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What Can I Do to Get My Federal Student Loan Out of Default? – Ian

“Dear Steve,

I have a federal student loan which has been in default for well over a year. The debt collection agency is calling and threatening to garnish my wages; I obviously do not want this to happen.

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I would like to get my loan out of default so I can take advantage of all the repayment options available to me. What can I do to get my federal student loan out of default? I can’t afford to pay them more than about $50 a month on my loan whose balance is now up to $8,000.

Ian”

Dear Ian,

With limited funds you may want to explore the Income Based Repayment (IBR) plans currently offered that are calculated on what you make.

Otherwise you can check out this information.

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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