Jump to content

Being sued for past due tuition


Recommended Posts

Back in 2005, I started Grad school and took out a student loan. Shortly after school started, I got a very good job and had to quit. I figured the school would turn it over to Sallie Mae or someone, but they left it as a school debt,which accured 6.5% interest. Anyway, they sent me a letter stating that I can pay the balance in full now or within 90 days OR I can make payment arrangments WHICH WILL BE A STIPULATED JUDGEMENT!!

QUESTION(S): Since it was a student loan (but a college debt) my understanding is that it cant be discharged in bankruptcy, correct?

2) A stipulated judgment IS a judgement and WILL show up on my CR even though I agreed to payment arrangements, right?

3) I cant come up with 11k in the next 90 days but other than offer an extremely low settlement of 4k, what suggestions do you have.

I really really dont want a judgement and would rather file BK but I dont think thats an option because I make well above the OK median income.

Thanks again... I love you guys!

Link to comment
Share on other sites

It is my understanding that ONLY government backed student loans cant be discharged through BK.

If its not govt. backed, then you're looking at a contract violation.....its basically like a credit card debt......so check your state's SOL and other statutes on contracts. Make them prove you owe it....it may even be past the SOL.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.