I have a student loan that I've been paying on time, consistently. I have $2100 left & I wish I could just pay it at once [though it was not ordered in communication] but I'm financially unstable at the moment. I checked the report & haven't missed a payment. Recently, I also had to file for hardship because I'm laid off at the moment since the contract I was working on with my group, was pulled. So my loan payments have been set to $0 for 12 months, thankfully!
However, I noticed that the contract term for my student loan was 120 mths & I just looked at my credit report and noticed that I've been paying the loan for 10 yrs & 8 mths. Just wondering how the contract terms could impact the reaming balance? The payment amount, and interest rates were fixed when I signed [that's all I really remember] so they've never increased, but can it go up since the 120mths has ended? Or the balance will still be in place until paid in full & I just keep paying it as usual once I get a steady source of income? Just wondering what to expect. I've heard some people getting sued or wages garnished for the remaining amount once the contract ended, balloon payments for the remaining lump sum at the end, or having to refinance? But I thought that was with auto loans and mortgages, so I was unsure of what to expect. It was a loan fresh out of high school, & just says "student loan." I think my mom has the original paperwork somewhere, but I can't find the details on my online account.
Read more: What happens if the contract term of a student loan ends but you still owe money?
