Is there anyway to combat student loan debt?
I only was in school for 3 months. I got sick, I can't even work but the school is saying I owe them $6000 when they didn't even offer me no where near that amount. I'm stressed about this. What should I do. I feel like this is a total scam.
- Big MouthLv 64 months ago
Yeah. An AK-47, a bunch of land mines and some hand grenades.
- 4 months ago
Contact the school - you did not state whether you formally withdrew or not, but if you were ill, you may be able to request a retroactive Medical Leave of Absence and resume you classes - it's up to the school. In any event, make an appointment with someone at the school that can explain their withdrawal policy and how they calculated what you owe the school.
- nancyLv 74 months ago
Unfortunately, there probably isn't much you can do. Most schools have an enrollment agreement that spells out their payment and refund policies. If you signed that agreement, then you are bound by its terms. Generally speaking, if you decide not to attend before you start classes, you owe them nothing except, perhaps, an application fee. But once you step into a classroom, you're committed for at least part of the cost for that term. If you leave quickly, say within a few days, most schools will only charge you a portion of the cost for the term, with the percentage getting larger the longer you stay. But if you stay for more than a week or two, then usually you will be on the hook for the entire term. This makes sense, because schools are businesses and a place in a class is what they sell. If you agree to buy that space, they are entitled to be paid for it, whether or not you use it or value what you receive. It's unfortunate that you became ill, but that's not the school's fault. They held up their end of the bargain, and now they expect you to hold up yours. Think of it this way: Say you go into a store, buy a coat and wear it every day for 3 months. Then you accidentally get a big rip in it, and you no longer like the way it fits, so you decide not to wear it anymore. Would you expect the store to refund your money? Probably not. And even if you did, most stores would not be expected to issue a refund for a product that was used for 3 months and damaged through no fault of theirs. Your best option is probably to meet with the school, explain that you are ill and unable to work, and ask for a payment arrangement. If you're able to attend school, you might want to consider continuing your program. Yes, you'll have to pay more, but at least you will leave with a credential that you can use, rather than having a $6000 debt and having nothing to show for it. If you're not able to pay at all, you could consider declaring bankuptcy, but that's never a good idea if you can avoid it.
- sunshine_melLv 74 months ago
Did you withdraw from the course officially, or just stop turning up?
Generally if you enrol you owe the course fees in full.
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- babyboomer1001Lv 74 months ago
A student loan is not a scam. You took out the loan so you have to repay it. Get a job. Find a way to work. If you cannot now, then hand over some of your assistance money to pay your debt. If you don't get that and you are sponging off your parents, then deal with it when you can work and when you do get a job. Note: If you don't start paying it back when they expect, they will sue you and get a judgment against you. Interest will accrue at 10 percent, probably more than what you are paying now, plus court costs, penalties, etc.Source(s): Certified Paralegal, with 25+ years' experience.
- maps3333Lv 74 months ago
contact a lawyer
- Rick BLv 74 months ago
You agreed to the terms. Now you have to pay it. When you get healthy and return to school, keep this debt in mind. Instead of borrowing your way through school, perhaps you should get a job and pay your way through school. If $6K stresses you out, imagine borrowing through your entire college career?????!!!!
- Anonymous4 months ago
They will get their money, and with penalties.