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student loan 12 years old...

Started by gabeperron1171, July 19, 2019, 02:32:26 pm

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gabeperron1171

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.

TheCollegeInvestor

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.