9 months ago
This story happened to a Scarborough teacher. Scott Nailor defaulted on $35,000 in student debt. He decided that rehabilitating his loans was the best way to get back on track. However, today, the teacher owes $130,000. Let the Typical Student team tell you more!
So, Scott Nailor is a high school English teacher from Scarborough, Maine. He defaulted on $35,000 in student debt. In 2014, the teacher went more than 270 days without making a payment on his student loans. He just wasn’t able to keep paying. Scott and his wife filed for bankruptcy. Nailor graduated from college in 2000 owing $35,000. However, the numerals increased to $55,000.
As you may know, there are some loan rehabilitation programs for students. The thing is that borrowers don't fully understand the risks they are facing. This step can add a significant amount of money to your balance and that’s what happened to Scott Nailor.
The teacher completed the rehabilitation later successfully. Then he continued making regular payments. In fact, now he owes $130,000 because of the interest and fees for his specific combination of Federal Direct Loans and Federal Family Education Loans.
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