Six months ago I decided to take responsibility for my financial life and have followed many of the ideas from this reddit. The last piece to the puzzle is dealing with my student loan - this loan is 30 years old and has been in either forbearance, or in general ignored this whole time. Last June ECMC started garnishing my wages - 15%. I thought this was a good thing and that they were happy about it. I figured it this was not the case when ECMC hijacked my Fed Tax refund. So, I decided to call them and finally straighten it out. So I filled out the form and have some questions for you all.
Facts there are:
5 loans all Subsidized and all at 8% interest, all from 1988 - 1990.
3665.20
392.16
16,507.96
15,490.45
7,798.91
for a total of 43,854.68 - the original loan was for @ 11K (ouch)
ECMC is going to be selling this loan and I rec'd a Letter of Consolidation (which I never asked this loan to be consolidated) today from Federal Loan Servicing. I have to let them know if I want anything changed in 10 days. Any ideas? I will be on the Income Based/Driven repayment plan because I do not make much money, but I want to be responsible and pay monthly. I DO work at a qualifying non profit, so if I stick it out there 10 years, the loan will be forgiven - so that is another piece to be considered. I am 56 (57 in August). Thanks for all your help.
ps - my credit score is bad, BUT it has gone up 50 points in just the few months I have been focusing on my finances!! YAY!
Submitted April 15, 2017 at 11:51AM by ISFPainter http://ift.tt/2ohLyUb
