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what are the consequences of paying only a percentage of my monthly student loan payment?
For example: My monthly student loans are $500. I can only afford to pay $250 – $300. Can wages still be garnished? Will it reflect negatively on my credit, even though it’s a “good faith” attempt to pay a debt?
Related Post:
- What is the Best Student Loan Consolidation and possible incentives to sign up?
- What happens to the status of student loans if I transfer undergraduate schools?
- Can student loans prevent you from leaving the US?
- What does it mean when my student loans have a zero balance due to a claim?
- Whats the best way to take over student loan payments from parents?
- How can I use my CC to make student loan payments?
- How do student loans affect a mortgage applicaton?
- How do student loans work? Once I start paying them back, do I have to pay back consistently?
- What specialist can help me plan to take a student loan?
- How much per month is the average student loan payment?
This entry was posted on August 29, 2009, 7:13 am and is filed under Student Loans. You can follow any responses to this entry through RSS 2.0. You can leave a response, or trackback from your own site.
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What is the Best Student Loan Consolidation and possible incentives to sign up?
April 28, 2010 - 10:35 pm
Posted in Student Loans | 1 Comment
I have a series of student loans – a few from Direct Loan Servicing Center, Nelnet and Sallie Mae. How can I get these consolidated with the best rate and are there any cash back perks or other incentives for consolidating these loans?
Related Post:Student Loan Payment Question Now That I’m a Stay at Home Mom?What [...]
What happens to the status of student loans if I transfer undergraduate schools?
December 30, 2009 - 6:17 pm
Posted in Student Loans | 1 Comment
I just transferred undergraduate schools and still have some student loans from my previous school (Sallie Mae and Federal Direct loans). Is there some sort of clearing house that my new enrollment status will be sent to so that the loan agencies know that I haven’t just stopped going to school (and thus cause [...]
Can student loans prevent you from leaving the US?
December 23, 2009 - 12:25 am
Posted in Student Loans | 4 Comments
If I am a US citizen with student loans (about 13k) will I be allowed to leave the States?
I am planning on moving to another country for a period of time in order to get married to my fiancee. However, I intend to return to the States and pay the loans in any case.
Related Post:What [...]
What does it mean when my student loans have a zero balance due to a claim?
November 24, 2009 - 9:40 am
Posted in Student Loans | 2 Comments
My student loans are through NelNet and I received a letter from NelNet instructing me to stop making payments. The reason they give is that my student loan account has been paid by a claim and now has a zero balance. I have had student loans since 1995; but I also have filed [...]
Whats the best way to take over student loan payments from parents?
October 27, 2009 - 12:02 am
Posted in Student Loans | 4 Comments
When I attended college my student loans were put in my fathers name.
Now that I have graduated, I would like to take over the payments.
The loan company (Nelnet) won’t let us and say we have to either make payments to my parents or get a personal loan to cover it.
My husband and I are [...]
How can I use my CC to make student loan payments?
October 26, 2009 - 3:07 pm
Posted in Student Loans | No Comments
They say it would be like accruing debt to pay off debt. But how come I can use my CC to pay off auto loans, or mortgage? I wish I could use my CC to get cash back or miles while paying off my student loans
I have the money to make the payments cash, but [...]
How do student loans affect a mortgage applicaton?
October 18, 2009 - 6:27 pm
Posted in Student Loans | 4 Comments
I have $60,000 in various student loans, but since consolidating my combined payment is only $300/month. I have no other debt. Do lenders view student loan debt differently due to the flexibility of the loans? Also, would they look more at the total amount of the debt or the monthly payment when determining the rate [...]
How do student loans work? Once I start paying them back, do I have to pay back consistently?
October 8, 2009 - 10:29 am
Posted in Student Loans | 2 Comments
Like if I have $1000 now gathered from working as a student for 2 years, can I use that to pay some of the loan back? Or, is it that once I start paying back loans, I can’t stop, and I must consistently pay them back every month?
Also, do student loans have minimum sums [...]
What specialist can help me plan to take a student loan?
September 26, 2009 - 7:58 pm
Posted in Student Loans | 2 Comments
Are there people that specialize in preparing, organizing, and knowing exactly what, how much, everything for a student loan. Some one like a financail adviser except for student loans?
Related Post:Does anyone know the penalties of defaulting on a student loan?Is it illegal to use a student loan (stafford loan) to make a down payment on [...]
How much per month is the average student loan payment?
September 6, 2009 - 5:00 am
Posted in Student Loans | 4 Comments
Is it usually a monthly bill? If so what could be considered the average monthly payment on student loans? Once I get my undergrad degree I plan to take a year off before I go to graduate school, and will start getting some of my bills that year off, and want to know what I’m [...]
September 1, 2009 - 2:23 am
If you are in school you can ask if you can “hold” payments until your schooling is complete. Maybe you can also refinance for a lower interest rate and estend the terms.
September 1, 2009 - 3:16 am
You need to talk to your creditor and negotiate this. Simply paying this amount will still reflect late payments, and hurt your credit. But if you can negotiate a new payment plan things may be worked out.
If they don’t accept it, then technically you are in default on the loan and they could sue you, and then garnish wages.
When you call, have your current income and budget ready, so you can explain your financial situation to them. Just remember, it’s not as easy as telling them you plan to file bankruptcy. Student loans can not be discharged through BK, and they know it. And there is no SOL on it either. So they have all the negoation cards here…just be honest and see what they can do to help you out.
September 3, 2009 - 9:05 pm
A couple significant consequences are that it’ll reflect poorly on your credit report that you can’t fulfill your debt obligations. Future lenders will see this if you apply for a loan, etc. Also, if your student loan is from a government agency, you probably won’t be able to get any other government loans.
Contact the lender and see if you can re-negotiate the terms of the loan. Maybe decrease the monthly payment to $200 and extend the maturity of the loan.