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Student loan advice

Discussion in 'Off-Topic Discussion' started by coffeesnob, Jul 14, 2010.

  1. Jul 14, 2010 at 2:43 PM
    #1
    coffeesnob

    coffeesnob [OP] Well-Known Member

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    My son has defaulted on the federal student loan he has. It has now been given to a company called Van ru credit collections. he really doesn't have much of a job just helps bale hay, and other farm chores so he can't pay much. Does anyone have any experience with these people? Will they let him make payments to them? I don't see them having a choice he just doesn't have any money and he does not live at home with me, so what are they gonna do? He will make good on it though he borrowed it he will repay...Thanks all.
     
  2. Jul 15, 2010 at 8:11 AM
    #2
    Wattapunk

    Wattapunk Stay lifted my friends !

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    Unfortunately, student loans are not bankruptable. You/he needs to call and work this out with the collection company and come up with a repayment schedule. With this being a federal loan, the gov't have different avenues in getting their money such as garnishing future wages,tax returns/benefits, or legal action. Just call them and let them know of your son's situation. Good luck..
     
  3. Jul 15, 2010 at 8:30 AM
    #3
    ImpulseRed008

    ImpulseRed008 Gone But Not Forgotten

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    I can only say Good Luck.
     
  4. Jul 15, 2010 at 8:55 AM
    #4
    scottri

    scottri Well-Known Member

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    He should be able to negotiate a payment plan. I don't know of any debt collector in this economy that wouldn't take something over nothing. I'd just be sure that he makes more than the minimum payments since the principle will never go down if he only pays the interest. I'd also get EVERYTHING in writing before agreeing to a payment plan.
     
  5. Jul 15, 2010 at 9:38 AM
    #5
    coffeesnob

    coffeesnob [OP] Well-Known Member

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    no, never thought about bankruptcy, it is only for about $3500.00. He just doesn't have that much money and I surely don't want to pay it..
     
  6. Jul 15, 2010 at 10:29 AM
    #6
    Caduceus

    Caduceus Well-Known Member

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    Only $3500?? You realize how much this is going to impact his credit report for the foreseeable future, right?

    Why not just pay it off and have him pay you? Yeah, not really teaching responsibility, but may be better than him having a crappy credit score and moving back in with you when he can't find a place to live.
     
  7. Jul 15, 2010 at 10:31 AM
    #7
    PB65stang

    PB65stang Well-Known Member

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    Yup.
     
  8. Jul 15, 2010 at 10:45 AM
    #8
    ImpulseRed008

    ImpulseRed008 Gone But Not Forgotten

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    No offense to the OP, but if the kid is a bum, dad might never get his $$ back. I think that should depend on whether his son is trying to pay it off or just hoping it will go away - in which case he obviously doesn't care about his credit rating or paying his debts.
     
  9. Jul 15, 2010 at 12:20 PM
    #9
    surfsupl

    surfsupl Well-Known Member

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    I wish my student loan was that amount..................................
     
  10. Jul 15, 2010 at 12:22 PM
    #10
    81shark

    81shark Well-Known Member

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    should have called up for a forberance. might be still be worth looking into.
     
  11. Jul 15, 2010 at 12:46 PM
    #11
    Caduceus

    Caduceus Well-Known Member

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    While I understand, and to some extent, agree... most bums don't get into college.

    OP, did he get a degree, or just take a couple classes and bow out? Is there a reason he's doing odd-jobs?
     
  12. Jul 15, 2010 at 12:58 PM
    #12
    coffeesnob

    coffeesnob [OP] Well-Known Member

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    No degree.. college just wasn't for him this loan is the loan the federal govt loans you when you fill out the fafsa thing. He did borrow money from Sallie mae to help with the difference, that loan from sallie mae is ok, not in arears. This loan from the feds fell through the cracks really an honest mistake. My name isn't on the loan, he's moved several times so there was really no getting a hold of him until they gave it to the debt collectors and they somehow tracked him down. So you are saying even if this bill went to collection if it is paid right away it won't affect his credit score?
     
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