What Happened with My Student Loans

by Jim
(Clearwater, FL)

I was in debt to a government student loan program. I was financially unable to complete my college education and was very bitter about it for a long time.

I refused to make any payments on my student loan. Because I defaulted on my student loan, I was unable to obtain any type of credit, including a credit card and even renter's insurance.

After about 5 years, the federal government began to seize my federal tax refunds each year and apply them as payment toward my student loan.

After a few years of this, I took advantage of a student loan forgiveness program that President Clinton had created.

I made arrangements with the federal government to make monthly payments on my student loan and paid on it faithfully for a few years until it was paid off.

I was able to slowly build credit afterwards until finally I had achieved a very high credit rating which I still maintain.

I have been on both sides of the fence and I can say without a doubt that it is much better to pay off your creditors instead of dodging them.

Mom's Comments: Jim, you are so right that is is better to pay off your creditors instead of dodge them. Many times they will work with you.

Glad you were able to recover and have a high credit rating now. Thanks for sharing.

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