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Question...what would you do

March 30th, 2011 at 06:09 pm

Okay...So I posted about the $1300 in student loans that I have to pay back in 45 days. I didn't think there was any way to do this. But looking at things, I can get pretty darn close with my next paycheck. But it would drain the $500 I have managed to save. I would be starting from 0 again. I like having money in the savings account as a cushion. I am torn. Should I just pay a portion of the amount due or try to pay it all? After 45 days they report it to some committee that will probably try to collect it. I am just worried that they will report it to a collections agency and it will show up on my credit report, which I am trying very hard to prevent anything bad from showing up.

So my questions is what would you do?

5 Responses to “Question...what would you do”

  1. ThriftoRama Says:

    Hmm. There is no way to do a payment plan?

    If not, I might opt for just tapping resources to pay it off. Late student loans, I believe, do end up on your credit report if sent to collections, and that would not be good.

  2. crazyliblady Says:

    I would contact the lender and tell them what you can afford to pay. Try to make a deal to pay off the rest in payments that you can afford. Make allowances for all the other debts you are making payments on and your regular bills.

  3. creditcardfree Says:

    I would definitely talk to someone in person about your options before making any decisions. You never know that 45 days...may just a way to get you to take some action, but not really what they expect.

    If it would keep something off my credit report, I would tap ALL resources of available cash first. This might mean I sell something, return something and I would use the $500 you have saved...but only if it is going to hit your credit report.

  4. MonkeyMama Says:

    I'd definitely ask if there were any payment arrangements that could be made. If not, I'd just pay it off any way possible.

  5. Joan.of.the.Arch Says:

    Definitely ask for a payment plan!

    But---one thing that concerns me is that if you took out this loan as a student loan and then did not use it for student purposes (tuition, books, & such) then maybe there is a possibility that you could be pursued for fraud. I don't know. But the idea would scare me. That would be worse than getting a bad note in your credit report. =Embarrassment

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