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Started By
Message
Pay those student loans
Posted on 2/29/12 at 8:05 am
Posted on 2/29/12 at 8:05 am
A guy I work with got a call from the Dept of Education rep yesterday saying he is in default on a student loan from 1972. He owes them 5K. I told him to make sure he gets a debt validation letter. He was baffled that he hasn't heard from them in 40 years.
6
Posted on 2/29/12 at 8:10 am to lsufan1971
Could be a scam. 40 years is a long arse time.
Posted on 2/29/12 at 8:12 am to dome53
quote:
Could be a scam. 40 years is a long arse time.
Posted on 2/29/12 at 8:12 am to wegotdatwood
Did he not check a credit report in the last 40 years?
Posted on 2/29/12 at 8:12 am to wegotdatwood
That's why I told him to get a debt validation letter.
Posted on 2/29/12 at 8:17 am to wegotdatwood
quote:
Did he not check a credit report in the last 40 years?
I hasn't been on his report he says. He bought a new house 3 years ago. He woulnd't have qualified if it ahd been on there. Apparently it's a valid debt. They have the photo copies from back then with his signature on the loan documents.
This post was edited on 2/29/12 at 8:18 am
Posted on 2/29/12 at 8:30 am to lsufan1971
Isn't there some kind of time limit on student loans?
10 for public employees and 30 for private?
10 for public employees and 30 for private?
Posted on 2/29/12 at 8:32 am to TheHiddenFlask
quote:
Isn't there some kind of time limit on student loans?
There is now, not sure back then. I know with my wife's, they base her payment amount off of her income. If she doesn't make enough, she pays $0 each month. As long as she doesn't default, in 30 years it disappears no matter how much she paid
Posted on 2/29/12 at 8:35 am to HeadyMurphey
quote:
There is now, not sure back then. I know with my wife's, they base her payment amount off of her income. If she doesn't make enough, she pays $0 each month. As long as she doesn't default, in 30 years it disappears no matter how much she paid
I did not know that
bullshite imho
Posted on 2/29/12 at 10:10 am to yellowfin
quote:
I did not know that
bullshite imho
Yeah, engineers and business majors financing hippy arse liberal arts majors.
Posted on 2/29/12 at 10:15 am to yellowfin
quote:
I did not know that
bullshite imho
To add to that, if we file jointly, they include my income. Needless to say, we file separately.
Posted on 2/29/12 at 10:48 am to yellowfin
quote:
I did not know that bullshite imho
Income based repayment (IBR).
I have a lot of questions about that program since my salary gets me enough to break even on the year paying off my loans.
I'd like to basically set up an operation where I IBR my lower interest loans and go full bore on the top ones if I could or I guess I could just "overpay" with everything under IBR. In any event, I'm also worried that if I'm IBRing and then my salary gets high enough (very likely/not a liberal arts major) that when that 30 year mark rolls around they'll say I can afford the payments and not drop the debt. In which case I just fricked myself.
Anywho, I'm lucky to be able to pay what I am capable of and there are going to be a bunch of non paid student loans coming up. I don't see any way around that bubble bursting.
Posted on 2/29/12 at 10:59 am to TheHiddenFlask
quote:
Isn't there some kind of time limit on student loans?
10 for public employees and 30 for private?
I think you are confusing whether or not they can be included in a bankruptcy. The debt just doesn't go away after X amount of time. I doubt anyone would file bankruptcy for the $5K we are talking about here.
ETA:
quote:
There is now, not sure back then. I know with my wife's, they base her payment amount off of her income. If she doesn't make enough, she pays $0 each month. As long as she doesn't default, in 30 years it disappears no matter how much she paid
Interesting,, I have never heard of this and I agree that it is BS. Not paying your debts b/c you chose to borrow money and then chose not to make enough money to repay said debt is BS.
This post was edited on 2/29/12 at 11:03 am
Posted on 2/29/12 at 11:04 am to MikeBRLA
quote:
The debt just doesn't go away after X amount of time.
yes it does. I think prescriptive periods for promissory notes is 5 yrs.
they don't attempt to collect in five years and you don't acknowledge the debt, its gone.
eta: it doesnt really "go away," but it's no longer enforceable.
This post was edited on 2/29/12 at 11:06 am
Posted on 2/29/12 at 11:04 am to MikeBRLA
There is a new program that will forgive student loan debt after a certain number of yrs of paying on them.
Posted on 2/29/12 at 11:11 am to dome53
quote:
Could be a scam.
Mos def.
Posted on 2/29/12 at 3:23 pm to lsufan1971
As far as I know, student loan debt NEVER goes away. They will garnish your retirement if they have to to get their money back. Student loan debt is different than most debt.
I could be wrong, but that's how I understand it.
I could be wrong, but that's how I understand it.
Posted on 2/29/12 at 9:57 pm to lsufan1971
quote:
Posted by lsufan1971
A guy I work with got a call from the Dept of Education rep yesterday saying he is in default on a student loan from 1972. He owes them 5K. I told him to make sure he gets a debt validation letter. He was baffled that he hasn't heard from them in 40 years.
was this the Nigerian Dept of Education, per chance?
Posted on 3/1/12 at 10:57 am to iwasthere
quote:
25-YEAR CANCELLATION — If you repay under the IBR plan for 25 years and meet certain other requirements, any remaining balance will be canceled.
Student Aid.GOV
Posted on 3/1/12 at 12:03 pm to lsufan1971
quote:
A guy I work with got a call from the Dept of Education rep yesterday saying he is in default on a student loan from 1972.
Was the guy really from the DOE? Maybe a private investor bought some old debt trying to score by recovering $.
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