Credit question.......defaulted student loan......is there any hope?

I have a 15 year credit history. The first 13 years were perfect. I had a couple auto loans, a few credit cards, a couple bank loans. i did everything right and my credit was fantatic.

Then, I put my college loans into deferment for a year. When the year was up, I didn't recieve anything about the loan. I started making calls. To my school, to the loan company, the credit reporting agencies, other loan companies, etc. This literally went on for months. What I was consistently told was that I had no loan. I knew i did, but even asking to talk with managers got me nowhere. I ordered a copy of my credit, nothing listed. I mistakenly gave up.

Two years later, I ordered a credit report and there it was, my defaulted loan. I immediatly contacted the collection agency and started making payments. The total is now about $30000 more than my original amount.

My credit is a low 400 now and I've been told, %26quot;too bad%26quot;. I have no other loans or credit cards. What do I do?

Credit question.......defaulted student loan......is there any hope?

You are going to have to start a business that only requires the capital you can scratch up and slowly build from there as the revenue comes in.

As far as the part with your student loan, I think you will have a 7-10 year waiting period before you outlive what sounds like a real bad situation.

Credit question.......defaulted student loan......is there any hope?

There are two sources for student loans -- the federal government and private lenders. In order to obtain most federal student loans, you will first need to file the Free Application for Federal Student Aid (FAFSA). In most%26lt;!--instances the FAFSA is required for all federal financial aid including federal student loans. Deferment options are available while you are still attending school at least half-time. There are four main federal loan programs.

http://best-loans.awardspace.com/student...

Federal loan consolidation is for students who are in repayment status or parents who wish to extend the repayment period on their current PLUS and obtain a fixed interest rate for the life of the loan--%26gt;you can combine all of your eligible federal student loans into one loan with a Federal Consolidation Loan. Consolidating also locks the interest rate you pay on your loan.