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Trouble With Student Loans (Also Includes Default, Discharge & Bankruptcy)

Can't Repay Your Student Loans? (FFEL & Direct Loan Repayment Plans For Those With Financial Hardship)
Are you on the wrong payment plan? If so, you may be able to change to a better one. Learn the pros and cons of "Pay As You Earn" and "Income Based Repayment Plans". Not everyone qualifies for both. For example: The latter applies only to loans from between Oct 2007 and Oct 2011. Both programs may require you pay taxes on any loan amounts eventually forgiven.

Help With Private Student Loans: The Consumer Financial Protection Bureau's Student Loan Complaint System
This new agency will work with you and your lender for a better payment plan. What they can actually do is not clear. The CFPB takes complaints, gathers data and will talk to the lender on your behalf. Lenders know that unresolved complaints could mean new laws very unfavorable to them; so they have good reason to cooperate at least to some extent. Use them as an advocate.

Help With Federal Loans: The Department of Education's Federal Student Aid Ombudsman
The Federal Student Aid Ombudsman Group is where individuals can turn after trying other ways to resolve a federal student aid dispute. Assistance request are generated from phone calls, letters and e-mails, and are classified as either general assistance or research problem assistance.

Delay or Postpone Your Student Loan Repayment If You're Pregnant, Unemployed, Etc.
There are good and bad deferments that can stop your loan payments: In a good deferment, the government pays all the accruing interest, so if you stop paying for 6 months, your debt is the same as when the deferment began. (For example, with federal subsidized Stafford Loans, the federal government pays your interest while you defer.) In a bad deferment, your loan payments stop as well, but you're still responsible for all the accruing interest, which is then tacked on to the rest of your student loan. These deferments should be avoided because this "quick fix" could get you into thousands of dollars of more debt. Please look for better options with the numerous student loan help groups listed here or elsewhere!

Common Situations Where You May Qualify For Some Kind of Deferment

• When you return to school, or undertake medical residency or internship.
• If you become unemployed, disabled, or experience a period of economic hardship.
• While you’re pregnant, or caring for a newborn or have just adopted a young child.
• If you’re a teacher in a high-need area.
• If you work in public service.

Do I Have Private or Federal Loans And Who Owns Them?
If you aren’t sure what kind of loans you have, visit the National Student Loan Database System for Students and select “Financial Aid Review” for a list of all federal loans made to you. (Enter in your Social Security # and your PIN issued by the Dept of Education) Click each individual loan to see who the servicer is for that loan (this is the company that collects payments from you). It’s very important to know your servicer. This might be a different company from the original lender.

When Your Social Security Benefits Are Taken to Pay Back Money to the Federal Government
What type of benefits can be taken and how much. Applies only to federal agencies and the IRS may be able to take more than other agencies can.

Loan Discharge After 25 Years On Income Contingent Plan (Google)
Only For Certain Loans.

When You Can't Pay: Cancellation, Deferment and Forbearance (Nolo.com)
How to postpone payments--and when you can cancel your loans altogether. 

Student Debt Alert
Student Debt Alert is a national campaign led by and for students. Our two main goals: to educate the public about the growing necessity of student loans to pay for college; and to directly address young people's concerns about the burdens of student debt.

Paying Back Your Student Loan
Describes the deferments and cancellations for teaching in low-income schools or shortage areas and connects you to the Direct Loan Program, where you can consolidate your existing loans.  If your loan is in default, our Guide to Defaulted Student Loans can tell you how to get out of default.

Consolidating Your Defaulted Loans (Direct Student Loans) 

Guide To Loan Disputes (US Dept. Of Education)

www.loanconsolidation.ed.gov
Helps borrowers determine if consolidation is the right move.

Nellie Mae Student Loan Financing Service (800) 988-4846
                                                           (800) 634-9308 
Call them to order their free book "Be Wise Borrower or booklets such as "An Early Planning Guide For Parents," "Steps to Success: A Comprehensive Guide to Preparing And Paying For College," and "Take The Right Road" (how to manage your student loans).

U.S. Department Of Education (800) USA-LEARN
This federal agency offers a lot of information about college planning.  The "Think College Early" program encourages students and parents to plan early, with information for middle and high school students.

The Financial Information Page 
is sponsored by the National Association of Financial Aid Administrators.  It contains information on scholarships and grants, as well as warnings about fraudulent search firms. 

The College Board 
Web site contains a database of scholarship sources called Expan Scholarship Search.  A similar database is available in many libraries and guidance counselors' offices through a software program called Fund Finder, also from the College Board.

The Student Loan Marketing Association home page offers information on scholarships, grants and student loans.

SRN Express is a free web version of the database of the Scholarship Resource Network, a search firm.  It focuses on private-sector aid, like academic scholarships. See also http://204.243.72. 15:/srn

The College & Career Center   
has sections on selecting a college, finding loans, careers, and a look at what campus life is at various schools.  The site also has a loan center where you can learn how to qualify for financial aid and get application forms and booklets.