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m7design

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Student Loan Debt
Student loan debt is killing my credit score. Trying to rebuild my credit score I have 3 credit cards that I have never missed a payment on and keep my utilization below 30% but my defaulted student loan drops my credit score every month. I had been current on my student debt until I lost my job and my husband lost his job from lung cancer & was unable to return to work. I have tried to work out payment plans but they will not accept what I can afford to pay with my part-time job but they have refused $100 per month which is all I can afford. Believe me I am STILL trying to find full-time employment but they are extremely difficult to come by and being older does not help. My student loan has been sent to collections and they say it will drop off in January 2017. What do I do now?

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Hi--

Are your student loans private or federal? This will affect your options greatly. 

Are they Stafford or Perkins? Are they consolidated with a loan servicer (like Sallie Mae or Nelnet)? Or are they with the school? 

University-held loans should offer to take whatever you can pay, as schools want to work with you so that they can get your account paid off. 

Listing out all of your loans with balances and interests rates might make it easier for people to offer you advice, too. 

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