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Debt Consolidation Forums Student Loans and Education Debt forums

consolidation and the 25 year forgiveness?

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Hi SoapLady. I too would appreciate advice.
I have a student loan, by now $60K with interest. (took out $20K loan in 1983).
I have tried during the years to deal with this as I never profited from my so-called education. Still, I was naive -- my fault.
I hoped to do an offer-in-compromise but never could deal with an actual person with the authority to offer this.
A lawyer asked me, are you being sued? I said no. He then said, when you are being sued, you will then have someone to deal with! Much like credit card debt.
I too thought that the consolidation I accepted in 2000 set the clock back. I found out about the 25 year forgiveness after I consolidated. I feel they were fraudulent not telling me about the pitfalls of consolidating.
I have looked on the DirectLoan website and cannot find any information on the 25 year forgiveness. Is it hiding somewhere? Could you elaborate a little?
Thanks.




Quote:
I have a student loan, by now $60K with interest. (took out $20K loan in 1983).
I have tried during the years to deal with this as I never profited from my so-called education. Still, I was naive -- my fault.
I hoped to do an offer-in-compromise but never could deal with an actual person with the authority to offer this.


Federal or private?? I am going to assume they are federal.
You never deal with the actual person with the authority....the offer has to go thru the collector/collection agency. Student loans generally waive the collection fees only...so at most would say you would could have $10-15k waived as a guess.

Quote:
A lawyer asked me, are you being sued? I said no. He then said, when you are being sued, you will then have someone to deal with! Much like credit card debt.

Does your attorney understand anything about federal loans?? They rarely sue....they can garnish without a court order and offset you federal/state tax returns.

Quote:
I too thought that the consolidation I accepted in 2000 set the clock back.

There is no clock on federal loans,.

Quote:
I found out about the 25 year forgiveness after I consolidated. I feel they were fraudulent not telling me about the pitfalls of consolidating.

What pitfalls??

Quote:
I have looked on the DirectLoan website and cannot find any information on the 25 year forgiveness. Is it hiding somewhere? Could you elaborate a little?


http://www.finaid .org/loans/publicservice.phtml
Thanks.

Sub: #1 posted on Sun, 08/26/2012 - 10:22

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