My friend has about 22 thousand in student loans an can't pay them is there anything she can do to get help an pay them?
by 
sloppywet
ANSWERS: 9
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she could get a job and live in her car and make payments. whattayah mean she cant make payments? Does she like walking?
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she can get a new loan to go to school to get a better job where she will earn more to help her pay them back
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22? thats nothing.........pretend you're paying on a car..........drive a used car for awhile and pay that bad boy off. ( I have a friend who has a masters degree in Social work and somehow racked up 80 grand in loans) She now wants to get more loans and acquire a doctorate degree.
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I'd tell her that the first thing she needs to do is become honest with herself about what she needs and what she can cut. I rent a small apartment for 425/month in a good area. There are many places like this. Cell phones typically run about fifty bucks a month. A land line phone can be negotiated for as little as ten bucks/month with many providers, but this means minimal use. No cable tv, either. In fact, sell it off to a pawn shop. Ride a bike or walk to say money from gas. Stop with the fancy shoes and nail jobs. Clip coupons. Save the cans and bottles for refunds... It's all about cutting many corners, which adds up.
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Tell her to try here, www.daveramsey.com And tell her I said good luck! : )
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Join the military. Not only will her student loans be paid back, she will gain invaluable experience and earn a great salary while doing so. I am NOT joking!
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sorry i don't have anything helpful to offer in the way of how or where to seek financial assistance, but i do want to say that i think it's pretty damn sad that people get loans to pay for school in order to get a good job and the economy sucks so bad that they can't even secure the kind of career that will enable them to pay the student loans back without a struggle...
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have her contact the lender and ask about deferments. they have several different deferments and repayment options (interest only, income sensitive, graduated repayment, etc). ONCE she goes into default, they will not work with her. She needs to call them before they go into default. If she is just 1 payment past due, no big deal cause if she defers they will include that payment.Once she misses the 2-3 payment it goes on credit report and then it's considered default and banks kind of lose interest in helping because they think they will be screwed and she won't pay. She MUST call the lender. http://www.nextstudent.com/articles/student-loan-repayment-options.asp http://www.nelnet.com/financial_aid_advice.aspx?id=762&path=bsp.fye.ufa.rdm these links will describe all that.
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I would suggest your friend cut corners very sharply and purchase only what is absolutely necessary. If it means buying some clothes and furnishings from a second-hand store, so be it. Lightly used items and clothing can be purchased there. Again purchase only if it is a 'necessity' and not just a 'want'. Get those loans paid off as quickly as possible but make sure there is an emergency fund, especially in this day and age.
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