I’ve been ignoring them for a decade and they kept going into forbearance and shit so it just kept being something I could avoid thinking about, but now they’re like “yeah dude you’re gonna default tomorrow” and I don’t know if I can even pay anything to avoid default
like do I need to pay the current outstanding amount due because that’s like $6000 fucking dollars
it says the monthly payment is like 400 something, but I don’t know if I can just pay that and avoid default
i guess i’m getting my wages garnished
It’s usually not a pretty process, but generally if you talk to whoever you have debt with, if you work out a plan to pay something in, like a few hundred bucks a month, they won’t try and collect on their debts forcibly. I worked in a different branch of the debt industry briefly - primarily credit card debt, mostly small business owners racking up debt on their platinum cards or whatever - so take that with a grain of salt. I know there are different repayment plans specifically for student loans - look into that and maybe talk with someone before calling in.
You really do want to take care of it ASAP - I don’t know if they’ve capitalized your interest or not yet, but if they haven’t, do everything possible to avoid that happening! Student loan interest from my understanding only accrues on the initial borrowed sum, as opposed to compounding interest, but if you become delinquent they can capitalize your interest! When they capitalize your interest, any unpaid interest you owed beforehand becomes a part of that base sum, and you have to start paying interest on that interest, which can potentially be horrendous.
Yes, my experience with this sort of thing was in the UK, but as a general rule you want to be communicative with your creditor, and show willing to pay something. They get a lot more legal options to fuck you if you go off the radar in any way.
Call them and say you have trouble paying them. They would rather you pay than default. There’s only so much that can be done, however, sp don’t expect miracles.
well I guess I applied for that but I guess I have to wait so I guess I’m still going to miss this deadline tomorrow but I’m really confused why it even matters when studentaid.gov already shows all these loans already in default
i’m really glad I owe 50% of the loan principal in interest i love this country I’m so glad I went to college at 18 like every fucking influence in my life wanted me to
I feel ya I had to apply last week. Have you tried calling? You may be able to get it into temporary forebearance until the IBR goes through.
