- NEW!
by degree9419 on October 30th, 2009
Call the agency handling your loan. Ask to get enrolled in the federal loan rehabilitation program and give them a financial statement. If you are in a financial hardship you qualify for an "excessive step up payment" this payment will not make a significant reduction in your balance but after 9 to 12 payments the loan will be put back into "good standing" with a new lender and it will go back to an annual interest rate. Also they may offer you 25 years to repay it at that point. Something you may want to take advantage of. Once the program is completed they remove the derogatory history of this loan from your credit report and reduce the balance slightly.
Hope this helps.
by Eltinwe has a life Swan - DYOH on November 23rd, 2007
If you have a fifty thousand dollar education, hopefully you've gotten a job with it which will pay well enough to pay it off. It may take some years, but it will go away. People pay of cars and houses worth much more than that all the time.
by Jewel on November 23rd, 2007
Yes, you will. That is no more than many people pay for a car. Just begin making payments and keep it up. Try not to incur any additional debt until it is paid off and pay extra when you can. People can, and do, pay off their student loans. It was the agreement you made and you need to honor it.
by Phillis - Zacks little sister on October 30th, 2009
You owe over $50,000 and this is the punctuation you've mastered thus far?! You got gypped! Please file a complaint.
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by Answerbag Staff on April 7th, 2011
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