The Loans Support Center

The Journey:
Just Found Out
Dealing With It
Recover & Thrive
Worst Case

Facing the Initial Impact of Loans

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Every person is unique, but when you face a challenge like struggling with your loans, you are never alone. Countless men and women have been in the same situation and have survived and thrived. The following guide is designed to help you navigate your journey with the best information and resources that helped other survivors when they faced the same challenge.

TSC has scoured the Internet and assembled links to the very best loan resources: articles, blogs, forums and tools that can help you make better decisions and take action to overcome the range of physical challenges that you face.

As you’ll see, we always welcome your ideas and suggestions to make this Loans Guide even more helpful to survivors like you.    

JUST FOUND OUT 

Survivors Say: Best Resources for Loans

The Big Picture


A loan is when one party gives another a certain amount of money at a pre-arranged rate of interest for a specific time period. A loan can be useful for a variety of needs --  to buy a house or car, to help out in an emergency, to pay for education. While loans can be very useful, the prospect of taking out a loan and owing money needs to be completely understood before you take one on.  Now more than ever, it is important to make educated financial decisions.

Once you understand the concept of a loan and what you need it for, you can find ways to ensure that your loan is the right one for you. To help you understand which loan is right for you and get some tips on taking out a loan, visit this link:

wiseGEEK: What Is a Loan?

Your Loans


To better understand what kind of loan you need, find out exactly what type your loan is classified as.

Your World


After figuring out what type of loan you need, you should also calculate your ability to pay it back without strain. Use an online calculator to help you determine how much you can handle.

To help you calculate the best loan for you, visit the Bankrate loan calculator:

Loans Myths

Dealing With Loans

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Information and Recommended Links for Survivors

Survivors say these are the best guides -- check them out to find out more about your options.

Options that can help


Consolidating your student loans

If you have multiple student loans, consolidating them can help.

Loan modification

A loan modification is a permanent change in one or more of the terms of a loan, resulting in a more affordable payment for you.

U.S. Department of Housing: Loan Modification FAQs

Creating a Support Circle

  • Set up your TSC Survivor Profile
  • Join support groups of other survivors or set up your own
  • Interact and provide updates on your profile or our forums

Professionals Who Can Help

Loan specialists and financial advisors can help you find a loan that best suits your needs, or help you manage your current loans.

The Emotional Roller Coaster

Struggling with loans and debt can definitely be a financial burden. Many people panic about how they're going to pay thrm back. Besides educating yourself about loans and how to manage them, support groups are important for maintaining a healthy emotional state.

Books Survivors Recommend

What Survivors Wish They’d Known

Communicating with Your Loan Officers

  • Bring a friend or family member with you to your appointments ,not only to provide support but to lend an extra ear to everything your loan professional has to say, and to think of questions you may have forgotten to ask.
  • Don't be afraid to ask any questions, even if you may be scared of the answer.
  • Write down any questions you may have ahead of time, then write down the answers to those questions as your loan professional walks you through them. Don't be afraid to ask for clarification on anything.

Dealing with Loans: Information and Recommended Links for Co-Survivors

What to say    

  • "Let's find some professional help."
  • "I will do whatever I can to help you figure this out."
  • "I care about you, and I'm here to listen."

What not to say

  • "Don't worry, we'll find a way to make this all go away."
  • "Why did you take out a loan you knew you couldn't afford to pay back?"
  • "You won't qualify for loans."

How to build a support network

  • Set up your TSC Co-Survivor Profile
  • Create a support group for your friend or family member.
  • Interact and provide updates

Recover & Thrive

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While putting your loans in order, assess and share with others how you feel emotionally and mentally. As soon as you begin to modify your loans and consolidate them, you will feel more capable of handling them.

Surviving with and Repairing Your Loans

The government offers benefits and loan-assistance programs that you may be eligible for.

GovBenefits.gov

An imprtant step to take is improving your credit report, which can affect your ability to get or modify your loan:

GovLoans.gov: Other Resources

If you're self-employed or a small business owner, take inspiration from entrepreneurs who saved their businesses.

Entrepreneur.com: Entrepreneurial Survival Stories

Give Back

What helped you while you were dealing with finding a solution to your financial problem? How did you recover? Take a look back at your journey and share with others what helped you and what you wished you would have known or done. You can create a profile, reach out to other survivors, join support circles or share your story by following the links at TheSurvivorsClub.org.

Worst Case

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If you have defaulted on a loan, find a financial advisor or even a bankruptcy specialist that can help you find a new solution.

DebtWorkout.com: Bankruptcy Alternatives
Comments & Stories
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