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My AES Student Loan Balance Has Tripled Since I Defaulted

By on June 6, 2016

Question:

Dear Steve,

Student loans…was laid off from my job back in 2002, with 2 kids in college. also, decided to return to school my self. took out several loans that I thought was government loans with American education services. Between hurricane Katarina and not finding steady employment I defaulted on the loans. Was making pay I guess it wasn’t enough. don’t know what happen but he loans were sold ???? 30k has tripled in size…

What can I do to get the terms of the loans to a manageable payment. can you recommend a lawyer or government program that can contact?

Answer:

When you default on the loans you get loaded up with additional fees and steep penalties. It is easy for a balance to explode like that.

Unfortunately I can’t give you great advice on this question because it is unclear if these are private of federal student loans.

I would suggest you start with The Ultimate Guide to Dealing With Student Loans You Can’t Afford and/or post an update in the comments section to give me a bit more information.

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About 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.

2 Comments

  1. Anon Person

    June 7, 2016 at 12:59 pm

    As Steve mentions you need to find out what type of loans you are dealing with? Steve has a lot of good help here. You need to do your “homework” and begin to research what the state of your finances are in. Before you spend money on an attorney… try and figure out what you can do first. Lawyers will charge you BIG bucks and it sounds like you are not in a position to retain an attorney at $600.00 an hour? Richard Allan Precht http://www.unduehardship-povertyrequired.com

  2. Steve Rhode

    June 6, 2016 at 4:28 pm

    I just answered your question.

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