@Anonymous wrote:
Are the student loans federal?
If so, then I can help. It's already been covered that they can report monthly. And that no matter what you do they will fall off 7 years after the first delinquency. However, it's correct, they will haunt you until you face them. They have many methods of collection such as taking your tax refund, or garnishment of your wages, even eventually filling into social security. They don't need a judgement either, unlike private loans. The good news is that you can rehab or consolidate to get them back on track. Rehabbing is probably better because it will erase your default, possibly but not guaranteed to erase any lates, and allow all those nice, older tradelines to continue to age. Rehabbing requires 9 one-time payments. They can be income-based. You can only do this once in they love of the loan. Then they will be sent back to a servicer. You can then pick an Income-driven repayment plan if that is your desire and depending on your balance and monthly payments, you might be a good candidate for forgiveness.
I would also go back and check the gov National Student Loan Database, NSLDS website. Make sure that you don't have more loans with another collection agency.
A lot of people default. As long as you take care of it later, that's all that matters.
Please take this advice to heart. I had 2 student loans (each $2,500) that I defaulted on back in like 2005/2006 and was able to rehab one of them through Navient. What's funny is they actually called me and I only had to do $5 payments each month because I wasn't even working at that time. That loan, which is now in good standing, is the oldest account I have, and I'm currently paying it off (triple the original amount because of interest). As for the other one, well... I was supposed to get a nice $3,000 tax refund after filing about 3 years worth of taxes a few years ago, and I didn't even see a dime of that money. They also ended up garnishing my wages for the remaining balance owed. They sent me letters and I stupidly ignored them until I got a pretty serious one saying they were going to start garnishing. Luckily, it was only about $800, so it wasn't too painful, but it certainly could have been avoided if I had taken action earlier.
So, long story short, 2 $2,500 loans ended up costing me almost $10,000. Call up Navient, or any other company that does loan rehabs, and see what your options are. It doesn't hurt to at least ask.
lolz.. It's not a thing. But it should be a thing.
@Anonymous wrote:I've never seen that. More info please.
@AllZero wrote:
I saw the 'so-and-so is currently typing a response' icon so I didn't reply to the answer. 😉
@Anonymous wrote:lol
@AllZero wrote:
I saw the 'so-and-so is currently typing a response' icon so I didn't reply to the answer. 😉
You'll have to have the opt-in message and unfreeze your credit bureaus. 😉
Post 9 should clear things up.
In addtion, bothand posted at exactly 01-01-2020 08:46 AM
@AllZero wrote:In addtion, bothand posted at exactly 01-01-2020 08:46 AM
Yes- and/but what made it funny was that it was the second time that day - within like, an hour, that we posted very similar responses at the same exact time.
Yes, it was very funny. It must have been like 100 words per minute with helpful and detailed response.