How can I get out of private student loan default?
I have two loans from ACS/MEFA that have now gone into default- they are private loans so they are being managed by a private collections company. After speaking with them I found I have no real options but to pay the amount in full which is $ 30,000. Does anyone have any advice as to what I can do? I know taking a loan to pay a loan is not the best solution but I need to fix my credit so it seems like the only option. Does anyone know of any place that would give a loan to someone with not so good credit? Thank you.
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Answer by RoaringMice
The only way you'd get a loan is if you own a home or another significant asset, which has equity in it. You could then take out a loan, putting that item up as collateral.
The other option is to rely on a cosigner who does have good credit. The cosigner would normally be your parents, as cosigning for a loan is serious business, and obviously you've already shown that it would be risky for them to cosign for this loan - as you did not pay the first one.
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Attorney General Eric Holder and Public Safety Minister Peter Van Loan
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Ministre de la Sécurité publique Peter Van Loan et Eric Holder
Orignal From: How can I get out of private student loan default? and Attorney General Eric Holder and Public Safety Minister Peter Van Loan
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