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june33

Student Loan Settlement?

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In short, I took out a student loan in 1996 and didn't start paying until after I finished school but made my payments on time. In December of 2004 (DOFD) I moved and was unable to make payments so it went into default and eventually collections.

I recently updated my address with the 3 CB's and received a letter from the CA almost immediately.

I don't know if this was a private or federal loan (it was taken out through the Alaska Commission on Postsecondary Education) as I no longer have my promissory note and can't find that info anywhere online. I do know that it was definitely not a Stafford Loan.

The fact that its a negative TL isn't as much of a concern to me even though it sucks, its the outstanding collection that stresses me out. Its not a huge amount (original debt was $1520) but I am also not in the position to pay that in full at this time and do not want to be sued.

Does it do me any good to validate this debt? I know that it is in fact my debt.

Either way, can I ask to settle for less than the full amount and ask for a PFD?

Also, it it true that there is no SOL on any school loans? I feel like I've read differing opinions.

I would really appreciate any help on this, I don't have much left to go on my repair journey and this is my only outstanding item.

Thank you!!!

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In short, I took out a student loan in 1996 and didn't start paying until after I finished school but made my payments on time. In December of 2004 (DOFD) I moved and was unable to make payments so it went into default and eventually collections.

I recently updated my address with the 3 CB's and received a letter from the CA almost immediately.

I don't know if this was a private or federal loan (it was taken out through the Alaska Commission on Postsecondary Education) as I no longer have my promissory note and can't find that info anywhere online. I do know that it was definitely not a Stafford Loan.

The fact that its a negative TL isn't as much of a concern to me even though it sucks, its the outstanding collection that stresses me out. Its not a huge amount (original debt was $1520) but I am also not in the position to pay that in full at this time and do not want to be sued.

Does it do me any good to validate this debt? I know that it is in fact my debt.

Either way, can I ask to settle for less than the full amount and ask for a PFD?

Also, it it true that there is no SOL on any school loans? I feel like I've read differing opinions.

I would really appreciate any help on this, I don't have much left to go on my repair journey and this is my only outstanding item.

Thank you!!!

Do try to validate the debt.Its better to confirm the facts before going ahead considering the fact that you dont have the promissory note with you.That lets you know if its a federal loan or a private loan as well.The possible you have depends on the type of loan as well.

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What you can do is contact Alaska Commission on Postsecondary Education by calling (toll free 800-441-2962)

Edited by momof5
Removing business solicitation

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Any student who is recently beginning an educational pursuit can take steps to avoid facing student loan debt settlement in the future. Pursuing grants rather than simply taking on additional debts can be a good strategy.

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