Hello, I have a student loan that has been defaul

Hello, I have a student loan that has been defaulted for a while and while on the phone with the creditor I asked about a payment plan and was told that "it is too late for that, we need the payment in full". They offered me a settlement amount and said I have 11 days to pay. Is there any organization that will give a loan to pay this loan to a person with bad credit such as myself?

4 Answers

It is a private loan.  I went over my options today with the credit agency and they told me if I can't find a loan to pay the full amount I would have to come up with half the amount and then a $1000 payment a month until its paid.  I will talk to them again and see if we can't find a more realistic payment plan.

What type of loan is this??  Federal or private?  If a federal loan, you can apply for a Direct Loan Consolidation Loan to resolve the default.

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It's true, that it's  tough to achieve a loan with bad credit. It is always much better to have it from friends or relatives as Anna has suggested. In the event you're considering 'bad credit loans' online, you mustn't forget that the interest rates could be much higher with such loans.

With a bad credit it will be difficult for you to qualify for any kind of loan. However, you may contact your friends and family members and check out if they can help you with a loan so that you can pay off the student loan.

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