Re: My Story
11-17-2012 09:00 AM
Your story is very encouraging. My BF has defaulted on his 4 loans (was $12k and now up to $24K). He received a notice about the garnishments this week and we'll be calling them tomorrow.
I noticed that you said they removed late fees. After a year of ontime payments, did they automatically drop them or did you call? Do you have any other advice that I can pass onto him?
Thanks again for sharing your story!
I didn't have to do anything, they just dropped all of the fees, but that's no guarantee they will do the same for him. The lenders want to help people get back on track, and it seemed to me that the last thing they wanted to do was take 15% of my paycheck. The most important step is to make the call, be honest about your situation, and follow through with whatever arrangements you make, no matter how much it hurts or how embarrassing it is. He wants to try for Income Based Repayment (IBR). Depending on what field he works in, he may be able to qualify for some kind of loan forgiveness in the future.
Best of luck with all of this. I hope he gets it resolved in a way that works for everyone involved.