Go Back To Search Results Question How do I pay defaulted student loans to save my credit? I am a single mother of three, so even a good income has to be very well budgeted. I have roughly $100,000 in defaulted student loans, so most consolidation and other programs are out of the question for me. I have been asked to pay more than I can afford monthly for these loans. What can I do to both get these paid and save my credit? By Colts Fan Posted on 09/04/07 Total Answers 2 Answers- Negotiate with the loan company for a smaller payment. Most companies would rather get some of the payment rather than nothing. Answer by : Found-1 On Date 2007-09-04 18:31:11 Unfortunately if you have a Federal Student Loan that is in “Default” status, you will not be able to use your Deferment or Forbearance options until your loan is brought back into good standing. These are programs that may qualify you to hold on your payments for up to three years. I would contact the original Lender of the loan and speak with them first to get a payment plan put into action immediately. Explain your situation to them and they should be able to get some kind of payment plan hammered out that will allow you to get your Student Loan back in good standing. Your account can be brought back into good standing through a number of ways, one of which is by making six agreed upon monthly payments over a six month period. Loan Rehabilitation Programs are also available to help you get your Defaulted Student Loans back in good standing, giving you the ability to take out more funds if you decide to go back to school. For more information on getting your Federal Student Loans out of “Default” status, please visit the source below. If you have any questions, shoot us a message on yahoo at studentaidlending. Good luck, I hope this helps! Answer by : Student Loans On Date 2007-09-05 09:27:26   Go Back To Search Results