S
studentborrower
Guest
What is the name of your state? California
Apparently I had borrowed $2,500 in federal student loan from salliemae when I was 17 and started attending California State Polytechnic University Pomona, in 1996. I was under the impression that the money I had received were grants.
Now I am getting letters from salliemae telling me that my account is overdue and if I do not take steps to bring the account current it will damage my credit with National Credit Bureaus and to IMMEDIATELLY.....SEND YOUR PAYMENT NOW.
So far I have perfect credit....and don't want to destroy it, but isn't this some kind of harassment? I understand that salliemae is a multi billion dollar company, as it states in the voicemails but would I be able to stand up for my right? and still save my credit?
I was wondering if the contract would be voided due to the fact that I was legally a minor at the time. I asked my parents about the loan, and they didn't knew anything about it so, upon my inquiry salliemae is stating that, there is no other cosigner for the loan.
I thought any financial contracts with minors are not legally binding right?
But they keep referring to the Higher Education Act of 1965
Section 484 AB34 USCS 1091 AB
This is what I have found so far in the act.
SEC. 484A (b) (2) in collecting any obligation arising from a loan made
under part B of this title, a guaranty agency or the Secretary
shall not be subject to a defense raised by any borrower based
on a claim of infancy.
When looking clause about Minor in the act:
SEC. 428C
(4) TERMS AND CONDITIONS OF LOANS.—A consolidation
loan made pursuant to this section shall be insurable by the
Secretary or a guaranty agency pursuant to paragraph (2) only
if the loan is made to an eligible borrower who has agreed to
notify the holder of the loan promptly concerning any change
of address and the loan is evidenced by a note or other written
agreement which—
(A) is made without security and without endorsement,
except that if the borrower is a minor and such note
or other written agreement executed by him or her would
not, under applicable law, create a binding obligation, endorsement
may be required;
Please advise.....thank you!
Sam
[email protected]
Apparently I had borrowed $2,500 in federal student loan from salliemae when I was 17 and started attending California State Polytechnic University Pomona, in 1996. I was under the impression that the money I had received were grants.
Now I am getting letters from salliemae telling me that my account is overdue and if I do not take steps to bring the account current it will damage my credit with National Credit Bureaus and to IMMEDIATELLY.....SEND YOUR PAYMENT NOW.
So far I have perfect credit....and don't want to destroy it, but isn't this some kind of harassment? I understand that salliemae is a multi billion dollar company, as it states in the voicemails but would I be able to stand up for my right? and still save my credit?
I was wondering if the contract would be voided due to the fact that I was legally a minor at the time. I asked my parents about the loan, and they didn't knew anything about it so, upon my inquiry salliemae is stating that, there is no other cosigner for the loan.
I thought any financial contracts with minors are not legally binding right?
But they keep referring to the Higher Education Act of 1965
Section 484 AB34 USCS 1091 AB
This is what I have found so far in the act.
SEC. 484A (b) (2) in collecting any obligation arising from a loan made
under part B of this title, a guaranty agency or the Secretary
shall not be subject to a defense raised by any borrower based
on a claim of infancy.
When looking clause about Minor in the act:
SEC. 428C
(4) TERMS AND CONDITIONS OF LOANS.—A consolidation
loan made pursuant to this section shall be insurable by the
Secretary or a guaranty agency pursuant to paragraph (2) only
if the loan is made to an eligible borrower who has agreed to
notify the holder of the loan promptly concerning any change
of address and the loan is evidenced by a note or other written
agreement which—
(A) is made without security and without endorsement,
except that if the borrower is a minor and such note
or other written agreement executed by him or her would
not, under applicable law, create a binding obligation, endorsement
may be required;
Please advise.....thank you!
Sam
[email protected]
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