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Student Loan Network

Mattie Said:

Do I need to pay my student loan even if I never took any classes?

We Answered:

Yes. Unless you properly withdrew in a timely basis and have the supporting documentation.
It's probably on your credit score now and will be for a minimum of 7 years after it's paid in full

Robin Said:

Future College student with a few questions, student loan, living costs, etc..?

We Answered: - it provides some tips about applying to US federal and state grants for college students.

Lewis Said:

Should I repay my student loan if my school went out of business?

We Answered:

I can only speak to the question of Federal Student Aid - if you received a Perkins Loan, or a Stafford or PLUS loan, it may be possible that you will qualify for a Closed School Discharge. If your loans were not federal loans, I strongly suspect that the same rules will NOT apply. The only way to answer that question would be to refer to your promissory note and/or contact your lender.

With regard to FSA aid (Perkins, Stafford, PLUS):

From the Department of Education site:

"If you received a student loan at a school that closed before you completed your studies, you may be eligible for discharge of your loan. A federal student loan can be discharged for school closure if you were enrolled when the school closed and could not complete the program of study because of the closure. If you were on an approved leave of absence, you are considered to have been enrolled at the school. If the school closed within 90 days after you withdrew, you are also considered eligible for discharge.

Please bear in mind that you are not eligible for the discharge if you are completing a comparable educational program at another school."

I don't know your precise circumstances, so I can't predict if you qualify for the closed school discharge. If you are talking about Stafford, Perkins or PLUS loans and you want to pursue this possibility (and why not?) you'll need to contact the holder of your loan.

For a Perkins, that would have been your old school, but you're paying someone, so if it's a Perkins, that's who you should contact.

For a Direct Stafford Loan, you should contact the Direct Loan Servicing Center at 1-800-848-0979.

For FFEL Stafford loans (Sallie Mae, Citibank, etc.), you'll need to contact your lender, or its loan servicing agency (whoever you're sending your payments to)

As I said - if the loans are not government loans, your rights are completely described within your promissory note. There MAY be a section in there about what happens if you're not able to complete the program through no fault of your own, but that's what you would have to rely on. If you don't have a copy of your note, contact the lender and ask them to send it to you.

Please don't make the mistake of arbitrarily deciding that you just don't feel like you should have to pay for this any more. If you have a legal right to discharge the debt, all the more power to you, but if you simply decide that it's not right that you should have to pay, you're really going to suffer financial ruin if the lender has the legal right to collect their debt.

Good luck - I hope this helped.

Mark Said:

Can I lose my nursing license because of my unrelated defaulted student loans?

We Answered:

What do you mean, you didn't use it? If you took the money - it doesn't matter if you bought hotdogs or went to school - you have to pay it back.

Melvin Said:

Computer Network Specialist Program worth $18k for 1 year?

We Answered:

Thats an awfully expensive program

Come to Mohawk College, or a similar community college, and take the Network Engineering and Security Analyst program. its like 1-2k per year for a 3 year course, and the starting salary is around 40k CAD

Marion Said:

$40,000 to $70,000 in student loan debt what should I do?

We Answered:

Tough life choice you've left us all with. This needs to be your choice, not ours. You need to get a sense of how much more money this education will earn you over a lifetime and decide if the extra $30,000 is worth it. Chances are the extra money you'll earn over a lifetime will be much greater than $30,000 and you'll probably end up in a much more fulfilling career. My gut is you should continue, but it's up to you. Good luck.

Bessie Said:

where can i get a student loan to study at a technical institue in Ireland? US citizen?

We Answered:

Some schools overseas have been approved by the US Department of Education to participate in the US student loan program. To see if the school you wish to attend has been approved log on to and click on 'search for schools.' Check to see if your school is listed and, if it is, complete the application at the same website. If it's not, do a search for 'international student loan lenders.' You'll be given a list of lenders that offer loans to US citizens studying overseas. Just start going through the list to find one that you can work with....and who will work with you.

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