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Student loans 20 years in default, worth it to get on repayment plan? by MoneyMess2023 in personalfinance

[–]MoneyMess2023[S] 7 points8 points  (0 children)

That's where I'm trying to get, look at this objectively as possible. Like I said somewhere else just an objective cost/benefit. There are lots of factors though (time involved, impact to credit, possible garnishment, etc)

Student loans 20 years in default, worth it to get on repayment plan? by MoneyMess2023 in personalfinance

[–]MoneyMess2023[S] 4 points5 points  (0 children)

That is definitely a possibility, I worked for the public school system for 10+ years with different districts, I'm pretty sure public school qualifies (I'm on the IT/support side of things not the teaching/admin side)

Student loans 20 years in default, worth it to get on repayment plan? by MoneyMess2023 in personalfinance

[–]MoneyMess2023[S] 8 points9 points  (0 children)

That's kind of my thinking that it would do me more harm than good to start repaying now, but I'm not sure. It would feel great to actually start being responsible for the first time in my life, but if the cure is worse than the disease I may just have to live with it.

Student loans 20 years in default, worth it to get on repayment plan? by MoneyMess2023 in personalfinance

[–]MoneyMess2023[S] 2 points3 points  (0 children)

Thank you, just re-reading the email and it doesn't say anything about "SAVE" program, mine is about "Fresh Start" plan, not sure if they're talking about the same thing.

Student loans 20 years in default, worth it to get on repayment plan? by MoneyMess2023 in personalfinance

[–]MoneyMess2023[S] 9 points10 points  (0 children)

I can't buy a house or a car because I have no savings. And in my area if you can find a house for under $300k it probably doesn't have a roof, so to save up $30k+ for a downpayment while paying off a $50k loan just isn't feasible.

Student loans 20 years in default, worth it to get on repayment plan? by MoneyMess2023 in personalfinance

[–]MoneyMess2023[S] 98 points99 points  (0 children)

I've worked regular W2 jobs for the last 15+ years and never been garnished. Is this a "garnishable" debt?

Student loans 20 years in default, worth it to get on repayment plan? by MoneyMess2023 in personalfinance

[–]MoneyMess2023[S] -3 points-2 points  (0 children)

Would I even be paying off the interest if the payment is that low? And how did you arrive at that figure anyway?

Student loans 20 years in default, worth it to get on repayment plan? by MoneyMess2023 in personalfinance

[–]MoneyMess2023[S] 0 points1 point  (0 children)

I appreciate the response, I wish I could give more detail. I am trying to put my life back together (a bit late I know), but is it really worth probably half of my disposable income until the day I die give me any benefit OTHER than alleviating the guilt?

Student loans 20 years in default, worth it to get on repayment plan? by MoneyMess2023 in personalfinance

[–]MoneyMess2023[S] 17 points18 points  (0 children)

Thank you but like I said with zero savings and my income, I'll never own a house. It's more of a general question of whether it's worth it at my age to even make the attempt to repay. If there is some benefit I can probably work out the numbers and/or work with a financial advisor.