punkin Posted July 17, 2008 Report Share Posted July 17, 2008 I am in desperate need of advice. When I was 18, about 9 years ago, I enrolled at Tulane University and received financial aid. Being 18, I didn't really understand what I was signing for, and when I left after a year, I didn't think about paying them back. A couple years later, I was sued by Tulane for over $5K, I set up a repayment plan with the attorney, failed to make payments, so they garnished my wages. Less than 2 years later, I had finished paying them, my garnishment ended, and I thought I was done with them.Fast forward to today, I'm checking my voicemail and have a call from a man with a number to call him back. I (stupidly) call it back from work, and it turns out he is some sort of investigator verifying my information for the Perkins loan I had with Tulane which was sent to a collection agency, and being prepared to send to litigation. After doing some research, I found out that I did in fact have a Perkins loan with Tulane, as well as a Direct Loan through the federal government in addition to the previous loan I had paid. I called the man back and asked if there was a way to keep it from going to court. He said I can if I paid them in full, at this point they will not accept any payment plan.I owe $3100 on the Perkins loan that he had called me about, and $3600 on the Direct Loan. The Perkins loan does not even show up on my credit report. There is no way I can pay the full amount of the Perkins loan, I could maybe afford to make payments of $150 per month. I can't do a student loan consolidation because I don't owe enough all together. I can't borrow the money from anyone, my credit isn't good enough to get a loan through my bank either. $3100 may not seem like a lot of money to some people, but it is to me. If my wages are garnished, I will be fired from my job. I know they can't fire you for garnished wages legally, but knowing my job they will find a way, and then I'll be in a whole new mess. I just want to take care of my situation, but can't seem to find any way. If someone has any advice, I would greatly appreciate it! Link to comment Share on other sites More sharing options...
swirlgirl Posted July 17, 2008 Report Share Posted July 17, 2008 Calm down. You are going to be okay. Forget what the collection agency told you.Since the loans are government related, you can do loan rehabilitation. Check out this link. It explains how to rehab a Direct Loan and a Perkins loan. http://www.ed.gov/offices/OSFAP/DCS/rehabilitation.htmlRead and give them a call for more info. Link to comment Share on other sites More sharing options...
Cynic Posted July 17, 2008 Report Share Posted July 17, 2008 Calm down OP. It's not as bad as you think. My suggestion: go to loanconsolidation.ed.gov and apply for a consolidation now. As long as there's no judgment or admin wage garnishment yet, you can consolidate. There is no minimum balance. Link to comment Share on other sites More sharing options...
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