IN NEED OF GOOD ADVICE!!!

[blkmajic88]

Well, im going to make what could be a very LONG story short and sweet! Please help if you can...

 

Back in 2002 i enrolled for school at a private university. At that time i was told if i didnt receive enough aid i would not be able to take the classes i had enrolled in. I applied for Federal aid and what i was offered would not pay for that semesters tuition. Let alone a full year. I never signed to disburse the funds so it was canceled and sent back to the DOE. The mistake i made was not "properly" or "officially" dropping the classes. Through trying to correct my credit issues i noticed that the university billed me for those enrolled classes and now i have a collection account listed ONLY on my Equifax report. It seems to me that this isnt a "loan" but more of a bill directly from the university itself. My question is. Since i never received a loan or any form of aid from the Government or any other financial entity will this collection drop off after 7 years like most other bad debts or is this treated as other Government/Student loans and will hang around on my report for life??? Can i just wait for this to drop off and go away or do i need to begin negotiations?? The collection agency lists the date opened as 06/2003. I do not want to dispute or anything, i just want to know if it can and will fall off. If so i will just wait it out.

Thanks in advance for any and all opinions

Edited January 14, 2009 by blkmajic88

[LynnInMN]

Well, im going to make what could be a very LONG story short and sweet! Please help if you can...

 

Back in 2002 i enrolled for school at a private university. At that time i was told if i didnt receive enough aid i would not be able to take the classes i had enrolled in. I applied for Federal aid and what i was offered would not pay for that semesters tuition. Let alone a full year. I never signed to disburse the funds so it was canceled and sent back to the DOE. The mistake i made was not "properly" or "officially" dropping the classes. Through trying to correct my credit issues i noticed that the university billed me for those enrolled classes and now i have a collection account listed ONLY on my Equifax report. It seems to me that this isnt a "loan" but more of a bill directly from the university itself. My question is. Since i never received a loan or any form of aid from the Government or any other financial entity will this collection drop off after 7 years like most other bad debts or is this treated as other Government/Student loans and will hang around on my report for life??? Can i just wait for this to drop off and go away or do i need to begin negotiations?? The collection agency lists the date opened as 06/2003. I do not want to dispute or anything, i just want to know if it can and will fall off. If so i will just wait it out.

Thanks in advance for any and all opinions

If your school was a private but not for profit school, there is no sol on the debt. They will probably end up suing you.

[blkmajic88]

The institutuion is definitely for profit. I contacted them by phone and was told that they dont even keep records (other than transcrpits) from 7 years back. I was basically told to not contact them in reguards to the issue because they could no longer help me in any way. The CA has complete and total control now. The rep also stated that the account had been "sold" to the CA. That is probably an important piece of information. Sorry i neglected to mention it earlier.

[dst1]

The institutuion is definitely for profit. I contacted them by phone and was told that they dont even keep records (other than transcrpits) from 7 years back. I was basically told to not contact them in reguards to the issue because they could no longer help me in any way. The CA has complete and total control now. The rep also stated that the account had been "sold" to the CA. That is probably an important piece of information. Sorry i neglected to mention it earlier.

 

It's at a CA? Offer them 1/10 of the bill. It's what they payed for it.

 

BTW, it will drop off in seven years from you credit report from the date of the last action on the account. They can sue you and keep the thing running for years. But if the bill is small they most likely wont; it's not worth their time.