I took a look at mine and saw I'm accruing $117 of interest per month. Absolute vultures, I swear.
I'm waiting for a hilarious wave of defaults to sweep the nation. It should have been obvious that was gonna happen. I'm hoping it'll have a similar effect to a general strike.
I hope you are wrong but it does feel like adding student loans back into the equation is going to put a significant financial burden on a demographic that is already struggling to accumulate wealth.
How do you even default on a student loan without becoming a dependent? I was under the impression they could take it directly out of your paycheck and it couldn't be dismissed as part of bankruptcy.
It's not that they don't do it because it takes effort, it's just a long process for them to get there. I have personally known someone whose paychecks were being garnished because they defaulted on 5-figure student loan debt, but he said that he ignored calls and letters for years and then ignored months (maybe even a year plus?) of court summonses to get to that point.
I was helping his wife fill out IBR paperwork and offered to help him with his and found out he had to be in this forced repayment for some period - couple years? idk this was ~10 years ago - before he could even apply for anything like that.
It's an evil trap, and they really will come destroy your financial life.
I took a look at mine and saw I'm accruing $117 of interest per month. Absolute vultures, I swear.
I'm waiting for a hilarious wave of defaults to sweep the nation. It should have been obvious that was gonna happen. I'm hoping it'll have a similar effect to a general strike.
I'm scared to even log in to look bc it feels like some level of acknowledgement that they can track and then pin on me
This. I'm never logging in or paying that shit. Its such a negligible amount too but it wont be fucking forgiven
I hope you are wrong but it does feel like adding student loans back into the equation is going to put a significant financial burden on a demographic that is already struggling to accumulate wealth.
How do you even default on a student loan without becoming a dependent? I was under the impression they could take it directly out of your paycheck and it couldn't be dismissed as part of bankruptcy.
I think they just don't do that often. Like, absolutely they could but it takes effort
It's not that they don't do it because it takes effort, it's just a long process for them to get there. I have personally known someone whose paychecks were being garnished because they defaulted on 5-figure student loan debt, but he said that he ignored calls and letters for years and then ignored months (maybe even a year plus?) of court summonses to get to that point.
I was helping his wife fill out IBR paperwork and offered to help him with his and found out he had to be in this forced repayment for some period - couple years? idk this was ~10 years ago - before he could even apply for anything like that.
It's an evil trap, and they really will come destroy your financial life.