Helping a borrower who owes $100k on a private student loan for an undergrad degree. Had trouble repaying (underemployed & lender wanted $500/mo). Unusual debt for an in-state student so I asked for their credit report. The original loan: $6k. How👏🏽is👏🏽this👏🏽legal👏🏽!
Update: Borrower is trying to find loan docs so we can determine how much of the current $100k balance is interest vs. penalties and fees. For those asking if I read the numbers right: (1) nice to meet you and (2) yes, the numbers are right. Original debt is listed as $6k.
Also, the borrower attended a public school, in-state. Works in public service and has federal loans <$50k. Working on #PSLF paperwork for the federal loans & gathering info on the private debt to consult with an attorney. This will take a good while but we will get through it.
One more detail: the lender was a credit union. I wasn't expecting that!
For those asking if the borrower has been in default for decades: No. The borrower entered repayment less than 10 years ago.
Hearing from a lot of people asking for help with student loans. If you are a borrower, especially in Maryland, I want to hear from you! Building up a nonprofit to help students and families navigate higher ed financing and loan repayment. Chime in here: mccfw.org/contact
We have a free virtual student loan clinic, Office Hours, twice a month. Next edition is coming up on 2/23. Maryland is our home but all are welcome: mccfw.org/calendar-of-ev…
If you need immediate help, check out @TISLA_SL. And if you are a borrower who has worked for a public service employer, please take a look at the Limited #pslf Waiver. It has relaxed rules on eligibility of past payments. Ends on 10/31/22. @theSBPC has several resources.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
