Need Advice on Student Loan Options!

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  • #65447
    mrstaylor
    Member

    After my Intake meeting on 12/16, I was given my action plan and have completed mostly everything. The last and most daunting piece.. a household member’s student loans. They are defaulted and the collection agency added fees making the new balance 10k. We don’t have enough cash to attempt to settle and I would hate to do a payment plan because I don’t want to wait 12 months to qualify. Also, the household member is currently unemployed so I’m not sure what kind of “payment plan” could be set up. I thought about maybe doing a lump sum payment and then getting the loan in forbearance? I’m not sure if that’s a possibility or even helpful to the NACA program but I want to do everything I can to have some sort of resolution to this that doesn’t involve paying 10k out of pocket or waiting 12 months.

    Anyone have any ideas/advice?

    #65449
    Nelsont
    Member

    Does this household member intend to live with you in your naca home?

    #65450
    mrstaylor
    Member

    Yes, it’s my spouse.

    #65451
    Nelsont
    Member

    Hmm. Would qualifying without them help? If they need to or want to qualify you might run into issues. If they don’t it might not matter.

    #65452
    mrstaylor
    Member

    Well my MC said because we’re married they can still put a lien on the house. Initially we planned to qualify together but he has gaps in employment we would either have to wait 2 years or we can qualify with just me and him as household owner.

    #65582
    mrstaylor
    Member

    Finally heard back from my MC and I’m putting the answer here for any other who may have a similar situation. The only option for us to possibly qualify this year is to pay it off completely (settle or in full).

    I’m really discouraged because previously our mc told us we could look at being qualified in March, I had that goal in mind and I’ve completed all the other items. I plan to call the student loan collection agency and maybe their rehab program could be sped up if we make a lump sum payment to start out. I don’t particularly want to do an FHA loan but waiting a year for possible qualification and months to close after that is not an option I would like to chose.

    #69167
    mrstaylor
    Member

    Has anyone had success getting qualified once their student loan is out of forbearance but less than 12 payments have been made? The rehab program we’re in ends in Sept and the loan would be considered out of default but there will have only been 9 months of on time payments. Any advice is appreciated!

    #69190
    TTrumble
    Member

    Hello mrstaylor,

    NACA policy is to consider the student loan rehabbed after six months to twelve months of on time payments in an approved and documented payment plan, depending on the servicer. Based on what you have written, it looks like you will be ready to proceed at the end of September.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #69195
    mrstaylor
    Member

    Thank you, @ttrumble! That is such good news, I kept getting the 12 payment answer! Looks we may be able to qualify even earlier! *fingers crossed!*

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