Federal Student Loan Default?
the phone call that I have dreaded for years finally came. They did not started the garnishment but if I do not reach an agreement with them. They gave me less than 2 weeks to see if I can make $ 5000 – 7000 $ As down payment (to enroll in rehabilitation program for reimbursement). I owe a total of $ 70K (due to penalties and interest). I am a single parent and I have no way to give that kind of $ $. If the garnishment occurs, I do not know how I'm going to do. I can not get a loan, I have no one I could get that kind of money. Do I have any options? Please criticism and judgments that I have enough of me running through the head, please stay positive, I do not need to hear "you should have paid" I am a single mother, her father is a deadbeat and I'm just trying to survive. PLEASE, any advice would be greatly appreciated. Thank you for not wearing judgment – I intend to repay.
First, go after the father's support. Navigate to your application State child support and pass the course. Secondly, never neglect your obligations. Always pay something, and try to find repayment plans, deferred, forbearance, rather than ignoring the issue. Ignore the debt and pay nothing, causes to grow with penalties and interest. Paying for every few months, talk to them, could have avoided this. Tell them now, explaining your situation. Probably can not avoid a garnishment at that stage. They have dealt with debtors who simply can not come up with the deposit before. You may have to provide tax records. Best of Luck!
