I am a 5th year Senior and I am already having loans that are becoming due from my freshman year. I am getting 8-10 calls a day from these guys saying Im 40+ days past due but each time I tell them I am still in school and do not have a job yet. It is seriously ruining my credit and I am going into a field that I cannot afford to have less than decent credit. Anything I can do?

I take it they are not differed student loans? One option might be to get a part/full time job and go to school less or take a quarter off to save money. Maybe check your spending to see if there is excess money you could cut out to redirect to paying on your loans. Another option may be to have family or close friends help out and pay them back with low or no interest. You might also be able to reconsolidate them but no sure about your situation. Good Luck

You should sit yourself down and write down your income and expenditure. Now of course as you are a student you probably wont have an income. So as user name has suggested, you need to get a part time job, perhaps on the weekends to enable you to deal with the money you have going out.

Work out what the most important outgoings are, i.e. food and travel and bills. Try to cut back as much as you can on the social and fun things you invest into. I no that isn't great, but it will help you save over time. As you are earning from your job you should also put money aside and save it up.

It was a deferred loan. I already have a truck loan, a personal loan, insurance, and some other things that I have to pay for. I have a part time job that pays for all of these. I have a very strict budget. I buy sandwich stuff and thats what I eat for the whole week, no fast food, no bars, not very many fun things at all. The only thing I do for fun is go to our football games which I get free tickets for. I seriously have no extra money to give them. I would hit up my parents but they are paying for my dad's dr bill because he was diagnosed with cancer and theyre paying for my mom's diabetes. I really do wish I could get a 2nd job so I could pay them out right but I dont think its fair to have to pay them back when I am in school when they are deferred loans.

Sorry to hear about you families situation.

I do not know the exact terms in your loan but if they are truly deferred you should not have to pay anything on them until you are done with school or out of school for 6 months, I believe it is, depending on your terms. Are they government loans, like Stafford, or are they personal loans from a bank? How did you get the loans, via FASFA? I would suggest sitting down with your financial aid office to figure something out. Maybe they can help you reconsolidate them or find other methods. If all else fails, call the loan company directly and discuss your situation. They might be willing to make a deal or work something out with you. But if nothing works, your only option is going to be to work more, school less. Or, like I said prior, take a quarter off to save a big chunk. But, do not skip payments. This will not only damage you credit but will make it near impossible for you to get future funding for school. With the credit crisis, many students are finding it very hard if not impossible to get funding for school. Have you already applied for FASFA? If your under 24 they will go by your parents income, since you are considered a dependent until 25 unless you can prove they proved 0% support.

You are also considered independant if you live on your own or are married.

I had stafford loans from when I first started school at a university. Then I went to a community college and I had to send some kind of paperwork to verify that I was still a full-time student to Sallie Mae. If you transferred schools at all, that may be an issue to resolve with them, or at least you can inquire about paperwork to verify your student status.

You should still be able to get a forbearance for economic hardship. During a forbearance, your interest will accrue and be added back into the balance, but you won't have to make the payments, and your credit report will not show late payments.

As User_Name said it would help to know if they are government backed i.e. Stafford loans or private loans.

Who is your loan servicer?