Good news! I am so happy!
As an attorney, I racked up quite a student loan debt. Both federal and private loans. It didn’t matter to me when I was doing it and when I was paying. I wouldn’t have been able to be an attorney without them. My payments on both federal and private loans were usually around $800 a month and bound to go up. I owed a total of $150k. That didn’t bother me because I had a really good job. Then, I lost my awesome job. I couldn’t pay a dime. I was living with my parents. After my first breakdown, my doctor recommended I take 3-6 months off. I took a little bit of time off but hit the pavement way too soon working and immediately paying on those loans.
Then, the breakdowns just kept coming so my payments were sporadic. Finally, it was decided by all that I shouldn’t work for a while. When I’ll go back to work, we do not know.
My federal students worked with me on a deferment. At first, it was an unemployment deferment. Then, I became disabled and they again worked with me with a disability deferment.
Then, they really worked with me. They sent me some forms to apply for a total and permanent discharge of my student loans based on my disability. A few months ago, I completed the application and my doctor signed a form that I could not work because of my condition and, of course, my condition was severe.
The good news: yesterday, I got the approval notice. That’s right. I have been approved for that federal student loan discharge. Of course, they do not just wipe it out. They are a few conditions:
1) There is a 3 year monitoring period before you officially get the discharge
2) You cannot have an annual income exceed the poverty guideline
3) No new student loans
4) You become longer disabled.
If you comply with their requirements, in 3 years, you will receive the federal student loan discharge and be done. For me, that right there wipes out $90k in student loans. Yes, I wrote that right. $90k in student loans discharged with a type of their keyboard. Oh, and I will have to pay taxes on that $90k because when it is discharged, it is considered income. But, still a bargain.
When I got the notice yesterday approving my application, I was shaking. Ecstatic. This is one of the first plans on getting my life back together. It’s such a big thing for me.
Now, I am going after the private loans. They have long since been defaulted and very gangster but I’ve got attitude too! So, we have worked out where my payment on my $70k loan is only $50 a month, which I agree is very good. However, I need to get rid of them altogether and not have them in my life.
I called them yesterday and they had no idea what to do. I told them that I wanted them to do what the federal government did. Wipe out my loan. And, if not, I was going to try to discharge them in bankruptcy. They gave me the standard line that I did not want to file bankruptcy. It would ruin me. Muy mal. Stay away from that bankruptcy!!
I told them that was an old wives’ tale (Rolling my eyes). I’ve already filed. I did it several years ago when I was a bankruptcy associate. I got rid of a ton of credit card debt. The bankruptcy never slowed me down. In fact, I just bought a new car last month. Anyway, I would reopen that bankruptcy since the loans were in it anyway but not discharged, take this to a Judge, give them all the facts, and ask for a true fresh start. I can’t be an attorney. I can’t work. How am I ever going to feel comfortable getting just a regular job with these vultures hanging over my head? Because of these loans, I’ll never be able to start over. They said they would call me back. Still waiting. Will have to call back today.
“Heyyyyyyyyy, remember me? Disabled lady blabbering on about bankruptcy? Any word on my request over there? Helllooooooo?”
Had I been able to be an attorney, we would not be having this discussion. I would be happily plugging away in an office with a view running around with clients and court. But, the profession is toxic. I know some people just love the thrill and the stress but not this girl. And, it’s more of a frat party than anything. Some lawyers can be smart but you would be amazed at what can graduate from law school and pass the bar. Such dumb, malicious scum. It gives the whole profession a bad name.
Then, you have the clients. They literally think they own you and just want to pester you as much as they can or else they do not feel like you are working for them. I literally can’t do it. I was a nice person. Polite. Professional. I knew the law. I had trained myself very well. But, in the end, I just literally could not stand most of the people.
And, that is why I feel lucky to have gotten out and to be able to correct my mistakes.
I am so thankful for this federal discharge and I will be so thankful to get rid of all my student loans. Then, I plan to go on to be a dental hygienist, a hair dresser, maybe. Something. Anything. But, not law.
My mom says I’m lucky. I say I’m blessed.
Thank you God for everything.