I’ve been in forbearance for years now and I kinda just put it off to the side. I don’t have to pay and mohela payments keep getting pushed back. Since 2017, I have had $32000 in loans and I’ve only made two payments of $200. It’s been in forbearance for SOOOOO long. What should I do now?
Has anyone else been ignoring their student loans for years?
byu/Pelican12Volatile inStudentLoans
Posted by Pelican12Volatile
14 Comments
I paid my student loans from 2005 to 2022. Ran into financial issues, so I stopped. I should have handled it better.
Now, most of the financial issues have been addressed except for my student loans.
I am calling my servicer, Ascendium, and will try to rehabilitate them.
You are going to have call your servicer as well. Starting this summer if you don’t address it they will garnish your wages pretty hard.
Good luck
I was in COVID forbearance and didn’t have to pay. Thankfully, i work for a non profit and all that time went to my 120 payments…so heck yeah
Pay them? Not much more to it than that.
Not really ignoring them, it waiting to hit my 20 year mark. Now that the benchmark has moved to 25 I’m mostly just sad about them. Being 18.5 years into paying this has absolutely blown my plans out of the water.
I wish I was so apathetic in life as to ignore my debts, even when they’re as small as buying a car.
Yep and now I’m in a full blown panic about how much my monthly payment is going to be! Having the option to be in forbearance this long between Covid and SAVE has just made me more depressed and hopeless about my loans. I’ve stupidly ignored them all these years because my debt is more than I’ll ever be able to pay off so really just have to rely on forgiveness eventually so I figured why would I pay when I don’t have to especially when Covid forbearance was still counting towards IBR foregiveness. I was able to really build up my savings during this time but I also went on a lot of vacations, bought a lot of things. I got a taste of having financial freedom from my debt and now I’m not handling it very well that that is going away. 🫠
Yes there is statute of limitation on private loans. Thdy disappear. Not with Federal.
OH 100%.I have about 29k in loans that have been in forbearance for years. Before that i was on IBR and paying basically nothing. i paid like 200 bucks last year for the first time in years.
ill probably start chipping away soon now that reality is crashing down.
idk ive kind of just either ignored it or was just hoping theyd go away. i guess things are about to get real, 10 years later lol
Yes
And I’m planning to leave the US
I have been since like 2013. They were in default for like 8 years, the save plan allowed me to take them out of default. They will probably go back to default again lol
Pay them off.
Talk to your lender to see if you can come up with a payment plan; they want you to pay so they might make it easier for your.
I pay 265 per month, and I had already paid 20k straight up to kill the 8% & 9.5% interest loans I got during covid. 265 is a slow burn but until I can afford to pay off each loan in full directly this is what I will be doing. Ideally if you can afford your low monthly plus a payment directly towards on of the loans individually it will save you in the long haul.
I’m confused how you were in forbearance for so long. The COVID pause ended in 2023 and SAVE didn’t enter forbearance for almost a year. Were you just ignoring that you were in default?
But you should probably pay them.