Student Loan Question?

I took out a student loan from Sallie Mae so I could go to college. At the time I took out the loan, I was married and had 4 children. We have since divorced and I had to quit going to college. I am having financial problems, trying to pay rent and take care of my children on my own with no child support and I am really have a tough time paying back my student loan. Now they are telling me my student loan defaulted. I have called them and told them my finances and I have sent them copies showing them how much money I make( which is less then $10,000 a year for 5 people. How can I get this default off of my credit? I want to go back to college one day but for now I have to work to take care of my kids.

Student Loan Question?
You should have made the call BEFORE you defaulted. There are certain times when you can get a loan deferred for financial hardship...I don't know if they are as likely to do that for you though if you already defaulted. Call and talk to the school too, they should be able to give you tips.


Also, try to get a different job that pays more and sue the ex so that he starts paying child support!
Reply:Since your Sallie Mae loan is in default it means that you were in forebarence for at least 9-12 months (making no payments) prior to going into default.





Now that you are in default (and yes, it will stay on your credit report) you will have to make those payments for 9 consecutive months before you will be in good standing.





It's doubtful at this point the lender is going to work with you to give you lower payments. Had you called them prior to going into default they most likely would have helped you.





It's also doubtful you'll find someone to consolidate you with a default on your credit report.





I know your situation is hard, but you're going to have to look outside the box for additional employment that will work with your situation.





I wish you the best of luck.
Reply:Getting a defaulted loan off your credit is difficult to say the least. Keep writing them and the credit bureaus and document everything. This will help in the long run.