okay I need help

[mshienie]

I had called financial aid department which is fafsa. they told me that I own them 21,000 dollars and well I know that I am not going to be able to pay that back. if I try to work off what I can, but I tried calling credit repair company they said they would take off my debt, but I am not sure how long that would take me. my friend told me to file for bankruptcy is that the best thing to do in this case. thank you

[Guest]

Bankruptcy does not erase student loan debt. It even follows you to your family (if they signed the forms) after your death. Loan consolidation can lower your payments but you still owe the money. Credit repair does the same thing, but doesn't reduce your student load debt, it just reduces your other debt so that you don't own others as much and can increase your payments to student loans, but you still owe the whole amount. The only way to get out from under a student load is to get a doctor to certify that you are permanently disabled and that disability is likely to lead to death. Then you can't work but a very limited amount and they monitor you for 3 years. That is why the socialists/democrats want free education. That way I get to pay for your education instead of you (not you specifically but generically.)

[kwikphilly]

Blessings Mshienie

    Everything that Rick has said is true,that is because a student "loan" is a secured loan,a secured loan is not the same as "unsecured" in that it NEVER goes away.these include all student loans,mortgages,home equity loans and most auto (new car) financing......unlike credit card which are also difficult to eliminate but they will usually make payment arrangements of some kind that will get down much of the interest & if it goes to a debt collection agency it can really go even lower than the original principle debt because of what it was "sold" off at......anyway,secure loans are impossible to be forgiven unless ,as Rick mentioned ,you become disabled or can dispute the fact that that the education you received from the institution  was not adequate enough to provide you with what is required to become gainfully employed in the area of studies,which is just about impossible to prove unless you retained the right attorney,which would most likely cost far more than the debt itself!!!!!

   THe good thing about student loans is that they are usually(99%) very willing to work with you & make suitable arrangements that include elimi0natingb any interest,late fees & penalties ...IF,you contact them as soon as you are unable to continue making payments or ASAP,the sooner the better.....the longer you put off contact with them the worse it gets ......They can make the payments VERY affordable or defer for a specific time in the event you lost your job(temporarily)...you just have to explain your situation & be well equipped to provide them with documentation(pay slips,W-2s,unemployment records,cost of living expenses,etc,,,,)

   For a time,after I retired I went to work as an arbitrator for a debt mgmt co,,,,I learned a lot about debt consolidation,debt relief & credit repair companies & I would advise you to stay clear of them.....There are few legitimate ones out there & for the ones that operate legally ,well,there is nothing they can do for you that you cannot do for yourself and they will tell you they can remove this & that but if you cannot obtain "letters of satisfaction" to provide the credit reporting agencies then nothing is removed......it is the only way to repair credit properly,even if you pay something off in full,rarely will the debtor submit a letter of satisfaction nin your behalf unless you request it.....and how is this done,you may ask?By paying your debt!              I will be happy to offer suggestions with more info,like why you cannot pay etc,,,,,,you can PM me if you do not want to discuss this here                  With love-in Christ,Kwik

 

[FresnoJoe]

Praying~!