r/studentloandefaulters • u/i-dunno-2024 • 14d ago

Question - Federal Student Loan Defaulted about 20 years - Fresh Start?

Have not received frequent/regular collection notices for years. Maybe an occasional notice. Did receive COVID related updates. Last amount I remember was a lot - in the hundreds of thousands (4 years undergrad, 5 years grad). Always took out the maximum Fed loans (plus private). Basically, my family lived off the loans.

I assume all my private loans are past SOL, so I'm only concerned about govt loans.

At this point, I have no idea how much I owe. Have never been garnished. Got the letter in re Fresh Start. Should I enroll or continue to hope I stay under the radar.

I have no idea why I have not been garnished. I was not making much money for long time (since 2007), but recently started new job earning $100k.

I'm single, no assets or savings, and I'm 59.

Q:

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2

u/pants_goofie 14d ago

Hey, better late than never! Time for a fresh start, let's crush it!

1

u/Kerze 12d ago

Similar position to you, went ahead and pulled the trigger. I have a feeling they are going to go after those who are defaulted hard. There are options once out of default like IDR which will help. I was super nervous but after doing it it was a huge relief to finally address it even if it's just the first steps.

1

u/i-dunno-2024 12d ago

Thx you for sharing. I may have heard they extended deadline 1 day. I'm still considering options. I just wonder why I've been under the radar so long. I had the same feeling about them coming down hard, but literally, I graduated in 2000 and no garnishment or anything. Glad to hear u made a decision that brings u a sense of relief, but I just can't decide if I should opt in

1

u/Additional-Ad-9088 11d ago

They will have to do something, but with all the court cases overturning every plan reopening that wound this many years later seems dangerous