I Had No Idea I Was Selling My Soul When I Signed for the Student Loan. – Leslie

“Dear Steve,

I graduated from college in 1995 with approximately 40,000 in debt. Unfortunately, I haven’t been able to pay it off and they went into default. The loans were sold repeatedly and all sorts of fees were tacked onto the balance. My student loan debt now exceeds $107,000.

Would someone like me be eligible for the IBR program even if I”m in default? Collection agencies have not been kind. They’ve been horrible (one called me repeatedly on my cell while my mom was in hospice on her deathbed. I explained what was going on and asked them to please not call given the circumstances to which the response was “did your mom know what a deadbeat her child was?”).

This is hell. I regret going to college. I had no idea I was selling my soul when I signed those papers.


Dear Leslie,

Are these loans government backed loans or private student loans?

If they are government backed loans they I urge you to reach out proactively and ask what options you have to repay your loans.

The federal student aid folks say you can contact them this way:

Please call us at 1-800-621-3115 for questions regarding your defaulted student loan account. If you are unsure which agency is servicing your defaulted student loan(s), you may call 1-800-4-FED-AID (1-800-433-3243) for an address and telephone number of the agency which holds your defaulted loan(s). You may also reach us by e-mail at [email protected] for questions regarding your defaulted loans. File attachments are not accepted at this e-mail address.

If these are private student loans, the news is not good.

Let me know what happens when you reach out to them for help. Others have reported the government loan folks have been very nice to work with.

Please post your responses and follow-up messages to me on this in the comments section below.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

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Steve Rhode

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