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hello,
I defaulted in my early 20s and have not addressed my federal student debt at all since around 2011. I occasionally receive a letter from a servicer. The letters vary in the amount that they say that I owe and in their tone of severity of threats.
Over the last five or so year my credit has recovered after being a responsible CC user.
My tax returns were being garnished until 2017. My taxes in 2018-2020 were paid out due to pandemic laws (I think) I submitted all of them last year. My wages have never been garnished.
Professionally I am in a place where I am ready to pay this off and get it handled but I'm struggling to find a good channel to reenter this process. I don't want my credit affected and obviously I would like to pay as little in interest as possible.
I don't know who I owe money, what its from or who to trust.
I was considering hiring a lawyer to track down everything develop payment agreements.
I would love to hear what you guys think could be effective first steps.
Okay team. I haven't paid my student loans since leaving college in 2008. I called a student debt attorney last month to help figure this out. He suggested consolidating my loans and entering a 12 year income repayment plan after (I just got a job with the government) for me.
The consolidation took an hour tops and for the first time since graduation I'm not in default.
Your "loan servicer" will they to get you into a loan forgiveness program. Don't do it. They are not required to inform you of the option to consolidate out of debt. Don't even call them.
Go to studentaid.gov print out the forms and send them all in certified mail. Make sure you send the loan back to the government not sallie mae or the other loan servicers. Stupid easy after spending my adult life as an outlaw.
Good luck.
I'm going to be in the pslf loan forgiveness program and I'll be pay off my "debt". The bankruptcy a few years back and not paying back anything tanked my credit ya ding. Its only up from here!
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Yes John was awesome and will help get loans dismissed if you qualify, but if not has a ton of solid information and good feedback. It cost $150.
https://thestudentloanlawyer.com/
If you just want out of default send in the forms and start your new life. If you want advise first email John.
I believe my new interest rate is 4.2 which is about a split from my separate loans. I now have to pay back the accrued interest calculated by the studentaid.gov 44k which is 8 k less than my loan servicer was trying to squeeze out of me.