Can my enormous student loan rate (9%) be lowered? My loans are consolidated, except federal ones?

I believe your daughter should contact whoever her loans are through and ask to apply for financial hardship to defer her payments and maybe even lower her interest rate. I found some information for you that should be able to put her in the right direction. Deferring a Student Loan The first option you have to declaring bankruptcy is called deferment.

We've talked about this at length in our article on Student Loan Deferment, but deferment is simply suspending, or deferring, the student loan payments for specified periods of time - under specific conditions. For example, you may be eligible for student loan deferment due to unemployment, disability or military service. Student Loan Forbearance The second option you have to declaring bankruptcy is termed forbearance.

Student loan forbearance is the temporary postponement of payments or a reduction in payments for a specific period of time. This arrangement is worked out with the lender or creditor and is in effect until the financial difficulty is over. Student Loan Forgiveness Perhaps the most desirable of all alternatives to bankruptcy would be to have your student loan forgiven or discharged.

A loan forgiveness program will repay a percentage of a former student's educational debt in exchange for work in a designated job. Unlike service payback programs that pay for educational expenses while the student attends college, forgiveness programs pay off a student's loan after they start working. We've got an entire article dedicated to the topic of student loan forgiveness, including the types of programs that exist and how to qualify.

Student Loan Repayment Options The fourth option you have to declaring bankruptcy is by finding relief from your high monthly student loan payments by taking advantage of one of several loan payment options. Such options include graduated payment options and even income sensitive payment options. These arrangements are covered more thoroughly in our article on Student Loan Repayment.

These plans allow you to increase your monthly payments over time or have them automatically adjusted as your family income increases or decreases. Student Loan Consolidation Finally you may be able to find relief from your high monthly student loan payments by consolidating your student loans. As soon as a student graduates or drops below half time enrollment status, they are eligible to consolidate any Direct Loans or FFEL Loans that are outstanding.

If you've been delinquent in paying back your federal student loans, you may not be immediately eligible for loan consolidation. If that is the case, you need to contact the holder of the loan to find out what corrective actions you may need to take before becoming eligible once again. You can find more details in our article on student loan consolidation.

Federal Student Aid Ombudsman If you are thinking about declaring bankruptcy and your student loans are a big factor in your decision, the Department of Education has established an ombudsman to help. This office has checklists and tools that can help you figure out the best approach to deal with your financial crisis. Think of the Federal Student Aid Ombudsman as a type of consumer advocate for student loans.

For more information about this service, just visit the FSA Ombudsman website. Here is their information that have listed.... Get Payment Relief If you have trouble making your student loan payments, contact your loan servicer immediately. You may qualify for some form of payment relief.

And it's important to take action before you incur late fees or your credit is affected. On this page: Types of relief Qualifying for payment relief Issues in obtaining relief Types of relief A deferment is a temporary suspension of loan payments for specific situations such as returning to school, unemployment, disability, or military service. You have a right to defer repayment for certain defined periods.

Forbearance is a temporary postponement or reduction of payments for a period of time, as you and the lender or holder of your loan may agree, because you are experiencing financial difficulty. Graduated payment plans provide short-term relief through low, interest-only payments followed by standard principal and interest payments. Income-sensitive or income-contingent payment plans offer payment relief with payments that are a specific percentage of your gross monthly income.

For more information on graduated, income-sensitive, or income-contingent payment plays, see repayment. Top Federal interest subsidies These options will provide you with payment relief and help you maintain a good credit rating. If you qualify and apply for federal interest subsidies on your loan during deferments, you loan balance will not increase during the deferment period because the government will be making interest payments on your behalf.

However, if you do not qualify for federal interest subsidies on your deferment, or if your loan is in forbearance, your loan balance will increase by the amount of unpaid accrued interest. Top Issues in obtaining relief It is import to act quickly if you find your student loan payments hard to handle. If you default, or fail to make your loan payments as scheduled, you risk very serious consequences.

Your school, the financial institution that made or owns your loans, your state education loan guarantor, and the federal government can all take action to recover the money you owe. They may notify national credit bureaus of your default, negatively affecting your credit record. You could find it difficult to borrow money to buy a car or a house, and you would be ineligible for additional federal student aid if you decided to return to school.

The financial institution that owns your loans may ask your employer to deduct loan payments from your paycheck (garnish your wages), and your state and federal income tax refunds could be withheld (tax offset) and applied toward the amount you owe. Also, delayed payment and collection activities could increase the cost of your loan. So, if you’re having trouble with loan payments, don’t wait!

Contact your loan servicer immediately.

Loan! Loan! Loan!

UNITY BANK NIGERIA PLC Do you need a personal loan Do you need a business loan Do you need a loan to pay off bills Do you need a loan for projects, Commercials, ETC. Loans are designed for all in need of finance at low interest rate of 3%. Contact us via our email [email protected] ALL BROKER RIGHTS PROTECTED Have a nice day, CONTACT: DR.

AMINU BAFFA (Financial Consultant).

I think this question falls under the category of "Too Much Information," in particular the personal details of your daughter's life. I think the characteristic of this site is at most, recreational for most readers, and you're asking a very specific legal question with details that the general public doesn't need to be reading, for your own and your daughter's peace of mind. I think you need to do two things.

First, print out this request, so you have it all in writing the way you composed it, and keep it in a file of documents you're going to need to accumulate. There are lots of bogus "non-profit" credit counseling businesses out there trying to catch your business. The one that they are all mimicking is the National Foundation for Credit Counseling.

nfcc.org/ Contact these people in your state with your story. Have your daughter contact the same people in her state with her story. Second, I think you should consider either asking Mahalo to completely eliminate this question you posted, or abbreviate it so that it doesn't contain all of this personal information that makes you easily identifiable (and thus, an easy target for anyone who hopes the separate you from the rest of your money).

Consider keeping it really short, down to: "My daughter has enormous undergraduate and graduate loans. Her payments were totaling $600/mo. She has a job but also has medical expenses.

I have limited income and can't help. What can she do. " That's enough information to share with the world at large.

Please consider removing this question, and good luck; student loans aren't forgiven in bankruptcy. If her loans are so high, you may want to look into the the school she attended - are they under investigation for mis-informing or mis-handling federal student loans? There have been a number of cases enrollment abuses regarding the for-profit universities like the University of Phoenix, an online school.

thenation.com/doc/20091116/coutts.

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.