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School loans question

My son has a school loan in default. How would he go about making payments now, when they only want a lump sum (which he doesn’t have obviously) and won’t speak to him about any other option.

Thanks for any direction.

It may not be important but, what happen that he defaulted on it? Does he have other bad debts also? There are so many variables about what his other situations are.

He may be able to get a personal loan to pay it and then pay off the loan, since they won’t hear about a payment plan directly to them. This may be a good option, if he has accounts in good standing with a bank he uses. Does he work full-time?

Or it may be a matter of perseverance, where he goes to the top of ladder in the financial office at the school and explains the situation to someone else. It’s always worth a chance and not give up very easily. Obviously he’s an adult and knowing what I know about parents wanting to help their children, you should also be careful about how much you help. It’s probably a great lesson for him about why defaulting on a loan was a mistake…for whatever reason.

Does he live in your home or is he on his own?

I had a similar situation where I defaulted.

I wrote too them and told them why I did and i asked if we could start payments again. They set it up and I pay $100.00 a month.

I think your son should write and not you. It may look better, being he is a student and it was his loan.

Write to:

American Education Services
Customer Service Divison
1200 North 7th Street
Harrisburg, PA.
17102-1444
Attention: default loan

They have a website but I often find it too not be too good. I am not sure where you are located, but I am in Florida and just found out from a girlfriend that works for NelNet about a company that he can consolidate with and take the loans out fof delfault. They will add 18 % to it, but when he gets in a better place with his money he can offer to pay it off. She said they will normally take it if it is not too far fetched.

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