Hi! I just joined th Debt Collective because I am (after 20 years of “payments”) going to owe almost $450,000. I am 26, with a full-time job, but barely make $45,000 a year. There is no feasible way for me to pay these month payments, which are $1,850. more than double what I pay in rent each month. I have been in deferment and forbearance before, so I can’t do it again. My only option at this point is to not pay and default. I would love to hear some advice from people who have been through this. I don’t have anything under my name thankfully, so there is nothing to take from me. Any help is greatly appreciated!
Hello Hannah, You are smarter than me when I was 26. I’m a member and part of the 50 over 50 group. I’ve been holding these loans and thought I’ll just work and work and pay and pay until I just couldn’t pay anymore. I suggest that you join one of the groups, maybe the College of All Jubilee groups as well as the upcoming Office Hours groups. These groups have been helpful for me as I create a strategy in dealing with these loans. Also, suggest that you contact your state’s Student Loan Ombuds. Keep going and welcome to the Debt Collective!
Hi! I am thankful for your post. The debt is untenable in my opinion. I contacted my U.S. Congress Representative office. My complaint was for U.S. Dept Education to respond. The liaison escalated my complaint about hardship; etc. However, the Loan Servicer MOHELA representative responded. The MOHELA, response, in my opinion, shows the Loan Servicer had no authority to help me. Only responded that I was not paying anyway due to Administrative Deferment. and that my age, health and other financial situation had no bearing on repayment. I intend to request Dept of Education who can act by law to assist, that they respond directly instead of through MOHELA.