How to find out if Private SL has non-profit backing
Posted 30 January 2012 - 03:33 PM
Here's a short narration of my story.
I'm 28 years old, in my final year of a Masters Program. I have about 85K in private student loans from US Bank (undergrad). They have kicked me out of deferrment and demanded that I pay almost $800 a month. Which there's no way on earth that I can. I make 900-1400 bucks a month and I live on a VERY fixed income (no living parents or relatives near me so I'm on my own).
To make matters worse, I am currently pregnant, in school full-time, working part-time (I'm in internship there's no way I can do full-time work and intern 32 hours a week) and receiving unemployment and I still have a year left of school.
I have about 5K worth of CC debt that I planned to pay off this year (partly with my tax return and making payments every week). However, i thought about the possibility of filing BK for the sole purpose of trying to get my Private SL discharged. Now I KNOW that SLs aren't usually dischargable because of the new BK protection, however I am told that this is primarily for SL accounts with a non-profit backing. I want to figure out if my SL has the non-profit backing before I ruin my credit with the attempt to discharge them. My SL company will NOT work with me. I've called twice and begged them to let me pay them something--interest only, 100 a month, SOMETHING-- and they kept saying "well since you have an alternative loan, you can't, you must pay the full amount."
PLEASE help me by being kind with your judgements and giving thoughtful suggestions and thoughts. Thank you!
Posted 30 January 2012 - 10:05 PM
Is US Bank giving you a reason for calling in the loans? Have you been out of school, transfered schools, missed a deferment?
Posted 06 February 2012 - 08:53 PM
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