Repayment of Student Loan

[HopefulInOhio]

Okay - my bankruptcy was officially discharged 4 weeks ago!!

I've since then been relaxing and breaking from the anxiety of it all.
Been looking over my credit report and am going to apply for a credit card to get my score up as time goes by.

In comes the student loan repayment letters. I was not to start paying on it until 2010 and I knew that. I got a letter telling me it was not excused from the bankruptcy and I knew that too. So I had made plans on repayment starting in a year or so.

Now - yesterday I get a letter telling me my first monthly payment is due - get this - in less than 2 weeks of about $200. The letter also stated my forbearance had expired as of 7/21/08. I never knew anything about this..what forbearance??

I'm finally forging ahead at a new job that will start giving me gradual raises and I could start repayment within a year. My daughter's child support will stop in a month but I would have still been okay. If I have to pay out almost $200 a month on a student loan, I'm right back where I started.

I'm in Ohio and went to Ohio State. My loan is for $14,000. Okay - do I call the number on the student loan papers and set up a payment plan or what route can I go? I want to make this right and do what I have to do. All my paperwork showed I was to start repayment in 2010..when did this payment suddenly become due? The minute they saw I filed bankruptcy?

Anyone have any experience with student loans after bankruptcy? I have EVERY intention of paying and I will - I just can't start now until I get on my feet better.

Advice?

[arkienurse]

Okay - my bankruptcy was officially discharged 4 weeks ago!!

I've since then been relaxing and breaking from the anxiety of it all.
Been looking over my credit report and am going to apply for a credit card to get my score up as time goes by.

In comes the student loan repayment letters. I was not to start paying on it until 2010 and I knew that. I got a letter telling me it was not excused from the bankruptcy and I knew that too. So I had made plans on repayment starting in a year or so.

Now - yesterday I get a letter telling me my first monthly payment is due - get this - in less than 2 weeks of about $200. The letter also stated my forbearance had expired as of 7/21/08. I never knew anything about this..what forbearance??

I'm finally forging ahead at a new job that will start giving me gradual raises and I could start repayment within a year. My daughter's child support will stop in a month but I would have still been okay. If I have to pay out almost $200 a month on a student loan, I'm right back where I started.

I'm in Ohio and went to Ohio State. My loan is for $14,000. Okay - do I call the number on the student loan papers and set up a payment plan or what route can I go? I want to make this right and do what I have to do. All my paperwork showed I was to start repayment in 2010..when did this payment suddenly become due? The minute they saw I filed bankruptcy?

Anyone have any experience with student loans after bankruptcy? I have EVERY intention of paying and I will - I just can't start now until I get on my feet better.

Advice?

Geee, I don't know. But the first thing that popped out at me was that you weren't supposed to start paying until 2010. My student loans were due to start paying on 6 months after I ceased full time enrollment, and I thought that was standard. Did your's have some special agreement with regards to repayment start?
I would definitely call the student loan department and ask about it if all your original paperwork had a 2010 repayment start date. And perhaps dig up those papers as proof if you need it. You may also be able to work out paying a reduced amount for a period of time. I googled and see where it is possible in some cases to work out a graduated repayment schedule.

Good luck

[arkienurse]

And I just realized who you are. I have thought about you often and wondered how things were going with you and your daughter. Good to see you back and the bk is over with. Hopefully the divorce too?

[No Gravy]

I would call the student loan company (whoever your student loan is through) and talk to them. Mine is with Nelnet, and they have been *amazingly* helpful, and more than willing to grant me deferrals, forbearances, reduction in payments, etc. They've actually twice given me more time than I had asked for. In between, of course, all my payments were on time, so maybe that counted for something.

Right now I'm on a hardship forbearance, and they said once I file BK to call them back and they'll put me on a BK forbearance, so as to "save" the hardship time, in case I need it in the future.

It's nice that they're so willing to work out a plan with me, since this is a looooong term relationship. My student loans total $30,000. Eeep.

[CindyLou]

Just request another forebearance....you can usually do up to 60 months without any problems. just tell them you can't pay now. Its typically very easy.

[liz417]

Hi there,
We had to start paying our student loans back 6 months within graduation. We are going to file BK soon and Great Lakes (loan company) was really helpful. I would give them a call first to see if you can work something out.

Good Luck!!
P.S. Our payment was $400/month on $70K.