alfeebester
I have two student loans in default. I have made 5 ontime payments to the federal student loan and I am aware of what I must do to get it out of default. I am currently working toward that. However, I also have a much larger private student loan in default. I have been making $50 monthly payments and the collections people are harassing me more than ever! I am told I have to make $400 payments but I am not able to pay that and pay on the federal student loan as well.
I want to know if I will be able to recieve federal student loans once the federal loan is either paid off or entered rehabilitated status, even if I am not able to make the minimum payments for the private student loan.
I plan to up my monthly payment to $200/month once the federal loan is paid off. Unfortunately, I can't do that right now. I am unemployed and have a new baby at home. That's the best I can do.
I also wanted to know if paying $50/month even has any point at all, since the balance of $4,000 has hardly budged since then. Maybe I should apply that $50 to the federal loan instead?
I want to know if I will be able to recieve federal student loans once the federal loan is either paid off or entered rehabilitated status, even if I am not able to make the minimum payments for the private student loan.
I plan to up my monthly payment to $200/month once the federal loan is paid off. Unfortunately, I can't do that right now. I am unemployed and have a new baby at home. That's the best I can do.
I also wanted to know if paying $50/month even has any point at all, since the balance of $4,000 has hardly budged since then. Maybe I should apply that $50 to the federal loan instead?