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GSL Loan in default, what are my options?

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Posts: 5
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Hello..thanks for your time

I am absolutely clueless on the workings of the loans systems, I'm pretty much a financial moron when it comes to lingo and technicalities. That being said..can you help?

I have had a student loan which is a GSL(not sure what kind of loan this is or what it means, but hopefully it will help you help me). It has been in default for years. I was young and dumb. I have moved from state to state(being i'm an Army wife), and it hasn't caught up with me until now. I honestly thought my ex-husband paid it off(while sparing gruesome details, there are many financial reasons he is now my ex). Whatever the case, it has finally caught me, I live in Hawaii, they are calling me at 4am and I just received my "warning notice." I owe $ 5,700, most of which is interest.

I am terrified to call them back..We are a one income, military family...Needless to say, we don't have much.

I am wondering what my options are? I want to face the music, but don't know which route is the best route. I have read about direct consolidations loans, but I think I have to be current on payments to qualify for those, correct? Then I have also read about loan rehabilitation, but I am not sure this is the correct answer for me.

I also have a overdue tuition that came directly from the University that has not been paid on in 10 years that is also in the $5,000 range. Do I have options here? Can I somehow consolidate these different debts into one?

Does anyone have an advice for me? Are there any other options that I am unaware of? What would you do if you were in my situation? I thank you so much for your time it takes to answer my situation. I am in need of help pretty badly and don't have any ideas what to do next.

Well goodnight and good luck!

Sub: #1 posted on Sat, 05/09/2009 - 07:06

Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

This is my last post here concerning this matter. You are picking at me about something you have no knowledge on and I gave you all the details I could without getting myself into some serious trouble. You brought up something that I had not mentioned and although you were surprised, it was not necessary.

Taxes being taken is FACT...but your surprise is opinion. My taxes will never be taken and that is also fact. Please keep your opinion to yourself concerning this matter here on out. You have struck a nerve with me and I'm begging you to stop. If you only knew what it is that I go through you would be ashamed of yourself. Please stay on topic. I do not hold you personally responsible for my situation, but your awareness and ability to empathize would be nice.

my questions are stated above and still remain.

Sub: #2 posted on Sat, 05/09/2009 - 07:02

danesmom danesmom

(Posts: 5 | Credits: 1.8)

Taxes being taken are a FACT with defaults, not an opinion. With a GSL loan in default anyone would be surprised.

Sub: #3 posted on Sat, 05/09/2009 - 06:42

Moderators Cum Industry Expert
(Posts: 17210 | Credits: 4746.28)

I would suggest you listen to Soaplady. She is the most knowledgable member on this site regarding anything to do with student loans.

Sub: #4 posted on Sat, 05/09/2009 - 06:14

Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

it wasn't that I didn't like your answer...your answer was NOT fact. When a statement starts with "I am surprised that..." that leads into an opinion. Please be careful when stating your opinions. You have deleted your original post, which leads me to believe you realize you made a mistake and are just too stubborn to apologize. I forgive you, my position is not your fault. Next time, be more careful when stating your opinions as I am sure your intentions were not to surface my insecurities. Please don't forget that even though you participate daily, financial conversations are sensitive for most people. Someone with moderator capabilities should always keep this in mind.

...and THAT's reality my friend.

Please remain on the topic of debt for further conversations...I am not here to banter.

I have read the stickies and I am not finding the answers I am looking for in a way I understand...that is why I made myself more clear in what I'm not understanding. I realize that you are upset with me, but I am still in debt and hope someone will help me.

Sub: #5 posted on Sat, 05/09/2009 - 06:10

danesmom danesmom

(Posts: 5 | Credits: 1.8)

Yeah know, you come here for help and you dont like the answer.My opinions as you call them are real life facts...its reality.

Read the will find all your answers there.

Sub: #6 posted on Sat, 05/09/2009 - 05:39

Moderators Cum Industry Expert
(Posts: 17210 | Credits: 4746.28)

Thank you for your reply, but it' not necessary to share your opinion on what the IRS has chosen to do. My husband is a wounded war veteran and we have special tax circumstances. Thank-you for being so insensitive to something that is none of your business. I apologize if this is rude in return, but you should be aware of the way you are coming across. You may be comfortable with these conversations, and think very little about what it is you are actually meaning, but realize there are situations out there that you are not privy to details in order for you to fully understand. Your opinions on such a matter is unnecessary and hurtful. I made no mention of the irs or taxes. Again, I apologize if this is coming across as rude, as that is not my intention. You struck a nerve with me. Believe me, I would rather pay back taxes for a million years and have all of our wages garnished for life and in return, my husband back the way he was.

Now that I've disclosed more information than I care to...I still have debt that I am trying to absolve.

That being said...
Where do I find information on consolidation that applies to my situation?

What is the difference between direct consolidation and loan rehabilition?

What would one do in reference to the overdue tuition, now in default?

Sub: #7 posted on Sat, 05/09/2009 - 04:57

danesmom danesmom

(Posts: 5 | Credits: 1.8)

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