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Advice For Dealing With Defaulted Student Loans

Savvy Community: Dealing With Defaulted Student Loans

This post was shared by reader monnie72385 in our Ask Savvy group.

I was recently contacted and was told I have defaulted on two of my student loans. I was given two options: (1) pay lump sum at a reduced rate or (2) pay 10 percent and make monthly payments immediately. I cannot do either at this point as I can't defer loans and go back to finish school because it is too expansive and my current job is only barely covering life expenses.  I have no idea what I'm supposed to do next. I can't find who I am supposed to contact because the loans were sold from GMAC to another company to another company without notification. I just need to know if anyone knows what my next step is supposed to be. Anything!

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