Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
BCM
User Panel

Site Notices
Posted: 4/23/2007 1:35:47 PM EDT
I have a friend that blew off her student loans in the past and now with my coaxing has decided its time to set things right. Unfortunately, she doesn't know where to begin. She gets plenty of calls from a collection agency but we were hoping she didn't have to go through them. I know absolutely nothing about student loans but I'm trying to help her as much as possible.

Any way to find out who she needs to get in touch with without going through collection agencies?

I appreciate any help but please no lectures, I've already shamed her enough.

Where do we start?
Link Posted: 4/23/2007 1:51:01 PM EDT
[#1]
I would advise her to call the Financial Aid office of any nearby or in-state university. Explain the situation, they'll generally know what to do. Getting out of default status isn't that hard and they're not going to send the SWAT team after her or anything. They'll probably tell her to consolidate the loans through the feds - who have a really good student loan consolidation program, by the way - and then start paying them off. After a few payments, she's not in default anymore and can get more student loans if necessary.

Regardless of the exact details, getting out of default isn't that hard to do. Have her talk to the Fin Aid office and/or call these people:

Federal Loan Consolidation

Apparently the # is 1-800-557-7392. Have her explain to them what the deal is and they'll help her along. They deal with this every day. I consolidated my loans through the feds and they've been absolutely great.
Close Join Our Mail List to Stay Up To Date! Win a FREE Membership!

Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!

You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.


By signing up you agree to our User Agreement. *Must have a registered ARFCOM account to win.
Top Top