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Rehabilitation or leave the country?


dennis13
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okay - my story is complicated and if I type too much (or too long) this website clicks me out - so here's try 3: I owe $69,000 in stafford loans and I have two perkins loans: one for $2900 and one for $4200. started med school, but lost my dad in a car accident and my mom to leukemia and divorced (left med school to take care of my mom) Premiere credit has the bulk of my loans - they say I owe them $97,000 (principal $69,000) made an offer to Dept of Education for $30,000 (the amount I have from the sale of my mom's house after she passed away). they declined, sent my file to Premiere Credit. decided to enter a rehab program to lower my costs, fees, interest, etc. but premiere is strong-arming me and wants $10,000 first before i start the 9 month re-payment program! What? I'll already have to pay $2,280/month for rehab for 9 months then still have to make payments for the next 25 years and i'm not even a doctor! I'm moving to Belgium to work for a lab and I'm only making $25,285/year. should I just leave the country? In the event I come back to the U.S I'll have a mess to face but I owe more than $100,000, so wage garnishment would even be better than working out a payment program with these people who want more than $2,000/month from me! I'm so screwed - does anybody have a good solution?

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Yup, you will have a huge mess to face. Eventually it will all end up with the US Department of Education and with that high a balance, they will end up sueing you.

Did you ever look into the Direct Loan Consoldation loan program to get you out of default?

You would automatically be assigned to the income contingent repayment plan.

Also, no downpayment is required to enter into a rehab program. They can ask but not demand.

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Guest CollegeBound

Damn Bro, I hear Mexico is nice this time of year! j/king

I'd follow Lynn's advice. Sounds like the Direct Loan Program will be your best bet. Unfortunately your story isn't rare. Many medical and law students learn that they owe a third of their earning life to student loan lenders.

Feelin' your pain and wish you the best! (btw, the last time I was in Belgium, 25k isn't going to go very far, just a heads up)

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