I applied for a school loan in 1989. I went to the school one time to pick up the book money and never went back. Now, the dept, of Ed. has been hounding me for the past twenty years talking about I need to pay back that loan. Do I have to and, is there some type of legal action I can take?
2006-06-14 09:05:59 · 5 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
Did you officially withdrawal from the school? If you rec'd part of your money, you probably also registered for classes. If you never dropped or withdrew, you were signed up for those classes. You were probably withdrawn by the school when you didn't attend any classes, BUT, because you didn't do the proper paperwork, your refund for those classes that you never dropped was used up by the college. Colleges usually pro-rate any refund, with 100% usually refunded before classes start, but then maybe 60% after the first three days, and probably 0% by the time final drop/add happens.
2006-06-14 12:24:01 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Is there some legal action YOU can take?? How about we taxpayers who put up the money to be lent to you? What legal action can WE take against you for not paying it back. That is where the government comes in. It represents our interests in this case.
Where did the loan go? To the school? To you? If you applied for the loan and were granted it, it would be well for you to find out where that money went because you are indeed responsible for it. After 20 years you should be charged interest as well.
Good luck.
2006-06-14 16:33:37 · answer #2 · answered by No one 7 · 0⤊ 0⤋
Oh yeah....if you took the money, you owe them money back...think of all the interest that has collected on that in twenty years!....forget about getting out of paying..they will hound you to death...they will take whatever they can to get it the money too...your bank account...take it out of your pay....garnish it..oh yeah...the only thing they can't take is if you get a VA (veterans) pension of some sort...can't touch it...but they can get your SSI....your house...car....whatever they want...you can do volunteer work...for a govet agency...and they will deduct money owed...or join the military....yep..you have choices...no attorney will touch it....in my case...the school i went to went bankrupt..and i still had to pay...never use those overpriced shortcut to a degree schools...like ...arizona career college...etc...
2006-06-14 23:11:13 · answer #3 · answered by leiandrai 3 · 0⤊ 0⤋
if you cashed the check, then yes, you have to pay the money back. it is a loan, you got the money, and it is your responsibility to pay up.
2006-06-14 21:14:17 · answer #4 · answered by stohlio 3 · 0⤊ 0⤋
oh yes they are government guarenteed loans and not bankruptable. Pay up
2006-06-14 16:09:33 · answer #5 · answered by golferwhoworks 7 · 0⤊ 0⤋