Monthly Archives: December 2012

The “R Word”–Repayment

I cannot believe it’s been so long since I posted to this blog.  I feel so neglectful.  I did think about blogging a few times and then decided against it.  Mostly, I’ve just been way too busy and way too tired.  Work has been very stressful with lots of unwarranted and unwanted projects that just add to my daily craziness.

ExhaustedPoseGenerally speaking, the month of December flew by.  However, the closer it got to the Christmas break the more it seemed to screech to a grind; that last week was brutal.  I was in a foul mood most of that week and then it finally hit me that my upcoming (paid) vacation would be my first since 2007.  Seriously, other than a day here or there (not paid), I have been in school, working, or in school AND working since the summer of 2007.  That’s every spring break, every summer, every break between semesters.  Most times I was finishing up my finals one day and starting work the next, or leaving my job on a Friday and starting a new semester on Monday.  Insane.

Well, I had a good run…5 solid years of working/studying/studying/working and it finally caught up to me.  So, I wasn’t too hard on myself this last week when I was done and I mean DONE with work for 2012.  I practically ran out of the office on Dec. 21—I hope my plants held on to the water I gave them because I still have another five glorious days off.

Another thing that’s been stressful is what every former law student will come to know as “transitioning into repayment status.”  I cannot tell you how my stomach knots up every time I go to the mailbox lately and there’s ANOTHER letter from fedloan, DirectLoans and the latest, SallieMae.  It seems like a I get a letter every other day.  One letter says one thing and then next say something totally different.  I have called fedloan and DirectLoans multiple times since October; I should have them on speed dial.  This latest, SallieMae just joined the party this week and now I’m all confused.

As I sort through all these letters from all these companies I keep reminding myself that I am a lawyer, an educated person, I should be able to make heads and/or tails of these notices, but yet, the thought of dealing with this mess makes me cringe.  All I want to know is how much, HOW MUCH do I pay and to whom, that’s all.  But, it’s not that easy.

Some loans are with this servicer, other loans are with that servicer.  I also qualify for Loan Forgiveness credits because I work for  a public entity and turns out only ONE servicer handles that, so I needed to move (consolidate) the loans to the one servicer that will track my public service credits.  Standard loan repayment would be equal to approximately 25% of my monthly Forgive-Student-Loan-debtGROSS income, so that was definitely not happening. I applied for a modified payment plan and then I had both that application and the consolidation going at the same time…with two different servicers.  Meanwhile, I kept getting notices that my payments were coming due (for the standard repayment) and I kept calling them to say, “Hey, I can’t pay this…where in the process is my paperwork?”  I keep getting assurances that it’s proceeding and issuing a “forbearance” is quick and easy, so they keep telling me that I’m ok.  And still I’m getting notices in the mail and via email that my payment is past due.  I check my online account which confirms “forbearance” and get the distinct impression that the left hand has no flippin’ idea what the right hand is doing.  This does not inspire great confidence on my part. If this sounds confusing, it is.  If it sounds stressful, it is.

Then SallieMae came on the scene and supposedly is handling all of the above for me and my (reasonable) payments won’t start  until March—at least according to my phone call to them yesterday.  TODAY, I get notice in the mail that says something completely different.  Sigh…my stomach hurts.

My only advice to those who eventually arrive at this point:  Get a notepad and document, document, document every time you call one of these places, the date, time, who you spoke with and what they said.  It’s the only lifeline I have in this crazy nightmare.

If I could get all this straightened out my life would be so much better.  I hate this not knowing what my finances are from month to month.  I just want to have all this settle down and get to paying off these loans.  I know I will probably be paying on these loans for a long time…at least 10 years, but I’m fine with that.  I don’t care about being in student loan debt, to me it was worth it.  I have no regrets.

SallieMae and I are going to be good friends for a long, long time.

I still have to let off a little more steam before the new year officially arrives though, so I’m planning a board game night with some of my friends for New Year’s eve.  Nothing elaborate, just good friends, good food and then…GOOD NIGHT!  Needless to say, SallieMae is NOT invited.

Happy 2012–Here’s to returning the favor to the federal government and beginning my loan repayment.  Cheers!

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