What Loan company will take over my federal student loans when the loans are in default?
Lem C asks:
What Loan company will take over my federal student loans when the loans are in default? My loans are government loans from Saillie Mae. I owe them under $5000. I heard about this company that will take over your school loans from them but I don’t know the name of the company. I am at the point where I can’t get a federal student loan until I pay this off. I really need some student loan advice!
Will a Loan company take over my federal student loans if the loans are in forbearance?
Bob asked: Will a Loan company take over my federal student loans when the loans are in student loan forbearance? I need to go back to school. My loans are government loans from Saillie Mae. I owe them under $5000.I heard about this company that will take over your school loans from them but I don’t know the name of the company.
Answer: You might be eligible to get all or part of the interest paid while you go to college. No one will “take over” your loans. You will still owe the money to your lender when you are in forbearance. They will simply add interest every month while you are making payments. Student loan forbearance does not lock the interest rates on your student loan.
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