I used to really want to pay off my student loan but, to be frank, I am not interested anymore. Not sure what broke the camel's back but here's a quick tour of my sad story:
- husband has cancer and can't work; I'm 50 and need to finish degree to qualify for jobs (so I think); husband disagrees and I promise "you will NEVER have to pay a cent"; I complete degree; suddenly, the reason there are no jobs for me is not "you are underqualified" but (I'm not exaggerating, here) "gosh, you are overqualified" -- somebody finally tells me both statements probably mean "you're just too old";
- so, I go to China to teach ESL and make money to repay loans; CIBC said 'send monthly payments' but my university says "you can only send money every three months"; CIBC agrees to this schedule; I send a bank draft for three months payments (three weeks prior to default) to my husband in Canada; he takes it to CIBC; they say "it will take 6 weeks to clear the bank draft"; I talk to CIBC but they say, "default is authomatic" (later, they say they didn't say that but they did); I say, "forget that" and told my husband to spend the money on whatever he needed for himself (which was plenty as he is still sick and now looking after his 90 year old mother); they default me;
- I return to Canada; no job; poor mental and physical health; finally, I get a job; collection agency says "send us $ 300 a month; so I do that but it is hard; later, a new collection agency says, "send at least $ 500 a month", I say, "I can't"; they say, "you have to", we argue almost DAILY for six months but they flatly refuse to accept $ 300 a month (I know this sounds nuts but it's true); finally, I give up --- I just can't take any more stress; I change my phone number (great investment);
- five years pass (and three new phone numbers, each time a new collection agency calls -- at $ 40 for each new phone number, a bargain); now, I'm sick and can't work; my husband inherits some money and we are able to retire with just enough money to live on but no income (I'm 60, now); calls from collectors still come but call display solves the problem; letters continue to arrive but I don't respond; now the house is half in my name --- will they attach a judgment? --- I don't care because we will not be selling this house, ever (we will leave it to our daughter, a single mom with schizophrenia); I consult a lawyer who says, "don't talk to them; don't respond in any way; don't offer a settlement because your loans are spread all over and you will NEVER be free of them".
I still feel weird about not paying my debt but I never did borrow money from the collectors. I understand federal government pays off defaulted loans --- no wonder the banks were so anxious to default me; so, I've decided that if I die after my husband (and there is some money left) I will make an anonymous donation in the amount of what I borrowed ($ 30k should cover it with modest interest) to some branch of the federal government. Not sure to whom --- maybe to reduce the national debt?
It's the best I can do.
Burden is more than financial.
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