Old US Dept. of Education Loan
Date: Tue, 02/20/2007 - 00:58
Old US Dept. of Education Loan
I didn't not go through their entire process as they tried their hardest to make it as difficult as possible for me to leave, so I finally got fed up and told them I wasn't coming back and was finished with them.
The amount of the loan was for a 15 month (5 quarter) program, and the school obviously kept all of the money.
Long story short, I just found this old debt, still listed by the Dept of Education loans, for the full amount. Do I have any recourse to get this amount reduced based on my attendance at that school or am I stuck paying off the entire 15 months worth of loans?
I am very weak on this subject but I will tell you what I did on
I am very weak on this subject but I will tell you what I did on my own loan. I dropped out during a divorce.Dumb mistake,should have stayed. I had about 5500 in debt and I was expected to pay all of it. I did a forbearance when I left school and then paid them in full. You should know federal student loans have no expiration dates and they can garnish and seize assets with very little notice. I would contact dept. of education and explain your situation to both them and your former school and see what they would be willing to do to finalize this dispute.
Quote:I didn't not go through their entire process as they tried
Quote:
I didn't not go through their entire process as they tried their hardest to make it as difficult as possible for me to leave, so I finally got fed up and told them I wasn't coming back and was finished with them. |
This is a key point....did you tellthem you were withdrawing or did you withdraw officially in writing on their school paperwork? If you simply stopped attending, you are stuck.
If you did it in writing, I would suggest that you go to the schools website and check out their withdrawal policy. This would give you any information if you were due a refund.
Thanks for the tips. I did not notify them in writing, I was try
Thanks for the tips. I did not notify them in writing, I was trying to deal with them and just got too fed up and irritated with them, which was a bad call on my point. They kept trying to force me to come in and meet with one of their advisors before they'd let me withdraw, and I was so fed up with them at that point I told them where to stick it.
I'll contact the Dept of Education for anything, and either way get working on it. Thanks for the info!
Actually by requesting that you meet with an advisor before with
Actually by requesting that you meet with an advisor before withdrawing was probably the schools attempt to cover it's backside. Exit interviews are very common in schools now, as it has proven highly beneficial in keeping down the default rate.
Contact your loan holder and ask for rehab. You make 9 on time monthly payments and the loan can be brought out of default. A standard payment for rehab is 1% of your balance...so if your current balance is $6000 a standard qualifying payment will be $60.