chat

8584 readers

241 users here now

Chat is a text only community for casual conversation, please keep shitposting to the absolute minimum. This is intended to be a separate space from c/chapotraphouse or the daily megathread. Chat does this by being a long-form community where topics will remain from day to day unlike the megathread, and it is distinct from c/chapotraphouse in that we ask you to engage in this community in a genuine way. Please keep shitposting, bits, and irony to a minimum.

As with all communities posts need to abide by the code of conduct, additionally moderators will remove any posts or comments deemed to be inappropriate.

Thank you and happy chatting!

founded 4 years ago

MODERATORS

SexUnderSocialism@hexbear.net

Sulvy@hexbear.net

oscardejarjayes@hexbear.net

Wakmrow@hexbear.net

LeninWeave@hexbear.net

Is anyone knowledgeable about gov student loans that can offer advice? (US) (hexbear.net)

submitted 6 months ago by Jabril@hexbear.net to c/chat@hexbear.net

10 comments fedilink hide all child comments

I caught up with a friend today who revealed they have like 35k in student loans that they got years ago and kept putting off somehow, but recently received some notification about a need to start paying up. They got them pretty much immediately out of high school and still don't really understand fully how they work. All I know right now is that they are all government loans through FAFSA, about half are subsidized and the other half are not.

I've never had student loans and also don't know how they work so I'm wondering if anyone can help me figure out what options my friend has available.

Is there any way to have some or all of student loans forgiven, this person qualifies for all the low income state aid programs if that matters.
What are the consequences of not paying? Can they garnish wages for student loans or is it just a credit hit and the interest keeps accruing?
Is the best plan to just pay them as soon as possible and be debt free or is it realistic that someone can just put it off forever if they are low income and can't afford them?

If there's anything I'm missing or other information/advice that I didn't specifically ask for that you think is relevant, please let me know.

Thanks!

you are viewing a single comment's thread
view the rest of the comments

[–] anarchoilluminati@hexbear.net 3 points 6 months ago

I guess it's best to pay, if possible to about avoid the hit to credit. Sounds like the loans haven't been sent to collections yet but if your friend doesn't pay then they default and they get sent to collections. It's not good to have on record like that, can impact even their future possibility of renting places. I hear they can garnish wages but never actually met anyone whose wages were garnished, just some had tax returns withheld. I don't know about forgiveness.