I have a student loan from 27 years ago that I am now being asked to pay( $6500.00 with interest and penalities). I found out that there is no statue of limitations on govt sponsered student loans. I’ve been contacted by a collection agency that says they work on behalf of the US Department of Education. They sent me a letter that says they are going to garnish my wages unless I can claim hardship.
My question is: is it safe to fill out the financial statement they have enclosed. I have a small line of credit from a credit union can they touch that. I also have a condo can they touch that. My problem is I am a salesman and times are tough. I am living paycheck to paycheck and barely can pay my bills. Do I have any thing in my favor at this time. One last question: any advice on how to handle the debt collector. The attitude I have encountered so far is I am God and you will do as I say. Do I have any rights at all.
Thanks in advance for any help
Rick
Lots of people have got caught on old student loans they failed to pay. Uncle Sam never forgets. One day he shows up wanting the money plus interest. Normally they keep all tax return money to satisfy the debt., take your savings and checking accounts, and file liens on any real property you own and get their money when it sells. I am surprised they didn’t do that in your case.
Are you sure these guys are legitimate? I have never heard of the U.S. Government using private collection agencies. The IRS is the collection agency used by Uncle Sam.
Some states have telephone harassment statutes that forbid collection agencies or agents contacting you after you tell them not to contact you anymore.
At that point, they are required to go to court, get the judgment, and start filing liens against your possessions and garnish your wages without contacting you, other than in writing giving court dates and the such.
I suggest you tell them your situation and say you will pay what you can when you can. They can’t get blood out of a turnip if the turnip doesn’t have blood. They can take your condo if they want.
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Are there institutions, banks, NGO's, student associations etc that make loan facilities available to Africans (Nigerians) that have been offered postgraduate admission in the UK?
I have been a student myself there at a renound british university and was given a rebate of 1000 pounds in my tuition fees. there are other scholarships available to students in speacial fields so you will have to specify what field are you going to take up for education in UK. I have a friend who has a full scholarship which includes living and tution expenses.. all you need to do is get in to a good uni and look for the best available scholarship from the british council itself or from other websites. details are given on the home office website.
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decreasing my balance.
This company gives great rates and excellent customer service http://www.studentfinancialadvisors.com/
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Or do you have to apply for a Stafford loan directly through the school. I transferred from FIU to MDC. I had the Stafford loan then and was receiving the disbursements just fine. When i transferred I added MDC to my FAFSA. Nelnet says they communicate with MDC but a financial aid rep at the school says they dont. She did not sound so confident though. Does anyone Know?
ALWAYS work through your schools fin aid office. NelNet is an outside company not related to your school. The college can't disclose any info to ANYONE including your parents about your enrollment status, financial aid, etc. without your written permission. Use the schools fin aid office. That is why it is there.
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Also, I would be interested in any grant money that I am eligible for. I am married and we make too much money to get any "free" college funding…HELP.
Federal student loans have the lowest rates, the lowest origination fees, and the best terms (fixed interest rates). Apply at http://fafsa.ed.gov
You will not have to have a cosigner, or pass a credit check. Also sometimes the government will pay the interest on these loans while you are in school. Here is a good book about all the different types of loans and the interest rates for each when you apply with the above link from the Dept of Education.
Hope it helps.
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So my parents are providing my tution and cost for college, but with great student loan offers im looking at taking a student loan with an interest rate plus or minus 2.5% which is really good, what could i do with this money investment wise to try to make some money such as cd's and etc
yea thanks kman i realized that just seeing if the oppurtunity arises itself with obama possibly creating more loan oppurtunities and i know that the u NEVER buy stocks with loaned money
AFAIK federal student loans with rates under the inflation rate have to be used towards education costs, and I'd be a bit surprised if you even qualify for them given that your parents are capable of paying for your education.
Investing borrowed money is rather risky. If you're sticking to risk-free CD's and the like, you're looking at a 3.5% ish return (max)… you're not going to be making much more than your borrowing cost. Stocks obviously have better potential, but it's pretty high risk as a somewhat short term investment in this climate.
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Ok, I am trying to consolidate my Student Loans through AES! The problem is that I have a POST OFFICE BOX because I will NOT recieve mail at my PHYSICAL ADDRESS because my silly sister-in-law happens to have the SAME FIRST NAME as me & when she married my brother, now the SAME LAST NAME.
I told the AES people I will NOT receive the forms to consolidate if they send to PHYSICAL ADDRESS. So now what do I do???
Have them send it somewhere else - to you 'c/o somebody else' and give the other address.
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Yes,well it depends on your financial need as well. Federal loans do not require a credit check.
Also bankruptcy does not affect student loans. For instance, if you have to file again you will still have to pay back your student loans.
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I live in Mexico but am a U.S. resident, I want to go to the University here cna I still get finicial aid from the U.S.
Yes, sometimes you can. Sallie Mae International should be able to help: http://www.salliemae.com/international
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in my american tax return? I am filing single, in the state of Washington and itemizing.
The loan generated interest which is what I would like to be able to deduct…
You can if you paid student loan interest on a qualified student loan. Principal payments do not count. Also, if you make enough money, you cannot deduct all or any of the interest, which you might check into if you earned over $100k.
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