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I Just Made Payment Arrangements on an Old Defaulted Student Loan. Did I Do the Right Thing?

Written by Steve Rhode

“Dear Steve,

i recieved a letter from my defaulted student loan fron fall 99 and spring 00. the letter styated that they were going to start taking .15 of my pay after taxes. they were okay until 2005. another thing that is odd is that i checked with my payroll dept and they have no garnishments issues (was supoposed to have started last week). i just got off the phone and started a repayment program. did i mess up? just seems odd that it has been roughly 7 years.

would this loan have been forgiven soon? have i now reset my 7 years or did i do the right thing in making payback arrangements? i mean i do not mind paying it back, but 4,000 has now turned 17,000.

Steve”

Magnifying Glass - Q&A

Dear Steve,

Was this a private student loan or a federal student loan? Also, what state do you live in?

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

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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