bullet and pay the piper and all those other idioms.