8 open trade lines have just flipped on the RED ALERT switch.

[Anonymous]

I knew this was going to happen eventually.  The fact that I now have CC's has alerted the Dept of Education about my student loans that I have defaulted on.  Student loans for a medical degree that I did not receive and was in school for 8 years (yes 8 years) trying to get.  I had medical and personal issues at the time.  My debt is about 208,000 dollars and I am a teacher now making nowhere near that salary.  They want to work out a rehab.  Life sucks. 

[Anonymous]

Does anyone have any suggestions???  I know you can't file bankruptcy on these loans but they can forgive them in special circumstances (my medical condition).  Oh well.  I am depressed about this crap and have been for close to 13 years. 

[Anonymous]

I really need some help.

[Anonymous]

who's coming after you? what agency?

[Anonymous]

I cannot help you on this situation, as I am unaware how this works, but it sounds like you are really down. Do not let this situation make things worse for you, by getting depressed. You have been a really good spirit on these boards and have offered useful advice, I say wait until someone comes on that does know, until then keep your spirits high! Eventually, everything will work itself out!

[PayYouNever]

Why can't you go back and finish getting your medical degree?

Also, if the default from over sever years ago? If so, you need to find out if the loans are beyond the SOL, then you can decide if they can come sue you or not to collect. If the defaulted loans are beyond the SOL, maybe you don't have to worry about these.

However, student loans might not have a SOL. In which case, you'll have to ask for amnesty and see if you can make a settlement offer for like 30% of the original balance. yeah, that's $60,000, but it's better than $200K.

You can't think about getting that new car, if you owe a few times the value of the car to the government.

But it's all about SOL at this point.

[Anonymous]

Well I am going to call the specialist back and see what she has to offer and then I will report back in.

I will try to keep my head up.

[Anonymous]

Also, what is SOL mean???

[gNaRKiLL]

SOL, Well that mean **it ouf of luck!  Actually its Statue of Limitations, but others are probably right there most likely is none.  I have half that in student loans for just a bachelors and when I think about it, its depressing but atleast you got a degree out of it in the end, even if its not the one you wanted. Maybe you can go back or something?

[Anonymous]

Fed loans are like diamonds, they are forever.  Try to work somethng out with them as they are generally REALLY easy to work with.