I went to a technical college about 8 yrs ago. I went the first semester and dropped out half way due to contunious bomb threats ( yes, we have to leave the school and walk across the block almost everyday for 2 weeks straight), alot of students dropped the semester because of this. I went back the next semester and dropped out towards the beginning due to an illness my child had at the time. I was young and didnt really think too much of it. Well, now I owe $10,000 which I cant file bankruptcy on and its on my credit. I never recieved ANY college credits for either semester and I really cannot afford to pay this back. Is there anything I can do about this? Will it ever come off
2007-02-19 01:26:35 · 8 answers · asked by fofanamichelle 1 in Education & Reference ➔ Financial Aid
If you can't claim bankruptcy then, no it wont go away.
2007-02-19 01:29:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Well I learned that whatever you haven't paid back by the time you start drawing social security is forgiven but that's the only way out of them that I know of. Just keep filing for hardship and smaller payments. You may never get them paid off but they won't be as much of a burden and you should be able to deal with them by filing some paperwork once a year. That's how I'm dealing with my $60k worth of loans right now.
2007-02-19 05:39:27 · answer #2 · answered by gaias_grotto 2 · 0⤊ 0⤋
Most student loans are set up with low interest, low payments, and you don't start paying back until you have been out of school for 6 months. Write or call the group you got the loan through and see what they will settle for. It won't go away and you will need to work something out in order to repay it.
2007-02-19 01:34:07 · answer #3 · answered by froggsfriend 5 · 1⤊ 0⤋
My Daughter had the same problem and they will get their money they will just garnish your wages until its paid off. They did that to my daughter and she was never notified when they did it, she has direct deposit and never looked at her paychecks and when she did one day she saw that they had been taking money form her pay check for 6 months. Try to work out some kind of payment plan with them or they will decide on their own how much to garnish from your paycheck
2007-02-19 01:38:18 · answer #4 · answered by Springldy 2 · 0⤊ 0⤋
I'm surprised they haven't started garnishing your wages yet to get the money back. I would guess you need to speak directly with the loan company if you wish to contest it, but given the length of time that has passed without you doing anything, I'm going to say that they won't be very sympathetic.
2007-02-19 01:35:50 · answer #5 · answered by Sunidaze 7 · 0⤊ 0⤋
Even though you didn't receive credits you still owe the loan. You have to pay it back. You need to call the creditor and make arrangements.
2007-02-19 04:44:39 · answer #6 · answered by DL 5 · 0⤊ 0⤋
It will if you pay it...eventually it will get smaller and smaller. Mine were 35,000 and I paid them off last year!!! But...I'm nearly 50 years old! It will take a while!
2007-02-19 01:30:50 · answer #7 · answered by Anonymous · 0⤊ 0⤋
no, they'll keep your taxes if you don't pay it you can't file bankruptsy on a student loan
2007-02-19 01:29:54 · answer #8 · answered by KitKat 6 · 0⤊ 0⤋