Long time lurker, first time poster. I am down to 2 payments on my 60 month payment plan. I won't say it has been easy but at the same time it hasn't been as scary as I anticipated. I kept my head down and just paid on. The hardest part has been transportation. A couple times our cars broke down and scrapping together money to pay for repairs was a challenge. We are really looking forward to getting something a little newer and retiring one of our cars.
I have a question after discharge. My spouse has a small retirement account that we are wanting to cash out (a small pension plan that won't be anything in the future because they are no longer in the pension). Are there any rules about doing that after discharge? I have read about the 6th month thing with inheritances but didn't know if it applied to something like this. We are wanting to take the money to either purchase a car or put a nice down payment on one.
A side note I found interesting is that my interest continued to accrue on my federal student loans despite the Cares act freezing interest payments. I looked into it and that interest freeze wasn't for all federal student loans just most. If your federal loans aren't owned by the department of education you still had to pay interest. Who knew???
I have a question after discharge. My spouse has a small retirement account that we are wanting to cash out (a small pension plan that won't be anything in the future because they are no longer in the pension). Are there any rules about doing that after discharge? I have read about the 6th month thing with inheritances but didn't know if it applied to something like this. We are wanting to take the money to either purchase a car or put a nice down payment on one.
A side note I found interesting is that my interest continued to accrue on my federal student loans despite the Cares act freezing interest payments. I looked into it and that interest freeze wasn't for all federal student loans just most. If your federal loans aren't owned by the department of education you still had to pay interest. Who knew???