Student loans.... HOLY CRAP OH NO!!
justjoshingu
Posts: 538
so I'm freaking out.
I went to graduate school and generated 200k in student loans. No problem, I have time and a job that can eventually pay for it. Last year I did a post graduate residency and loans are on hold during that time. Filled out the paperwork, everything was fine. Except it wasn't. Everything was deferred until dec 20th of 2010. or it should have been. When calling the Guaranteed loan corporation, they couldn't find me at all. After about an hour and a half it turns out they had changed my address, phone, and email address all to 1997. Old email, old phone, old address. Somehow the loans were split and sold to another company, who then sold them to another company. so the girl tells me in Dec. "part of your loans are about to default, do you have 37 thousand dollars to put your account up to date?"
WTF?!?!!?
After 3 days of paperwork, faxing, etc everything was settled. I was back into normal, the split off loan was deferred back to December, so I was no longer in default. And I've even been paying a little extra every month.
My mom calls to tell me I have a letter from dept of education. Well, guess which loan corporation, DIDN'T file all the paper work. SO now the govt sent me a bill for almost forty k. Due in two days.
So now I think I'm going to have to find a lawyer or something to fix all this. SERIOUSLY? Well, now I just feel effed. Defaulting on a student loan is like the one bad thing you can do. .... AND I filled all the paperwork and spent a lot of time working on it so this wouldn't happen??? Do you think they'll care??? uggg ... gonna go vomit now....
I went to graduate school and generated 200k in student loans. No problem, I have time and a job that can eventually pay for it. Last year I did a post graduate residency and loans are on hold during that time. Filled out the paperwork, everything was fine. Except it wasn't. Everything was deferred until dec 20th of 2010. or it should have been. When calling the Guaranteed loan corporation, they couldn't find me at all. After about an hour and a half it turns out they had changed my address, phone, and email address all to 1997. Old email, old phone, old address. Somehow the loans were split and sold to another company, who then sold them to another company. so the girl tells me in Dec. "part of your loans are about to default, do you have 37 thousand dollars to put your account up to date?"
WTF?!?!!?
After 3 days of paperwork, faxing, etc everything was settled. I was back into normal, the split off loan was deferred back to December, so I was no longer in default. And I've even been paying a little extra every month.
My mom calls to tell me I have a letter from dept of education. Well, guess which loan corporation, DIDN'T file all the paper work. SO now the govt sent me a bill for almost forty k. Due in two days.
So now I think I'm going to have to find a lawyer or something to fix all this. SERIOUSLY? Well, now I just feel effed. Defaulting on a student loan is like the one bad thing you can do. .... AND I filled all the paperwork and spent a lot of time working on it so this wouldn't happen??? Do you think they'll care??? uggg ... gonna go vomit now....
mean people suck!
but nice people sw****w
but nice people sw****w
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I did a commerce degree at uni and owe about $20,000. What degree did you do? Is that how much education costs in the States?
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Did you have a really good time? You don't give your location so I'm not sure where you're from. It sounds like a stack of money and a few organisations that couldn't organise a piss up in a brewery.
I hope you can sort it out.
I hope you sort it out. Keep your chin up
No, it doesn't need to cost that much. It just is just a matter of what situation that person is in or what they need money for. I got my degree for about $20,000 here in the states. I'm about to add to that with my masters :?
Can you not just go shout at the people looking for the money, or do what needs to be done?
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oh man that sucks dude. other than a late payment on a mortgage, a late payment on a student loan is most harmful to your credit.
i have nowhere near 200k but about 10 years ago i consolidated what i thought was all of my loans into one. turns out one wasn't included somehow. i did not find out until it went about 3 months without payment. ruined my credit for quite a while.........i would def at least put a note on your credit bureaus explaining your side of the story.
good luck with everything.
thats insane. :shock:
banks suck the biggest donkey any more.
i'm so glad mine are paid off.
best of luck.
i just mailed out my monthly payment the other week ago. $50.00
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much more per year if in graduate school
I agree get your letters off to the credit bureau's and you might be pleasantly surprised
with the govt. They have been very good to me about a couple mistakes I've made in our business,
even taking away the penalties, if they hear from you and you explain your situation.
Don't worry, they will work with you on this I'm sure. Everything will be ok.
You could write Clark Howard too for advice.... he's the man!
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I hope that you're able to get things sorted out. Hiring the lawyer is a good idea, hopefully they'll be able to make contact with everyone and you'll come out of this without any damage to your credit. Dealing with creditors and especially for student loans is a big headache, I feel sorry for you in this situation. Just hang in there and be patient. It will all take some time. People are not too motivated to work these days, so your file may sit there for a week before anyone works on it. Try not to overthink it and leave it in the lawyer's hands. I hope it all works out.
I wanna race..with the sundown..I want a last breath..I don't let out...
And I thought that 20K that I still owe was bad. This isnt the first time I'v heard of people getting fucked around with their loans being sold off to other companies. It doesn't seem right...
I have about $15k left on my student loan...which isn't too bad. Though, I do think "What would I do with that $300/month I spend on those loan payments..."
That extra $ will be nice once they are paid off!!!
once i paid mine off, i started paying more on the house mortgage. my 30 year mortgage is currently slated to be off in just under 17 years if i continue to pay what i am paying today. even if i reverted back to the min payment, it would be 26 months less than the full loan term. in translates into HUGE intrest savings, although one could argue you are better off paying it over the full term of the loan and investing those extra dollars.
And I thought my student loan debt of $22K was bad... :?
Fast forward to now. I worked about 7 months at the USDA and was laid off in November. I figured my priority date must be awesome, and I knew I qualified, so I spent the $40 to apply again. Today I got a letter saying that they couldn't consider my application, because Nursing was not declared as my major. Not true. As a junior, I went in-person to add Pre-Nursing as my second major. So I called them to tell them this. The lady on the phone said since I was no longer taking classes, they removed Nursing as a major on my transcripts. I never okay-ed this, and they never bothered to inform me or tell me I needed to fix this before I spent my money applying to their program. Not to mention the extra classes I paid for (and aced) when I was an undergrad, to keep Nursing as an option.
I will probably be attending another accelerated Nursing school or graduate school in the fall, and my old school will never ever receive even a penny from me after my loans are paid off. It's kind of off topic from the original post, but I'm just livid and needed to vent. I put finding a new job on the back burner, because I figured I was a shoe-in for this program. Ugh.
yeah, they companies can sell your loan (at least for mortgages)...our original mortgage company sold our loan to another company, which then went bankrupt, so then another bank had to take our loan, and then they went bankrupt....we've had 4 different mortgage companies in the last 6 years...all of it none of our doing.
All of the school loans and debt have pretty much made me really think over going back to school over and over and over again....such a sad thing.
- Christopher McCandless
Government bonds, corporate bonds, student loans, structured settlements, mortgages....everything moves around.
naive.
Thank you Yoda !
:geek:
Hopefully "Debt Avoidance" !!
student loans are not dischargable through bankruptcy.
You're not naive, your just not American. This doesn't happen all over the world, well definitely not here anyway. Mortgages are all done through banks with insurance systems in place with our government, and our student loans are done through our Inland Revenue (tax department) with no interest charged unless you leave the country.
Yep pretty much system here too Tinks
And apparently, its STILL cheaper for US Students to study here rather than south of the border :shock:
34K tuition, 16K room and board, 2-3K misc. expenses....per year. Welcome to NYC University expenses.