Getting a zero or low payment

Hello Friends,

I’ve somehow managed to avoid paying much on my student loans. I was poor, I’m actually making some money now, but I support my family. Also, I am philosophically opposed to the way our country has put everyone in debt for higher education. I’m $100k in debt and don’t want to spend the next decade or more paying $600 to $1,000 a month and not being able to live life. I rent and have resolved that I will never own a home because of this. Also, I have a bunch of medical debt. I know there’s not much I will financially leave behind for my son who is three right now. God forbid we have an actual medical emergency.

Anyways, I’m sure I bumped up to some new income bracket and don’t want to do a IBR or Repay. I’d love some way to stay out of repayment. I stupidly forgot to sign up for community college classes. I was going to do six units of classes in stuff im interested in to defer. I want to find a way to keep the vultures at bay or pay them a max of $200 for the rest of my life. I shouldn’t say I regret going to college, but it sure feels that way when your family never made you a college fund.

Anyone have tips on riding out the debt strike?

@DebtSlaveNoMore hello & welcome! Do you know if you have federal or private loans? If you have only federal loans, all payments should be suspended until September 2021 due to Biden’s executive action. @Thomas_Gokey should be able to add more info, and offer suggestions for other options after the moratorium is over for not paying. Can’t Pay, Won’t Pay! :slight_smile:

Navient told me my loans aren’t with the Dept. of Ed. Which is weird because I’m pretty sure I’ve never taken out private loans. Here is what they wrote to me.

The National Emergency Forbearance and 0% interest rate provided under the CARES Act by the U.S. Department of
Education (ED) only applies only to ED owned student loans.
Your six Stafford Loans aren’t owned by ED and, therefore, not eligible for the National Emergency Forbearance and 0%
interest rate provided under the CARES Act. However, if you’re having difficulty making payments, give us a call at
888-272-5543 for assistance.
During this time of national emergency, Navient is offering a short-term coronavirus forbearance to qualified FFELP and
private loan borrowers who request it. This program may bring your eligible loans current and postpone payments for at
least one full month.

Update: I guess my loans with Navient are private loans. I didn’t know the FFELP loans were private :frowning: I have about $20k with Navient and $90k with Nelnet who are ED loans that are deferred until September.