you might check into consolidating your loans. That way you only have 1 payment to send and more will go to the principal and not just the interest. Also when you consolidate loans they sometimes lower the payments. Good luck!
Unfortunately You seem to be in a bad shape. Your student loans should not be more than your income. If you have already graduated college , you might be underpaid. so look for a more paying job and the first thing you should do is to call the loan originator and tell them the situation. see what they say. if they lower your payments (which is not always a great thing because it will take forever to pay it back) then work with that if not see one of those credit counseling (non profit) but be careful some of them are very crooked . Good luck I hope that answered your question or at least part of it. and by the way they cannot seize your assets . only a court order can but not the companies themselves.
You can get a deferrment on your loans or you can go to the Bursar’s Office and set up a payment plan. They only go after a wage garnishment as a last resort because if there is an attorney involved the collectors won’t make a dime. I worked in the debt collections/finance field for many years, and we generally worked with someone in your situation rather than put the screws to you. Just be honest with your creditors. They’ll work with you.
December 9th, 2008
Posted in 
Tags:
do soem extra jobs like mikey ds
you might check into consolidating your loans. That way you only have 1 payment to send and more will go to the principal and not just the interest. Also when you consolidate loans they sometimes lower the payments. Good luck!
Unfortunately You seem to be in a bad shape. Your student loans should not be more than your income. If you have already graduated college , you might be underpaid. so look for a more paying job and the first thing you should do is to call the loan originator and tell them the situation. see what they say. if they lower your payments (which is not always a great thing because it will take forever to pay it back) then work with that if not see one of those credit counseling (non profit) but be careful some of them are very crooked . Good luck I hope that answered your question or at least part of it. and by the way they cannot seize your assets . only a court order can but not the companies themselves.
You can get a deferrment on your loans or you can go to the Bursar’s Office and set up a payment plan. They only go after a wage garnishment as a last resort because if there is an attorney involved the collectors won’t make a dime. I worked in the debt collections/finance field for many years, and we generally worked with someone in your situation rather than put the screws to you. Just be honest with your creditors. They’ll work with you.