PFD college loans?

[irritated]

Is it possible to PFD a Perkins loan - the university is shown as the creditor?

 

I dont want to upset the "system" I understand I am the little guy and attempting to dictate to government / a university could backfire. I would like to agree to pay 100% of the principle balance if they agree to remove it from my CR.

 

My biggest fear is that they will feel the need to go on a power trip and procede to sue me for the full amount + collections, interest, court cost etc knowing that I can and am willing to pay the principle.

 

Is this wise, worth a try, not a good idea?

 

Thanks

Edited March 2, 2005 by irritated

[LynnInMN]

Is it possible to PFD a Perkins loan - the university is shown as the creditor? 

 

I dont want to upset the "system" I understand I am the little guy and attempting to dictate to government / a university could backfire.  I would like to agree to pay 100% of the principle balance if they agree to remove it from my CR. 

 

My biggest fear is that they will feel the need to go on a power trip and procede to sue me for the full amount + collections, interest, court cost etc knowing that I can and am willing to pay the principle. 

 

Is this wise, worth a try, not a good idea?

 

Thanks

<{POST_SNAPBACK}>

 

Since this is a government student loan, they will not settle off on the interest. The school would take the hit on the interest and that is not something they are going to be willing to do. If they have contracted with a collection agency, they could have to pay the agency a fee too, which they are are going to make you pay. You will probably not get a delete even paying the full balance.

 

Schools to regularly sue on Perkins loans...I know the school I was at submitted then for judgement usually after 24 months. Call them and get it rehabbed!!!

[irritated]

I figured as much - course Im going to give it a shot anyway. There are several extinuating circumstances involved - maybe they might make a difference.

 

Anyway - a rehab and a PIF by me would result in the same condition - "paid" since you say they wont delete it - correct? The PIF would take a month or so - the rehab would take 12+ months - I am on a repaid repair mission we want to purchase a home.

[LynnInMN]

A rehab would result in the loan being instated as current with the negative TL removed...not a pif. However if there was a servicer involved, their TL is not removed!

[irritated]

Currently the condition is listed as "open" though I am substantially late. I guess I am trying to accomplish over night what I should have fixed a long time ago. Hind-sight is always 20:20 - oh well I reckon Ill just give them a call tomorrow and work something out.

 

Thanks for your assistance.

Edited March 2, 2005 by irritated