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gov. loan/grants & student loan default

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B

buddyc

Guest
What is the name of your state? tx
Hello. I have a few questions:

1) I took out two loans - one federal and one was a TX student loan(not sure if that differs from straight federal) in 1992, paid for about a year, and stopped. I am in default and I think I understand that there my only option is repayment(which is fine). If I choose to pay in a lump sum and settle, is there a set percentage that they usually settle for? Who do I contact to set this up?

2) I want to start a business selling products on Ebay. Does the government give grants or loans for these online types of businesses?

3)Is it impossible to get gov grants/loans with student loans in default?If so, how long after I settle a default can I apply apply for and get one?

4)Also, do student loan defaults fall off you credit report after 7 years from the last payment? If it does, will the gov still easily recognize it if it has not been paid and block you from getting grants/loans from them anyway?
 


JETX

Senior Member
"1) I took out two loans - one federal and one was a TX student loan(not sure if that differs from straight federal) in 1992, paid for about a year, and stopped. I am in default and I think I understand that there my only option is repayment(which is fine). If I choose to pay in a lump sum and settle, is there a set percentage that they usually settle for? Who do I contact to set this up?"
*** No. You need to contact your original 'lender' as shown on your paperwork.

"2) I want to start a business selling products on Ebay. Does the government give grants or loans for these online types of businesses?"
*** No.

"3)Is it impossible to get gov grants/loans with student loans in default?If so, how long after I settle a default can I apply apply for and get one?"
*** Very unlikely. Depends on the lender.

"4)Also, do student loan defaults fall off you credit report after 7 years from the last payment? If it does, will the gov still easily recognize it if it has not been paid and block you from getting grants/loans from them anyway?"
*** No. No.
 

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