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.
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.
I think I was delinquent because I defaulted, and I didn't - do you know what I'm saying?
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.
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.
You are also going to be receiving lots of calls from people trying to collect.
I would just get so scared and like AAHH I'm not answering the phone! so I wouldn't answer.
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.
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.
I deal with calls like this all day long and I'm just there to help people with their student loan debt.
It happens to people. Don't be afraid! Just pay your loans.