Jump to content




Welcome to CreditBoards!


Sign In 

Create Account
Welcome to CreditBoards! Like most online communities, you must register to post in our community, but don't worry - this is a simple process requiring minimal information for you to sign up. Be a part of CreditBoards by signing in or creating an account.
  • Start new topics and reply to others
  • Subscribe to topics to get email updates
  • Get your own profile page and make new friends
  • Send personal messages to other members.
 
Guest Message by DevFuse

Read These Items!

  • If you're getting an Authentication mismatch error: Clear your cache. Log out of CB. Delete your cookie. Close your browser. Open your browser and log back in.

Photo

How to find out if Private SL has non-profit backing


  • Please log in to reply
2 replies to this topic

#1 Piglet

Piglet
  • Newbies
  • 2 posts

Posted 30 January 2012 - 03:33 PM

Hello All,

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!



#2 LynnInMN

LynnInMN

    CB Student Loan Guru

  • Forum Leads
  • 4,967 posts

Posted 30 January 2012 - 10:05 PM

You havent got a hope in hell for bankrutptcy. You are still in school which is YOUR choice...you would never be able to convince a judge that you are a hardship when you are choosing to go to school instead of working. Pregnancy is not a reason either....that is your choice.

Is US Bank giving you a reason for calling in the loans? Have you been out of school, transfered schools, missed a deferment?

#3 Txgirl

Txgirl
  • Members
  • 486 posts

Posted 06 February 2012 - 08:53 PM

Private Loans are not dischargable....doesn't matter on the backing. Sorry to be the bearer of bad news.




0 user(s) are browsing this forum

0 members, 0 guests, 0 anonymous users



© Copyright 2003 - 2013 Creditboards.com. All rights reserved. No portion of this site may be reproduced without explicit permission from the owners. The content of creditboards.com is subject solely to the personal whim of its admins. We reserve the right, at our sole discretion, to remove any and all posts or comments, at any time, for any reason which takes our entirely capricious fancy, or for no particular reason whatsoever, without restriction. Comments or questions regarding the site may be addressed to admin@creditboards.com.