Let me tell you a story. My husband didn’t get a job right out of college. He didn’t get a job 6 months out of college. He didn’t get a job a year out of college. Finally, he got a job as a waiter at a chain restaurant a year and a couple of months after he graduated. During this time he paid no loan bills what so ever, he put it on a forbearance, which is what they are for. Then for the next 3 years he worked very hard and made less and less. He didn’t set up income based payments, he ran out of forbearances, he ran out of help. Then for a year he ignored all payments like they were going to float away.
I got a serious teaching gig 1 year after I got out, thanks to my work experience and he had no job. Then he got one. He started to make payments but it was too late. No one wanted to help him, bend the rules, make a plan.
Here we are, stuck under his debt with companies calling 4 times a day, parents calling… It’s crushing. I can’t pay my loans. It’s not fair. I’ve tried to get mine done right from the start and so far we’re okay but I expected to be $6,000 lighter by now; and I’m not.
It gets worse. This is a habit now. Waiting to pay, putting it off, making excuses for why something isn’t done.
Starting in October, his wages will be garnished for taxes. He forgot to turn in his payment plan request.
He didn’t notice a loan wasn’t coming out, not his payments have gone up.
Today he was pulled over because he still hasn’t turned in his information for is updated registration. He hasn’t paid for those taxes etc. it’s been a month and a half.
People, things were getting better. Paid off the baby doctor finally. Canceled boxes and books for CDubs, consolidated my account with CDubs at the hospital and put it on a payment plan (cause a baby can make payments…. People…. Oh people…), Lane Bryant is being paid off this year (from my extravagant youth), my bridesmaid dress will be paid for by January, Kay’s is almost paid off, it’s almost done people. I see the end!
My advice. My advice is most representatives on the phone want to help you pay. They want your money. Can’t pay now? Ka-ching interest. Ignoring calls, using up payments, not telling your partner about your finances (I had no idea for a long time); that is going to make your case managers mad. No one will want to help you. No one.
Pay. Tuck a little away, sure, but pay. Pay now, set up plans. Make it work.
Don’t put it off. Don’t.