Bankruptcy on college tuition?

[missanne123]

What is the name of your state (only U.S. law)?Michigan

I attended a private university a few years ago. I withdrew from the college and wind up owing over $5000. If I file for bankruptcy will the balance be cleared so I can get my college transcripts?

 

[FlyingRon]

Owing $5000 to whom? Most schools want the money up front before they will let you enroll for a semester. May I assume that this is some student loan? Some are dischargeable, some aren't.

 

[missanne123]

Owing $5000 to whom? Most schools want the money up front before they will let you enroll for a semester. May I assume that this is some student loan? Some are dischargeable, some aren't.

Yes, I owe that much. It's a private university in Ohio. I don't want to name it because I want to be anonymous

I withdrew after two weeks and all the money was refunded back to the government (pell grant, etc) but I was left with the tuition amount of $5000. The school told me it was all in tuition. If I file for bankruptcy will this amount be cleared so I can get my transcripts?

 

[Proserpina]

You really, really need to think about this. Filing bk for $5k would be considered by some to be financial suicide.

Have you discussed all your options with the institution in question?

 

[missanne123]

You really, really need to think about this. Filing bk for $5k would be considered by some to be financial suicide.

Have you discussed all your options with the institution in question?

why would it be financial suicide?

the school will not work anything out with me. they refuse to release my transcripts and I think the debt has gone to collections. I would like to continue w/ my education very badly

 

[TheGeekess]

why would it be financial suicide?

the school will not work anything out with me. they refuse to release my transcripts and I think the debt has gone to collections. I would like to continue w/ my education very badly

Then you need to pay them. I doubt very seriously they'll release your transcripts because you filed for bankruptcy.

 

[TigerD]

Then you need to pay them. I doubt very seriously they'll release your transcripts because you filed for bankruptcy.

Actually, they will have to. But doing it over $5k is cutting off his nose to spite his face.

DC

 

[Proserpina]

why would it be financial suicide?

the school will not work anything out with me. they refuse to release my transcripts and I think the debt has gone to collections. I would like to continue w/ my education very badly

Bankruptcy can - assuming they're actually dischargeable - free you from the loan obligation, yes. But it's not just a case of filing - you would need to actually complete the bk and if you do, you've perhaps lost the only "safety net" you'd otherwise have if your finances really DO start to sink you in the future (at least for several years).

You need to understand what it means to your credit, too. No matter what you end up with, degree wise, that bk can impact you for quite a long time.

 

[missanne123]

Actually, they will have to. But doing it over $5k is cutting off his nose to spite his face.

DC

I think the debt that was placed on my student account is completely unfair anyway. I'm going to have someone investigate it, and if nothing can be done, then I will file for bankruptcy. I can't afford to pay off that much debt

 

[Proserpina]

I think the debt that was placed on my student account is completely unfair anyway. I'm going to have someone investigate it, and if nothing can be done, then I will file for bankruptcy. I can't afford to pay off that much debt

Are you now saying that you don't owe the money?


What do you wish to investigate?

 

[missanne123]

Are you now saying that you don't owe the money?


What do you wish to investigate?

I want to investigate why I owe so much money and if the amount can be lifted. If not, then I will file for bankruptcy. These colleges are robbing students. I had something similar happen to me before, the college claimed I owed them an outrageous amount of money, had the Department of Education investigate it, and after a year the amount was cleared. It was the college's fault and I owed nothing. They are just robbing student's blind.

 

[quincy]

These colleges are robbing students. I had something similar happen to me before ... I owed nothing. They are just robbing student's blind.

They are not "robbing the student's blind" if the students are not paying.

 

[Proserpina]

I want to investigate why I owe so much money and if the amount can be lifted. If not, then I will file for bankruptcy. These colleges are robbing students. I had something similar happen to me before, the college claimed I owed them an outrageous amount of money, had the Department of Education investigate it, and after a year the amount was cleared. It was the college's fault and I owed nothing. They are just robbing student's blind.

They are robbing students blind. You want to get out of paying their bill.

Not much difference between the two, actually. Is there?

(And if you think $5k is an outrageous amount...well, don't know what to tell you. It's a drop in the ocean)

This will apparently be your third attempt to further your education, yes? How do you intend to pay the next school? Because if you manage to complete bankruptcy now, that ain't going to help you when you next decide you'd rather not actually pay what you owe.

 

[missanne123]

They are robbing students blind. You want to get out of paying their bill.

Not much difference between the two, actually. Is there?

(And if you think $5k is an outrageous amount...well, don't know what to tell you. It's a drop in the ocean)

This will apparently be your third attempt to further your education, yes? How do you intend to pay the next school? Because if you manage to complete bankruptcy now, that ain't going to help you when you next decide you'd rather not actually pay what you owe.

Previous, this college had placed an OUTRAGEOUS amount on my student account, only for the Department of Education to discover that it was an error on the COLLEGE'S behalf, not mine. It took a whole year to get this removed. I did not owe them a dime. In fact, the college called me to APOLOGIZE for what they had done. These college's are seriously getting out of hand. So, yes, I have every right to investigate and question the legitimacy of this debt that is due.

 

[TigerD]

Previous, this college had placed an OUTRAGEOUS amount on my student account, only for the Department of Education to discover that it was an error on the COLLEGE'S behalf, not mine. It took a whole year to get this removed. I did not owe them a dime. In fact, the college called me to APOLOGIZE for what they had done. These college's are seriously getting out of hand. So, yes, I have every right to investigate and question the legitimacy of this debt that is due.

Sweetie, my student loan debt totaled $250,000. All you can do is roll up your sleeves and get to work.

DC