Legal Question in Credit and Debt Law in Texas
Delinquent Student Loans and Future Earning Potential
I am a law school graduate with massive amounts of student loans from both the federal government and two private lenders. The time has come to begin paying them (and I have been paying back one of the loans from the private creditor), but with the amount of money I make now it is quite impossible to pay them what they want. I have not yet passed the bar exam -- hopefully I will come February -- and am living from paycheck to paycheck. Obviously, however, my future earning potential is high and I will eventually be able to pay the loans off. Can I negotiate with these people myself or will they only deal with my attorney? Also, if the loans become delinquent, can they file criminal charges against me? I think the answer to the latter question is no, but I need to make sure. Oh one more thing...can I ask them in writing to stop calling me at home AND work, it's to the point that I'm terrified of answering the phone.
1 Answer from Attorneys
Re: Delinquent Student Loans and Future Earning Potential
No they cannot put you in jail.
Stop avoiding them, it will not solve the problem. The problem will only get worse. Read the loan terms, you may very well qualify for a deferment, or at a minimum a reduction of the payment for 6-9 months.
In the interim, pack your lunch, buy less, take the bus, and make regular payments every month. Even if less than the required amount.
Write them CMRRR advising them to stop contacting you at work, or by telephone. Also advise them of your temporary inability to pay the required amount, and your intention to pay X dollars in the interim.
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