School Loan

south carolina

i secured a loan to attend a computer school, solid computer decisions. i had taken only one class and the company filed chapter 7 and i am still being billed for the loan. what are my options on the loan balance, do i still have to pay this? it seems criminal for a company to take the money and still hold me liable for the repayment.

[Ladynred]

How did you get the loan for that school ? Was it a regular student loan or did it come from a bank or finance company ?

If it was from a bank or finance company, you're probably stuck..

south carolina

it was a student loan through slm financial a sallie mae company.

But who is the guarantor? This is important.

If it is a federally-backed loan, then you can get the discharge papers from [url]www.ed.gov[/url] (go to the DOE site and search around using discharge or forgiveness and closure for search terms). They also provide a list of recognized closed schools. If your school is on there, you should follow the instructions. If not, you might need to get in touch with them as to how to proceed.

The important thing is to continue paying until you have proof *IN WRITING* that it is official, at which point I believe they refund payments to date (but shaky, read the DOE literature). "In the works" doesn't cut it for your credit history.

I don't know what to tell you if it's a private loan though... Let us know *how* you got it (i.e. did you fill out a credit application or only the FASFA) and who guaranteed it (a bank or the DOE)?

Hope this helps!