This was one of my main hurdles as to why not just scrounge up $150 to put my private loans into forbearance. Well the price plus the fact that forbearance is only for 3 months and if you’re past due it’s back dated so its more like 2 months. I didn’t see the point of paying $150 that goes no where for the privilege of not paying for 2 months when I could just apply the $150 to the amount due.
However, it’s still bad news that it costs $50 per loan to put it into forbearance. I understand it’s a “good faith deposit” but Sallie Mae already knows I’m unemployed, they service some of my federal loans and already accepted my unemployment deferment request.
I noticed that literally the first comment on Consumerist was to the tune of “pay up”. The idea that all you have to do is really want to pay the money back and the means to do so shall appear is no doubt attractive but unfortunately unrealistic.
I undertook my student debt with the expectation that my education would let me begin a career with a salary that would allow me to repay the debt. My intention was never to be unemployed nor was it my expectation. Ever since grade school I was told that college was essentially a guarantee of a career. Now I find myself struggling to find any paying job, let alone a career.
I wish I could repay what I owe. I wish it was simply a matter of wishing or wanting in order to have adequate funds but obviously this isn’t the case.
I search for jobs every day with my loan debt looming over head and Sallie Mae helpfully calling several times a day as if I might find a hidden cache of thousands of dollars. The day I receive my first paycheck is the day Sallie Mae gets their first payment. I hope it’s sooner rather than later.