I went to an Technical College when I moved to Illinois, I did not want to get a student loan at all and they talked me into getting a student loan in which I did not finish school b/c I moved back to Ms and now I can't stop the letters and the calls, I explained my bad debt to them, so what do I do now? I know when I file my income tax it will be taken is there any way I can prevent this?
2007-10-22 18:10:40 · 9 answers · asked by tammy5992001 2 in Business & Finance ➔ Personal Finance
"What do I do about school loans that I owe?"
Same thing you do with any loans you owe...
Get a job, make payments until it is paid off.
2007-10-22 18:20:43 · answer #1 · answered by don_sv_az 7 · 0⤊ 1⤋
you will have to pay the money back. the only choice you have now is the payment schedule - that is how much you have to pay every month and how many years it will take you to pay it off.
There is only one way to delay payments - go back to school at an approved program. This may be necessary to be able to get a better job so you can pay off the loans.
By the way, the loan is to you, not to the institution. So the school isn't responsible for your debt. BUT, you can transfer to another school with an approved program and maybe you can get credit for some of the work you did at the other school.
If this doesn't seem like a good plan, find another career that interests you and start learning.
You've learned a big lesson this time - and you need to take care of this debt - otherwise it will haunt you for 7 years. It will make it hard for you to get a car loan, an apartment rental, buy furniture or get credit cards. These folks are serious about getting their money back.
good luck
2007-10-22 18:25:37 · answer #2 · answered by barb 3 · 0⤊ 0⤋
a couple people gave u some good acvice call the school and see if u can get a rebate cause u left early and if they can't well why pay back something u never used??? u can sue them for trying to make u pay for the whole amt. when the school gets free money cause u left early! that's against the law! they shouldn't garnish ur checks or take ur tax return as long as u find out something like a payment plan if u send them 10.00 a month they shouldn't take ur tax return at least ur paying something!! but i really don't know all the legal stuff u need a good answer from someone who really wants to help cause of ur situation anybody can be smartazz and say it was a loan pay it back they don't realize that it may be harder for people and they probally was born with a silver spoon!! But good luck and i hope someone will help u! one more note it cost money to come in this world and to leave this world and between time you will owe people do what u can do give them a dollar and say that's a dollar on it! but don't let it ruin ur life enjoy the life u got cause when u die whose gonna pay that student loan NOBODY!! they will just harass other people who are poor! IT"S real bad what they do my sister had one and they told her if she worked in the state for a certain amt. of time she didn't have to pay nothing back but they are sending her bills everyday harassing her. and she's been living and working in the state of Louisiana for 30 years but she like *** it she goes to work and makes it day by day raising 3 children by herself!!! GOOD LUCK I HOPE SOMEONE WILL GIVE U SOME BETTER INFORMATION THAN I DID CAUSE I OWE EVERYONE AND DON"T CARE cause i can't give them what i ain't got!!
2007-10-22 19:53:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you're saying your student loans are in default status, no you won't get a refund, it will be taken toward what you owe. If they're not defaulted, it's just that you still owe a lot, it won't affect your refund. Is your fiance your child's biological father? If not, he very likely can't claim her. And even if he can, it would just be for the exemption, not a child tax credit, EIC or head of household status. How much will each of you make for the year? Do you live together, and if so, for how much of this year? Without all of the above info, no way to answer your question.
2016-05-24 23:33:14 · answer #4 · answered by anjanette 3 · 0⤊ 0⤋
Maybe you should talk to the schools business office about getting back the money for the time you did not attend the school, pay them only for the time u were there. Do they claim to have a no money back policy? ask to see it in writing, if they cant prove anything you can sue them. Unfortunately when a bank loans you money, you have to pay it back, the people you have to deal with now is the school. Sorry you are going thru this and good luck.
2007-10-22 18:43:30 · answer #5 · answered by moniluv41 2 · 0⤊ 0⤋
I don't think so. I believe it is one debt that you cannot even file bankruptcy on. You may want to check with attorney on this but hopefully you can make some sort of payment arrangement with them.. The more you talk to them the more they will hound you. Change your phone number and get it unlisted. If they have your checking account information from a previous payment you may have made to them then change bank accounts so they can't dip in there and take your money when you least expect it. Also, never tell them where you are working so they can't garnish your wages. If you do decide to pay them then only send them money orders so they can't get any asset information on you.
2007-10-22 18:20:22 · answer #6 · answered by Lea 4 · 0⤊ 0⤋
Consolidate your loans, that stops the taking of your tax return, then send them a copy of you last years taxes and they will make a re payment plan to fit your budget. communication is the most important key here... Good luck
2007-10-22 18:54:34 · answer #7 · answered by Doug favors universal insurance! 3 · 0⤊ 0⤋
Uh, no, you borrowed the money, now you have to pay it back. That's what "loan" means.
2007-10-22 18:15:22 · answer #8 · answered by Judy 7 · 0⤊ 0⤋
It will follow you forever.
2007-10-22 18:18:25 · answer #9 · answered by Anonymous · 0⤊ 0⤋