Before I begin this post, I know I was an idiot. I avoided paying my student loans and I know that is not a good look. It has caught up with me and now I am just wanting this nightmare (that I created) to be done. My student loan was $9k. My taxes was $7k. Remaining balance on student loan was $2k.
My student loans was in default so my tax return was applied toward the balance. After the balance was updated with my tax returned I only owed 2k as of March 10th. So I decided I wanted to pay this off quicker than anything. I am working during this crazy time in our world, and I can apply $200 dollars a week ($800 monthly) and hopefully have it paid off in less than three months.
I called the loan office and since the 14th it has already grown to $2,500! The lady was nice, explained that I was dealing with default and interest accruing on the student loan and she made the comment that it would stay in default unless I made X amount of payments and came up (with them) a repayment plan. I argued that it technically doesn't matter how the money was taken out its basically 75% paid for.
I explained that I was ready to pay a certain amount each week to pay it off but with everything uncertain, I don't want to commit to a rigid number just in case. The lady keep pushing me to refinance the loan. But for less than 3k I feel like I would be shooting myself in the foot.
Also some backstory, about 6 years ago I tried paying off the loan. They set up a payment plan and I was paying X amount and after 10 or so (It was about 6 years ago so details are fuzzy) that was paid on TIME I was suppose to get out of default. I made all the payments but when I asked for a balance of the loan since I was out of "default" the balance had not gone down at all. It was a lot of money that I was sending them when I was working minimum wage. I then had a Fuck it attitude about it, and here I am.
I know I am not the smartest crayon in the box, but what should I be asking and how can I get this loan out of default and paid for within three months? Is it even possible?
Thank you for reading this if you got this far.