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!

  • We're done with the posts turning political, guys.  
  • Starting immediately, any post that turns political will be immediately closed and the poster who interjected politics will be warned.  
  • ​It is our interpretation that deems it political.  We will not entertain discussion about your intentions.  
  • 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.
  • Yo!  AOL email is bouncing and they aren't giving us a way to get off their blacklist.  If you're registered with an AOL email address and you have another one you can use in your settings, please change your email on record, so you can get the notifications you're expecting.


Private loans and school closure

  • Please log in to reply
5 replies to this topic

#1 josh3338

  • Members
  • 4 posts

Posted 27 April 2012 - 08:39 PM

New to this site. I have a very unusual situation maybe someone could shed some light on. I was attending a computer school 10 years ago when in the middle of my track I was diagnosed with a brain tumor and had to take a leave of absence. Which was approved by the school and was agreed to return whenever I was ready to complete. In 2004 I was finally ready to continue my education but was getting the run around from the school as to letting me return. Took private student loans in excess of $50k to attend but I only received a couple of the certifications I was supposed to end up with. Finally I gave up and quit trying to return. In 2008 the school closed. Now I'm stuck paying this loan for education I didnt even get.

Asked I few people if there was something I could do to fight this. Was pretty much told I could try and get them discharged or forgave from the loan originator. No luck there! They wanted to offer up absolutely no help! There were many students who were in the same boat as I. Some were able to get the loans forgiven. I had no such luck! So I felt stuck and just continued to pay. Then Aug of 2011 I lost my job and was unable to pay them. Now I'm in default and they have been sent off to a CA (NES). I just started getting calls and they want 10k upfront and then can make payments. If I got this education I'd man up and pay it but the fact that I did not coupled with the RUDE threats from NES makes me want to fight it!

I have contacted a few local lawyers but they all say the same thing! student loans will never go away! But they would suggest I do a Chap 13. The 3/5 years of low payments will not help! I have spent numerous hours on the net doing research. Just today I found this forum. Hopefully someone may have a suggestion. Thank you

#2 snowpuppy

  • Members
  • 1,801 posts

Posted 27 April 2012 - 09:26 PM

There is a closed school provision for federally backed loans but not for private loans.

Have you done any research on the school to learn why they folded? Were they closed for shady practices or never sanctioned by the Dept of Ed to begin with?

#3 josh3338

  • Members
  • 4 posts

Posted 28 April 2012 - 03:56 PM

The owner of the school decided he was losing to much money so he up and closed one day. Don't think it was sanctioned by Dept of Ed. I guess with no replys and not really any help from lawyer I talked to I should just tuck the tail and give in to NES. For $50k in debt they wanted 10K upfront! then can make payments on the rest. Wow they are so great! Is there anyway to get around having to pay them the $10k upfront?

#4 breeze


    Site Owners

  • Admin
  • 54,452 posts

Posted 28 April 2012 - 04:07 PM

Be patient - it will take more than one day to get an answer to your question - it's a little out of the ordinary.

#5 josh3338

  • Members
  • 4 posts

Posted 28 April 2012 - 08:09 PM

Thanks! I know I'm a little antsy since the collection contacted me.

#6 hoapres

  • Forum Leads
  • 7,351 posts

Posted 29 April 2012 - 01:18 AM

There is talk in Congress allowing private student loans to be discharged in BK. You can contact an attorney that SPECIALIZES in BK with EXTENSIVE experience in discharging student loans in BK. Contrary to popular belief but with VERY LIMITED circumstances student loans can be discharged in BK but will require a court hearing.

0 user(s) are browsing this forum

0 members, 0 guests, 0 anonymous users

© Copyright 2003 - 2015 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.