Federal Student Loan now in Collections - Bankruptcy Question...?

Defaulting on student loans is one of the reasons why some people don't marry. The financial situation is so bad that it actually has made people choose not to marry, so that the other person's finances don't get messed up. I am not telling you to make that decision! I am mentioning it so that you understand the severity.

His loan will not be gotten rid of via bankruptcy. It's his forever. What I might suggest is that you or he, or you *and* he, get yet another job, and use 100% of your earnings from that job to make the monthly payments on this loan. You *have* to pay it off. That it was turned over to collections is immaterial. You need to do what needs doing in order to pay this off. That's not pleasant, but it's reality. You and he need to get additional jobs of some sort, and pay this thing down.

If you make payments in full and on time for six plus months, the loan will no longer be in default. At that point, you may be able to negotiate a lower payment, or put the payments on economic hardship deferral - but I make no promises on that.

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RE:Federal Student Loan now in Collections - Bankruptcy Question...?

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RE Federal Student Loan now in Collections - Bankruptcy Question...?

Hi.

My fiance had a federal student loan with Sallie Mae back in 2005. It is now in a Collections Agency and no longer under Sallie Mae. I know Bankruptcy does not apply to federal loans, but since it has been bought off by a private Collections company, does that change anything? If he declares bankruptcy will that collections amount go away? I'm not familiar with this type of thing, so I'm hoping someone can help us. We're getting married next year and I'd rather we not have such a huge debt. Unfortunately, the interest keeps being added on and if we pay every month (which they won't let us do unless it's a specific amount which is much higher than we can afford), we still will not touch the principal. Thanks in advance!

It was a federal loan so it does not go away. It is just cheaper for the feds to give it to a collection agency than go after him themselves. You are stuck with it. Sorry!

He could have it deferred. However, bankruptcy will not make the collection amount go away. You can also request to have the payment adjusted so that it reflects income.

they are probable unlikely to be lined in the financial disaster, so dont carry your breath. you may get fortunate, yet almost all student loans fall under the comparable umbrella, no financial disaster

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