“When students get out of school owing 20, 30, 40 thousand dollars many of these loans can’t be repaid and are defaulted on as well.”
I have been working very hard to become debt free and when I start hammering my SL in March, I sent them a very large payment. Well, after that I received a nasty letter about the size of my payment and that I should not be paying it off that quickly. I gave them a call and offered them the choice that I would pay what I owe, at my pace, or that I could just default on the loan. Obviously they chose to let me make the large payments.
Sometimes I think they like the defaults so that they can turn to the government for the cash. I should be done with those fargin bastiges by November.....
Yep, my wife and I are also hitting debt hard. Being out of debt i sthe ultimate status symbol.