Got a Private Student Loan through Sallie Mae (2005) now Navient. -balance is approx. $21,000. I have paid my loan each moth until recently…..Now, I am always late on payments but not close to default.
History: I Lost my job, industry was decimated here in California, no longer on unemployment, can’t find a good paying job, have little money to pay, etc. -I want to have a “rainy day fund and savings for retirement” but if I continue on this path with the student loan, I will be left broke. I need to consider my options.
Even though I am AWARE of the debt I owe (its online in my account statement , as well as, in my student loan original contract) .
Is it worth risking/going through the route of ‘Statute of Limitations’ time frame in California, if I technically know what I owe and don’t realistically need validation? Because, these debt collectors will eventually harass me by calling or sending letters.
Would I even want to request/demand validation of the money I owe from them through letters/notified, etc.? Or would I just avoid them all together and bite my time in SOL?
Could there be other options I could explore in this scenario or am I basically “plum out of luck”? Thank you kindly!
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