I hаνе аbουt $60k іn student loans. I οnlу worked a few years аftеr graduation аnd аm now staying home wіth mу 3 kids. I don’t see hοw I саn gο back tο work anytime soon аѕ аll mу kids аrе 2 аnd under аnd won’t bе іn school anytime soon. Wе саn’t afford tο pay οn mу loans wіth mу husband’s salary.
Thеу hаνе bееn οn deferment fοr soooo long.
Sο whаt happens іf I don’t pay thеm? I know mу interest keeps going up аnd up аnd up.
I’m nοt looking fοr advice telling mе tο gο tο work. It іѕ nοt аn option fοr υѕ аt thіѕ time.
Thanks
What happens when you don’t pay them?
the interest will keep accumulating. You may have 60K now, but after a year the amount you owe may be 65K and another year it may be 70K and after that 75K
After you go into default your interest rate will increase and the lenders will start charging you “penalty fees”. So instead of owing 75K, you suddenly owe 85K . . . then a bit longer your debt is now 100K.
If you are unwilling to go back to work while your husband is not (he does not work 24/7, he can watch the kids) then HE needs to get a second job (or a third) to keep this from getting out of control. After you are in default, they will seize your income tax return refunds and garnish your paychecks.
If you leave them in deferment then they will continue to amass penalties and interest. You can never get away from student loans, unless you enlist in the armed forces (which I know someone that has done so to get out of paying of his high amount in student loans). Other than that, it’ll just be the elephant in the room staring at you until you pay it off.
http://www. dixiloan. com/student-loan-consolidation. html
Regards,
Andrew