The Student Loan Debt Forum | The College Investor

General Discussion => General Discussion => : gabeperron1171 19, 2019, 02:32:26

: student loan 12 years old...
: gabeperron1171 19, 2019, 02:32:26
Seriously my loan was taken out 12 years ago. September 2007. I took out a total of 8000$

I got nothing out of my education whatsoever it was a complete waste of time. But lets not elaborate on that right now.

I have tried to pay it down over the years i got it down to about 4500 by some military service, and well i just kinda gave up.

So the past few years i have been living off the radar just traveling and living and abroad basically not generating any income whatsoever. It has been a nice change after military service.

The NSLC has been kind enough not to rape me with interest since i have been away for so long.

Anyway i begin to wonder, i am loads happier not having any income and just working for room and board in fact it has become a lifestyle that i want to keep.

to elaborate maybe i won't be able to generate the rest of my payment so i wonder how long does it take before it clears?

I just log in to the service canada site and i see my loan is still displayed there just like so many years ago and of course i have a 0 balance on my last three tax returns. So thats my proof if anyone is wondering.
: Re: student loan 12 years old...
: TheCollegeInvestor 20, 2019, 03:44:39
You Federal loan will never go away. It will always be waiting for you to earn something, generate income, and they will garnish it.

A better solution (especially if you never plan to earn again), is to get on an income-based repayment plan. Your monthly payment is set at 10-15% of your discretionary income. That means if your income is low enough (or $0 like you said), your monthly payment would be $0.

This is a great solution for you because you will get out of default, and the repayment plan comes with loan forgiveness after 20 years.

Something to consider.