Financial Aid for past due amount?

Question

I have attended a "tv" school in the past and left due to high tuition and limited education. However since I left they claim I owe them 765 as a past due balance... I was wondering if there is a student loan for past due balances? Because of the past due amount I cannot attend college anywhere else (which I desperately want to do!!) My job doesnt pay me enough to pay them off. Is there a such loan? Am I just doomed until I can find a better job (which I cant do because I dont have any skills!!) This is frustrating me so much!! Any advice is helpful, thanks in advance. (I have a co signor if necessary)

Answer 1

Believe it or not there are loans for this, however they will have certain requirements and they will depend on your credit and possibly a cosigner. Citibank and Wachovia are two that do offer a past due balance loan. Your school should be a four year to be approved with Citi and TERI approved to be approved by Wachovia. Remember your credit history is involved. Both are zero fee. The interest rate will depend on your credit history. Good luck.

One more thing, if this TV school is not an accredited college or university and is a proprietary school AND if you are planning to go to a four year college, you shouldnt really need the TV school transcript since the credit mostly likely will not transfer. The admissions office at the college can tell you for sure.

You should still work at paying off your balance in any case.

Good luck.

Answer 2

Determine what you can afford. Tell them you will pay them that amount monthly if they will agree to that and send you a payment plan. If they don't agree to that then don't pay them at all and wait till they come after you. They will do that in one of two ways. They will pay the court costs to bring you to court to pay in full. At that time you can tell the judge your situation but state that you can pay (and name an amount you can pay) only $___ per month, and ask the collector in court if you can pay them that much in a payment plan until it's paid. As long as you are making a plan the judge will approve it. It's a whole lot better than the collector garnishing your wages and embarrassing the heck out of you. Don't you think?