WEBVTT 1 00:00:14.000 --> 00:00:36.999 Right when you get out of college, your student loans don't come up. Like, they're not due. And I love shopping and I like food, and I just was spending so much money. And then all of a sudden these loans came. I was like, well there's something that I can do. I can put them on forbearance or something... that word... It came due again. I was just living life. Doing my thing. 2 00:00:37.000 --> 00:00:43.999 Everyone's told you, Get this deferment period, but they don't know how long it is. They don't know, really, what it means, and who they pay anyway. 3 00:00:44.000 --> 00:00:50.999 I think I was delinquent because I defaulted, and I didn't - do you know what I'm saying? 4 00:00:51.000 --> 00:01:00.999 Delinquency starts at day one of being past due. Default occurs once you hit about 270 days past due. The entire balance is due right then and there. 5 00:01:01.000 --> 00:01:08.999 Even if it's one late payment. So you've paid over 30 days late on a student loan, it's on their credit report for over two years. 6 00:01:09.000 --> 00:01:12.999 You are also going to be receiving lots of calls from people trying to collect. 7 00:01:13.000 --> 00:01:17.999 I would just get so scared and like AAHH I'm not answering the phone! so I wouldn't answer. 8 00:01:18.000 --> 00:01:38.999 If you have loans through the department of education, the government can immediately seize your tax return, garnish your wages, social security income. A lot of companies won't look at you. You could lose any professional certification you have - CPAs, CNAs, medical license. You could lose BAR certification for being a lawyer. You are stuck in a vicious cycle at that point. 9 00:01:39.000 --> 00:01:45.999 I could've prevented all of this if I just would've done a little forward planning and picked up the phone and told them what was going on. 10 00:01:46.000 --> 00:01:52.999 I deal with calls like this all day long and I'm just there to help people with their student loan debt. 11 00:01:53.000 --> 00:02:00.000 It happens to people. Don't be afraid! Just pay your loans.