Hello! I’m 33 and just finished my Master’s in Social Work-- long story how I got here but the simple version is that I am approaching repayment, and I estimate that between my private loans from undergrad and loan from grad school, I will owe about $1500 a month in payments. I’m working towards becoming a licensed therapist, and while I’m working with people about their mental health struggles, I find myself often massively overwhelmed with my own anxiety (sometimes floating thoughts of suicide) around paying back this debt (especially the predatory private loans that call my sick father on the daily). I don’t have a lot of options for support, and am here to figure out how I can get these loans off my back. I want full cancellation-- nothing less. If anyone has advice to give on private loans, I’m all ears. Fuck this predatory system!
So here’s what I did…I actually dont remember taking out the latest loan but currently Navient thinks I took out a private loan in 2008. So I got a call from a collection agency who bought said loan, I told them I don’t remember signing a loan in 2008 and it has been 13 years since the loan was taken out. There has never been a payment on the loan so it now lives in the STATUE OF LIMITATIONS world. In my state and the state I graduated in the statue is 6 years for private loans.
Here’s what you do…
- Never let them call your family or friends, don’t give them the numbers at all. Have your dad change his number, hopefully that is possible.
- Find out what your states statue of limitations is and if you can live with a negative on your credit report for that long, I think most are 6 years.
- Is the most important part. STOP ANSWERING THEIR CALLS. It’s very important to not answer because there are things you can accidentally say that will start that limitations clock over again. Just don’t acknowledge it. Wait until it says “charge off as bad debt” on your credit report and you are home free.
Now I don’t remember even signing this loan. I had 3 other private loans, one was paid in full and the other 2 ended up like this. There is only so much money a person can pay.