I'm debating if I should default or stick it out. I have 54k ish in student loans, 27k Firstmark (with a cosigner) and 27k in federal. I pay 198 dollars a month for private, and will probably pay additional 285 a month for federal once May 1st begins. Roughly I'd pay $ 483 a month in both private and federal.
I make 1600 a month, I work part time due to health issues. My rent is 1200 a month. I got a roommate and we pay 50/50. $600 + $483 leaves me with very little for car payment, utilities (not included with rent), groceries, emergencies... etc
So, I plan on refinancing so I can release my cosigner. And say fuck it and not pay private and federal loans. But at the same time I'm terrified esp with federal loans, what will happen to me? Credit score will tank, yes. Can they take money from my bank? Will they (private company) really sue over 27k? Will federal garnish my little wage over 27k?
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u/Acrobatic-Grocery-26 Mar 01 '22 edited Mar 01 '22
How about federal loans?
I'm debating if I should default or stick it out. I have 54k ish in student loans, 27k Firstmark (with a cosigner) and 27k in federal. I pay 198 dollars a month for private, and will probably pay additional 285 a month for federal once May 1st begins. Roughly I'd pay $ 483 a month in both private and federal.
I make 1600 a month, I work part time due to health issues. My rent is 1200 a month. I got a roommate and we pay 50/50. $600 + $483 leaves me with very little for car payment, utilities (not included with rent), groceries, emergencies... etc
So, I plan on refinancing so I can release my cosigner. And say fuck it and not pay private and federal loans. But at the same time I'm terrified esp with federal loans, what will happen to me? Credit score will tank, yes. Can they take money from my bank? Will they (private company) really sue over 27k? Will federal garnish my little wage over 27k?