What to do about a student loan debt?

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What to do about a student loan debt?

I transferred from an on-line college to a different college well over a year ago. Now that other college is trying to force me to pay them back on the student loan. I told them that I would pay it after I graduate. Is there a way to stop them from bothering me until then?

Asked on March 15, 2011 under Bankruptcy Law, Missouri

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Unfortunately, when you stop attending an institution, you usually are required to immediately pay the monies due because when you were initially loaned the money, it was with the understanding you would continue at that institution. Review your loan documents and talk to your state's department of education but you may be directly out of luck. You cannot simply tell the lender you will pay when you graduate. What you should consider is speaking with the lender about entering into some sort of forbearance agreement until you do graduate because you are attending another school or seeing if you can obtain a loan from your new school to pay off the old loan and extend the time to pay off the new one. Talk to your school counselor before you move forward with any act, because perhaps the new school can offer you some options you may not be aware of already.


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