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Why this is a really bad idea...

1. With the gov't they don't need to fool around with collection agencies they just get really mad and do bad things to your tax returns, garnishments... (okay, I don't know if this is true but I think it is not far from the truth)

2. You thought credit crads were bad about hassling you, think of the power of the national gov't on your back...

3. I tried not paying on a loan (thought it was in deferment and wasn't) and I really *ucked myself up. Who on God's green earth will loan you money when you owe the gov't ???? i Can't even get a damned credit card, "preapproved". Have you ever ever looked at a credit report/ seen your FICO (the score by which ANY financial institution will decide to give you a school, house, car loan, credit card)? Who do you think will lend you money to go BACK to school when you won't even pay the FEDERAL GOVT the money you owe them??

4. Do you pay taxes/paid taxes ever in your life?? There is a reason most sane people pay the gov't when they ask for money.

5. Your credit score (in default with gov't) probably looks as bad as someone in bankruptcy. That's ugly. You can't get ANY future loans for school so forget it. Shoot, my credit union won't even lend me money and I owe a tiny sum on a loan that went into default.

6. Don't EVER EVER let this happen again. Break your own leg first. The gov't was very generous and helpful for getting a financial hardship deferment for me when I was making minimum wage after my grace period ended. It was too easy not to do it.

7. I am NEVER going to fall into the trap of owing more money than my net worth. Heck, I want to go on, get out of this stupid job, go back to school, make some real money at a real job. Who doesn't??? As it is, I am climbing out of debt VERY SLOWLY on a measly salary but my job isn't "hard" per se and it will be a real accomplishment to pay this monkey off my back. Then I'll be ready (see mature, financially secure) to further my education and handle an even greater salary. I am using this time to become educated about finances.

8. Ask yourself why you let this happen. Was this a mature, responsible decision or was it a rash, impetuous thing. Maybe you shouldn't be trusted with more money until you learn to come to grips with the debt you already have. I mean that in the nicest way.

9. Good Luck. A. Contact the loan people and ask what you need to start doing to get this loan "rehabilitated". You can't consolidate right away, you missed the boat this time. But after you make regular payments in the "rehabilitation" you will have more bargaining room. This means you will be put on a payment plan, including interest that has already accrued since Jan., and any late penalties. If it is a federal loan then these things can be worked out but it requires that you all do A LOT of work. The alternatives are too ugly to consider however.

one hell of a first post for me on this board
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