student loan nightmare

[cherylb18]

Hi, 

 

In 2010, while unemployed I decided to go back to school to get an MBA in Project Management at Jones International University. I was already working in the field so I thought that the MBA was going to give my career a boost. 

 

While in school I didn't feel I was learning much and I stopped studying for a while because I got a new job and had no time to commit to classes. While this was happening my loan was in forbearance.

 

At some point I decided to go back to school and I learned that he school was closing. I requested my credits/transcripts to see if I could transfer to another school and finish what I started but it's been 4 years and I still don't know where the transcripts are, and I now have a $55K student loan with Great Lakes. 

 

This debt is crushing my credit, and I don't know what to do to get rid of it. I obviously can't afford the IDR and to be honest, why should I pay for something that I don't have?!

 

If I try to delete this from my credit, I'll lose the payment history so my scores will tank (0 lates). I am not a public servant so that one is not an option for me. I seriously don't know what to do now.

 

Your advice is more than welcome!

[centex]

21 hours ago, cherylb18 said:

 I obviously can't afford the IDR and to be honest, why should I pay for something that I don't have?!

Because you signed the contract.  

 

Leaving school does not relieve one of the student loan responsibilities that they agreed to when taking the money.  Failure to complete a program does not absolve one of those responsibilities.  If this is a federally-backed loan, then you have other consequences, to include garnishment and the forfeiture of tax refunds, if you stop paying.  You would also be at risk of placement into CAIVRS which then impacts the potential purchase of future homes through federal programs...

 

It is unfortunate that you chose what appears to have been a for-profit online school, but a contract is still a contract.  Even more unfortunately is that a lot of for-profit credits tend not to transfer to real schools that will catch the eye of a prospective employer...while the masses may be awed by a diploma on the wall, employers still tend to know which schools are on par with the programs that used advertise in the backs of magazines and that you could get your MBA or doctorate by demonstrating an ability to send in a check. 

 

The website makes clear how to go about getting transcripts, specifically stating "This webpage contains contact information for the Colorado Department of Higher Education which will handle all transcript and records requests." Are you claiming the governmental agency is failing to respond to the request?  

[cherylb18]

39 minutes ago, centex said:

 Are you claiming the governmental agency is failing to respond to the request?  

Thanks for your guidance, and yes, I had no response from them. 😢