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    coloradoct's Avatar
    coloradoct Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 23, 2007, 04:41 PM
    Student Loans
    My total monthly bills add up to more than I make, now that my student loans have come out of forebearance. I really want to start paying them down but cannot afford the $160/ month they require. Before this last time I went on forbearance, I offered to pay $50 per month and the student loan company said this was unacceptable that my options were A) go into forbearance, costing $100 and resulting in accumulating interest without payments for six months or B) default. This seems absurd to me. I have no forbearance left and really want to start making some kind of effort! I know some creditors must accept any payment no matter how small- are student loans exempt from this?? Thanks for the responses!
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Aug 23, 2007, 05:30 PM
    Actually creditors are not required to take anything less than the contractual payment. Have you consolidated your loans?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Aug 23, 2007, 08:07 PM
    While they don't have to accept less, you can try to mail in a payment and see if theywill take it.
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