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Infolawyer, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 6824
Experience:  Licensed attorney helping individuals and businesses.
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RE: Parent Plus Loans Can't afford monthly payment required;

Customer Question

RE: Parent Plus Loans
Can't afford monthly payment required; I was told I reach my limit of forbearance, offered to make monthly payment of 1/4 of required amount, they will not accept. I will go into default on this loan as I can not afford the monthly payment.
It was my understanding there was no limit on Forbearance filing , in any event I want to pay but can't afford the asking payment
Thank you
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Gerald-Esquire replied 1 year ago.


Thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow up questions you have.

I am an attorney with 30 years of experience;, including experience in the federal student loan collections industry. I hope to provide you information that will help you in resolving your question.

In order to provide as complete a response as I can I must ask you a few personal questions. I do not need dollar amounts just yes or no.

Do you own your own home or do you rent?

Do you have significant assets in savings, investments, retirement accounts?

The reason I ask is if you do have these, the government can garnish them if you default. If you do not they can only garnish a maximum of 15 % of your disposable income. Which I can discuss with you more fully after I get your responses.

Once you respond I will try to provide a more detailed answer as soo as I can.

I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow up questions, feel free to ask. Please note that I am generally unavailable Friday evening through Sunday.

I hope the information I have provided is useful to you and that I have earned a positive rating from you. It costs you nothing extra, and is the only way I get credit for my attempt to assist you.

If you are dissatisfied with my response PLEASE let me know before giving me a negative review so that I may try to be of better assistance. Or if you prefer, let me know and I can “Opt Out” and your question can be re-posted without additional cost to you. I will be fair to you and only ask the same from you.

Good luck,

Please note: Information given is not legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.