1 year, 10 months ago
via credit-qna.com
What happens if someone can't pay back their college loans?
How bad an impact does defaulting on Sallie Mae college loans have on one's credit and are there any other repercussions? What are the options for dealing with being unable to make payments on the loans due to being unemployed or underemployed?
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M$1 Answer
In today's world of very high cost education, I think this is an issue that could come up frequently. I know when I finished college and had to start paying my Sallie Mae loan, I didn't have a good job. It was in the middle of the recession following the Gulf War in 1991. I was fortunate enough to borrow a little from a family member to pay off a few months of my loan before getting a better job.
I would think you could get a bank loan that would pay off some of the college debt at a lower payment per month, which you might be able to handle until your employment situation improves. Look for any type of loan or even a loan APR credit card offer and use that to pay some of the loan in hopes that the employment situation improves before the credit card increases the APR.
http://www.studentloans357.com/wp-content/uploads/2009/12/Student-Loans-Types.jpg
I would think you could get a bank loan that would pay off some of the college debt at a lower payment per month, which you might be able to handle until your employment situation improves. Look for any type of loan or even a loan APR credit card offer and use that to pay some of the loan in hopes that the employment situation improves before the credit card increases the APR.
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
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