This post had been added by Andy Josuweit, creator of education loan Hero plus an Earnest client.
I experienced 16 figuratively speaking once I graduated from university, totaling $74,000 across four various loan servicers. It had been a mess. Remaining in addition to my financial obligation had been far more confusing and hard than I was thinking it will be — or should always be.
However, we made my most readily useful efforts to maintain with my student education loans. We utilized a spreadsheet that detailed all my education loan reports (or more We thought), along side details like balances and interest levels. We examined my credit ratings reviewed and monthly my yearly credit history. When i possibly couldn’t pay for my re re re payments, we switched to a repayment plan that is income-driven.
Despite having this diligence, nevertheless, we nevertheless finished up defaulting on two student education loans. Here’s just exactly how it happened — and the way I got out of standard and repaired my credit.