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Best way to approach student loan default
I would appreciate advice, tips, resource guides, even help from persons who can help me deal with this kind of situation. I've held off long enough, I'm ready to do what I have to do, head on.
Thank you
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Want to answer more questions in the Work & School category?
Maybe give some free advice about: Personal Finance?
Well you have to contact the organization or federal agency that is holding your loan. Here in Connecticut it is the CT Student Loan Foundation, or it may be Sallie Mae. Go to this website, and see if you can find your loan.
[Link](Mouse over link to see full location)
click on borrower links, for federal or private loans, enter the required information, see if you can find your loans. Perhaps there you can also make arrangement to begin payments. See if you can "Lock in" your interest rate. Then arrange for a payment plan. Careful what you agree too, make sure the payments are manageble, because most loan agreements will raise rates real high, after you have missed a payment.
I have not started my payments yet, I am still in school. but there are a couple of employees here who did not pay, and now the US Dept. of Education has attached their pay. I also know aperson whose tax refunds were taken because they didn't pay their student loans. So it is good that you want to start paying.
And that is another place to look if you have trouble finding where you loans are. The US Department of Education. Everything goes thru them.
Good luck to you.
Michele
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