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ok i just have to share my bad day.

lizrenee06lizrenee06
in Babies: 0 - 3 Months

its probably going to get pretty personal, but whatever.

so if some of you remember, i was bragging about going to college in the spring. well i called the college i applied to, to see what other information was needed & what the next steps were. well they said they needed my transcripts from my old college. okie doke! i call & they say i have a financial aid hold. when i graduated high school in 2006, i went 3 semesters & simply wasted money. finished with a 0.0 gpa. please dont flame, i know i messed up! anywho, well the loans i took out for these semesters have since defaulted. i was able to speak with a recovery coordinator, luckily. he informed me of the payment plan available. well its half of my car payment. my thought is to refinance my car, for hopefully half as much as my payments, so i can spend the other half on these loans. dh also brought up that if we cant do this, then maybe talking to his independant bank in his home town, seeing if they can maybe buy my car title, finance for longer so that my payments would be less & thus, being able to afford the student loan recovery payments.

i'm so stressed b/c if i dont start paying on my loans by the first of the year, my wages will start to be garnished. once wages are garnished, your tax return is eligible to be garnished as well.

i dont know what we're going to do. i just hope one of our 2 ideas work out. i just want to cry...

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Re: ok i just have to share my bad day.

  • kp28kp28
    Did you just think the loans disappeared? Didn't you ever wonder what happened to them or did you blow them off on purpose?
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  • New MrsNew Mrs member
    Why did you not pay the loans? How can they garnish your wages? Aren't they just sent to collections?
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  • New MrsNew Mrs member
    Oh - & sorry for the bad day! I hate any money issues/problems like this. Never fun to deal with. Hopefully you can get them taken care of.
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  • HRALFSHRALFS
    Can you sell your car to have liquid $ to pay the loans with?
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  • Christina79Christina79 member

    Sorry you're having to deal with this! After graduating HS 12 years ago I blew off school after a term and didn't repay the loan forever too. Ask them for the lowest payment option availible for now and maybe they will consider settling at a smaller amount in the future if you can do a lump sum payment. I only owed like 1200 and they took 800 and called it good. It didn't do anything negative credit wise, and I was able to get new student loans when I finally went back to school.

    Good luck, it will all work out for you, it might just take some time.

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