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Making little payments

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What is the name of your state (only U.S. law)? New York
I have a question :) I hear from people that if you can't afford your full payment that you can pay 5 to 10 dollars without penalty. I have 11k in student loans. I pay an astranomical amount in child support and cannot pay my full payment I am already on the low income plan but if I send them 10 dollars each month will that be ok?
 


Antigone*

Senior Member
What is the name of your state (only U.S. law)? New York
I have a question :) I hear from people that if you can't afford your full payment that you can pay 5 to 10 dollars without penalty. I have 11k in student loans. I pay an astranomical amount in child support and cannot pay my full payment I am already on the low income plan but if I send them 10 dollars each month will that be ok?
I'm sorry emmy but what you heard is not correct.
 
It is better then making no payment at all right?? I graduated in 2003 and have been putting my loan into deferment ever since. I want to start paying on it so when I file bankruptcy it will help build my credit back up. I just can't afford and more than likely will never be able to afford the full payment.
 

>Charlotte<

Lurker
It's better than making no payments at all, if you consider that after a couple of months they'll only sue you for $10,980.00 instead of $11,000.00.
 

Antigone*

Senior Member
It is better then making no payment at all right?? I graduated in 2003 and have been putting my loan into deferment ever since. I want to start paying on it so when I file bankruptcy it will help build my credit back up. I just can't afford and more than likely will never be able to afford the full payment.
Filing BK will most likely not affect this loan. Most student loans will not be discharged in bankruptcy.

In fact don't be surprised in the amount of the loan continues to grow while making those small payments. Your small payments may not even cover the monthly interest.
 

Antigone*

Senior Member
It's better than making no payments at all, if you consider that after a couple of months they'll only sue you for $10,980.00 instead of $11,000.00.
The balance won't go down if those little payments don't at least cover the interest. It could go up.:(
 

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