Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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School loan payments and Chapter 7

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  • School loan payments and Chapter 7

    Hi all,

    Recently filed a chapter 7 and waiting to have my 341 later this month. I was just curious about people's experience with school loans (Sallie Mae/Navient). I know they can't be discharged, but wondering if I don't pay my monthly payments in the time before my bankruptcy discharge will Navient consider these payments late and report as so to credit agencies.

    Also if I don't pay for these 2-3 months, after the discharge will they want me to pay these payments or can I just pick up my monthly payments post-discharge?

    We are really tight for cash (obviously) and would love to have the extra money for these 2 months to deal with other expenses.

    Appreciate any insight.

  • #2
    If you don't make your payments, your loans will be in default when you are discharged and the delinquency will probably be reported to the credit agencies. You will have to catch up on the payments or negotiate other arrangements to bring them out of default. Have you tried applying for a deferral or payment plan?
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


    • #3
      Originally posted by LadyInTheRed View Post
      If you don't make your payments, your loans will be in default when you are discharged and the delinquency will probably be reported to the credit agencies. You will have to catch up on the payments or negotiate other arrangements to bring them out of default. Have you tried applying for a deferral or payment plan?
      I have some private loans and some federal loans. All the federal loans are on unemployment deferment as of October 2014 so that extends until March 2015. The private loans are the ones I'm focused on here. Already on a payment plan with the private loans that is the lowest payment they would allow. I do not qualify for any deferments on the private loans. There is a forbearance option, but not sure if they'll do that while I'm in bk process. Worth the ask though.

      I want these to be a positive mark on my credit post-bk to help with increasing credit score so would prefer them not to fall in default as I've never been late to this point. Are you sure they would be considered in default. I thought the stay during bankruptcy means that they are not allowed to try to collect so I was guessing this meant that if I don't pay during bk that interest will accrue but nothing else. Then once I'm discharged I can start a new payment plan on these loans. Is this not accurate?


      • #4
        They aren't allowed to try to collect during BK. But as soon as your BK is over, you will be in default. You don't get to just skip the payments due while you are in BK. Whether you can cure that default depends on the lender.
        LadyInTheRed is in the black!
        Filed Chap 13 April 2010. Discharged May 2015.
        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


        • #5
          My lawyer advise us to keep making payments to the school loans during the BK process and we did


          • #6
            We were also instructed to pay student loans as usual or they would be in default after discharge. I understand you wanting to use the money for "other" expenses but with you filing and going chapter 7 doesn't that free up money that you were paying on unsecured debt etc?

            If things are tight now after filing what is your plan for after discharge when things are supposed to be better for you? Part of filing is not just a temporary plan but a long term, change your lifestyle plan to your fresh start so that things are easier and you can do it right this time.

            I hope you are able to make it work and take advantage of your fresh start. Good Luck!


            • #7
              If you are tight for funds now, even though you have (presumably) stopped paying your unsecured debts, and the payments on your private student loans are unaffordable now, then what is going to change after bankruptcy? If you truly cannot live on your current income, while paying the private student loans, then it may be best to quit paying them and attempt to have them discharged.

              Even if you cannot have the private student loans discharged, it might still be best to quit paying them and let them charge off and go to collections, especially if you are poor enough that the amount which they could garnish after a successful lawsuit is less than the amount required to keep the loans current. It should be noted that private student loans are subject to a statute of limitations (SOL) which begins once the loan goes into default, and that sometimes the creditor will fail to file a lawsuit within that timeframe. Also, if you are sued, and the creditor does obtain a judgment, that judgment will have its own statute of limitations, which in California is 10 years.


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