What to do about a student loan debt?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do about a student loan debt?
I transferred from an on-line college to a different college well over a year ago. Now that other college is trying to force me to pay them back on the student loan. I told them that I would pay it after I graduate. Is there a way to stop them from bothering me until then?
Asked on March 15, 2011 under Bankruptcy Law, Missouri
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Unfortunately, when you stop attending an institution, you usually are required to immediately pay the monies due because when you were initially loaned the money, it was with the understanding you would continue at that institution. Review your loan documents and talk to your state's department of education but you may be directly out of luck. You cannot simply tell the lender you will pay when you graduate. What you should consider is speaking with the lender about entering into some sort of forbearance agreement until you do graduate because you are attending another school or seeing if you can obtain a loan from your new school to pay off the old loan and extend the time to pay off the new one. Talk to your school counselor before you move forward with any act, because perhaps the new school can offer you some options you may not be aware of already.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.