Yahoo Finance spoke with one borrower who said she’s been in student loan limbo — of forbearance and deferments — since she graduated from college in 1997.
Annette Gunn, 51, who works at a nonprofit in New Jersey, told Yahoo Finance that she hasn’t deliberately paid a single dime on her $60,000 in student loans since graduating from Southern Wesleyan University in 1997.
“From my experience, there are many borrowers who are in forbearance because they can't afford the payments on their loans under standard repayment plan,” she said. “It doesn't even seem that from what people told me that they were presented with these options.” Story continues“I wasn't one of those that went to high school and went away to college,” Gunn told Yahoo Finance. “I graduated high school, went right to work in Manhattan, moved to South Carolina, got a job, and started climbing that corporate ladder. But back in the ‘90s, they said: 'Well, you can't really go any further without a degree.' So I said okay, let me go enroll in school... I liked the program because it was an adult program.
The process repeated itself every few years “because every time I called to try to get help, making payment, their answer was, we'll just put you on deferment or forbearance,” she said.
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