Haven’t paid a cent in 22 years. And have kept them in good standing this whole time. Yes. Interest has accrued big time. But no intent of ever paying. So who cares? As they’re fed loans, won’t go after my estate/family when I die. When I do eventually die, they can have a good time trying to pry it from my cold dead asshole.
Actually I’m positive now that that’s only if you’re in default. And I had my loan 100% discharged a couple years ago. All $125k. Why? Because I kept it in “repayment” status for the 20 years laid out in my contract. They first tried not to honor it. But the Biden administration put the screws to servicing companies to honor their contracts.
And I did indeed use IBR. Mohela: “From your taxes we calculate that you can pay $xx.xx dollars a month. Can you pay that?”. Me for decades: “No”. Mohela: “What can you pay?”. Me for decades: “Zero”. Mohela: “ok. Understand your balance will accrue interest in that period. You’ll need to reapply in 12 months.”. And that kept them out of default and technically “in repayment”. And my contract stated that once I had kept my account in good standing (not in default) and in repayment, that after 20 or 25 years (depending on which repayment plan I utilized) my loans balance would be discharged in full.
So I bothered them and bothered them and counted months in repayment over the phone with a Mohela representative. And that count produced the magic number of months in repayments. Representative told me that she would need to talk to her supervisor but would get back to me. I received an email a few weeks later that my account had been 100% discharged.
Little_fut_Long_fut@reddit
Haven’t paid a cent in 22 years. And have kept them in good standing this whole time. Yes. Interest has accrued big time. But no intent of ever paying. So who cares? As they’re fed loans, won’t go after my estate/family when I die. When I do eventually die, they can have a good time trying to pry it from my cold dead asshole.
PINK_P00DLE@reddit
I believe they can take the debt from your Social Security when you apply.
This may have changed but that's how it's always been.
They can also keep your tax refunds to pay off the loan. Don't ask me how I know.....
Little_fut_Long_fut@reddit
Actually I’m positive now that that’s only if you’re in default. And I had my loan 100% discharged a couple years ago. All $125k. Why? Because I kept it in “repayment” status for the 20 years laid out in my contract. They first tried not to honor it. But the Biden administration put the screws to servicing companies to honor their contracts.
And I did indeed use IBR. Mohela: “From your taxes we calculate that you can pay $xx.xx dollars a month. Can you pay that?”. Me for decades: “No”. Mohela: “What can you pay?”. Me for decades: “Zero”. Mohela: “ok. Understand your balance will accrue interest in that period. You’ll need to reapply in 12 months.”. And that kept them out of default and technically “in repayment”. And my contract stated that once I had kept my account in good standing (not in default) and in repayment, that after 20 or 25 years (depending on which repayment plan I utilized) my loans balance would be discharged in full.
So I bothered them and bothered them and counted months in repayment over the phone with a Mohela representative. And that count produced the magic number of months in repayments. Representative told me that she would need to talk to her supervisor but would get back to me. I received an email a few weeks later that my account had been 100% discharged.
I literally cried with joy.