consolidation and the 25 year forgiveness?
Date: Sun, 08/26/2012 - 07:44
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.
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 ou
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.
