Comments on: How bad will it hurt my credit if I let my student loan go into collection? http://getstudentloanhelp.com/148/how-bad-will-it-hurt-my-credit-if-i-let-my-student-loan-go-into-collection/ Helping Students Get And Administrate Student Loans Wed, 22 Dec 2010 13:42:43 -0500 http://wordpress.org/?v=2.9.2 hourly 1 By: LIZTOWN USA http://getstudentloanhelp.com/148/how-bad-will-it-hurt-my-credit-if-i-let-my-student-loan-go-into-collection/comment-page-1/#comment-283 LIZTOWN USA Fri, 01 Jan 2010 12:13:58 +0000 http://getstudentloanhelp.com/?p=148#comment-283 If yo can by all means avoid hurting your credit , it would be your best bet. Now a days it can hurt u more than u know. Now they cancheck your credit and do when you purchase car insurance.Regardless if you would ever late or not , they will charge you higher rates for less than perfect credit score. They are not the only ones Banks do it too If yo can by all means avoid hurting your credit , it would be your best bet. Now a days it can hurt u more than u know. Now they cancheck your credit and do when you purchase car insurance.Regardless if you would ever late or not , they will charge you higher rates for less than perfect credit score. They are not the only ones Banks do it too

]]> By: mickiinpodunk http://getstudentloanhelp.com/148/how-bad-will-it-hurt-my-credit-if-i-let-my-student-loan-go-into-collection/comment-page-1/#comment-282 mickiinpodunk Tue, 29 Dec 2009 23:04:58 +0000 http://getstudentloanhelp.com/?p=148#comment-282 This is the equivalent of going into default on a federal loan. Avoid it if you can at all costs, since the negative information stays on your records for 7 years after the loan is paid in full, making you a poor credit risk for a very long time. This is one of the dangers of alternative student loans, their repayment provisions are strict and not easily altered once you've signed the note. I would strongly suggest that you go above the level of person you've been dealing with at Sallie Mae, possibly to their Default Prevention office to see if you really can't work out something on the order of graduated or income contingent repayments, and then taking some of the other suggestions offered to save on expenses. This is the equivalent of going into default on a federal loan. Avoid it if you can at all costs, since the negative information stays on your records for 7 years after the loan is paid in full, making you a poor credit risk for a very long time. This is one of the dangers of alternative student loans, their repayment provisions are strict and not easily altered once you’ve signed the note. I would strongly suggest that you go above the level of person you’ve been dealing with at Sallie Mae, possibly to their Default Prevention office to see if you really can’t work out something on the order of graduated or income contingent repayments, and then taking some of the other suggestions offered to save on expenses.

]]> By: jlynnhouse http://getstudentloanhelp.com/148/how-bad-will-it-hurt-my-credit-if-i-let-my-student-loan-go-into-collection/comment-page-1/#comment-281 jlynnhouse Mon, 28 Dec 2009 14:51:04 +0000 http://getstudentloanhelp.com/?p=148#comment-281 First of all let me start by saying that I strongly urge you not to let your loan go into default!!! This is terrible for your credit. Not only will your credit score drop but you will also have other issues as well. This will hurt you in the long run because when you go to buy a house, car,etc. they will see where you did not pay your loan off and you will have trouble getting credit anywhere else. Do you have relatives, family or friends who could help you out until you can find a better paying job? See the reason private loan companies will not work with you is because they are not backed by the government. So when you don't pay they automatically lose money. I would suggest continuing forbearance until you can work something out. First of all let me start by saying that I strongly urge you not to let your loan go into default!!! This is terrible for your credit. Not only will your credit score drop but you will also have other issues as well. This will hurt you in the long run because when you go to buy a house, car,etc. they will see where you did not pay your loan off and you will have trouble getting credit anywhere else.

Do you have relatives, family or friends who could help you out until you can find a better paying job?
See the reason private loan companies will not work with you is because they are not backed by the government. So when you don’t pay they automatically lose money.
I would suggest continuing forbearance until you can work something out.

]]> By: Popsicles o.0 http://getstudentloanhelp.com/148/how-bad-will-it-hurt-my-credit-if-i-let-my-student-loan-go-into-collection/comment-page-1/#comment-280 Popsicles o.0 Sun, 27 Dec 2009 23:23:07 +0000 http://getstudentloanhelp.com/?p=148#comment-280 I would say, try and not let this happen. They can take away your car, furniture, etc. It's horrible. It goes to a Collection Agency! And it will greatly hurt your credit score, as far as I know. Talk to your school, talk to the company again. Go as far to the top as you can and wriggle your way in there and have all the evidence to back it up. Maybe get a lawyer involved? Perhaps Pro Bono? Try getting a second job? Ask for a raise? Let your boss know about what's happening? Drive less? Use a Fuel Advantange card (see Dunkin Donuts, Price Chopper, or your local grocery stores for more information) when buying gas? Travel by foot, bike, or bus system? Talk to your parents/friends/family for help? Pay as much of the loan you can pay per month? Buy less takeout/fast food? Cut back your budget drastically? Get subsidized housing? Get a cheaper apartment? I would say, try and not let this happen. They can take away your car, furniture, etc. It’s horrible. It goes to a Collection Agency! And it will greatly hurt your credit score, as far as I know.

Talk to your school, talk to the company again. Go as far to the top as you can and wriggle your way in there and have all the evidence to back it up. Maybe get a lawyer involved? Perhaps Pro Bono?

Try getting a second job? Ask for a raise? Let your boss know about what’s happening? Drive less? Use a Fuel Advantange card (see Dunkin Donuts, Price Chopper, or your local grocery stores for more information) when buying gas? Travel by foot, bike, or bus system? Talk to your parents/friends/family for help? Pay as much of the loan you can pay per month? Buy less takeout/fast food? Cut back your budget drastically? Get subsidized housing? Get a cheaper apartment?

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