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Question on Student Loan Issue

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BozWalker

Member
What is the name of your state (only U.S. law)? NY State
Hello I went to accelerated 9 month course at a 2 yr college for $2500 back in 1990 where i was Given a Verbal Guarantee about work. On graduation 9 months later I found the law firms we were told and guaranteed would hire us would *NOT* hire us without a 4 yr degree. I have not worked for a law firm ever because of this and Still under a student loan which was paid down to $1500 but due to being out of work so many years and forebarance with interest its up to $5000 which I still cant pay.

I have contacted Sallie Mae loan corp who told me to contact NY State, I contact NY State who tells me that this matter is too old now to address and wish me luck and if i dont pay it ill be in default. All that has accrued since 1990 is interest and still cant pay it other than getting default notices from nys...anything that can help me dissolve this or make them take back the loan or something??
 


Zigner

Senior Member, Non-Attorney
What is the name of your state (only U.S. law)? NY State
Hello I went to accelerated 9 month course at a 2 yr college for $2500 back in 1990 where i was Given a Verbal Guarantee about work. On graduation 9 months later I found the law firms we were told and guaranteed would hire us would *NOT* hire us without a 4 yr degree. I have not worked for a law firm ever because of this and Still under a student loan which was paid down to $1500 but due to being out of work so many years and forebarance with interest its up to $5000 which I still cant pay.

I have contacted Sallie Mae loan corp who told me to contact NY State, I contact NY State who tells me that this matter is too old now to address and wish me luck and if i dont pay it ill be in default. All that has accrued since 1990 is interest and still cant pay it other than getting default notices from nys...anything that can help me dissolve this or make them take back the loan or something??
You can dissolve the loan by paying it.
 

Antigone*

Senior Member
What is the name of your state (only U.S. law)? NY State
Hello I went to accelerated 9 month course at a 2 yr college for $2500 back in 1990 where i was Given a Verbal Guarantee about work. On graduation 9 months later I found the law firms we were told and guaranteed would hire us would *NOT* hire us without a 4 yr degree. I have not worked for a law firm ever because of this and Still under a student loan which was paid down to $1500 but due to being out of work so many years and forebarance with interest its up to $5000 which I still cant pay.

I have contacted Sallie Mae loan corp who told me to contact NY State, I contact NY State who tells me that this matter is too old now to address and wish me luck and if i dont pay it ill be in default. All that has accrued since 1990 is interest and still cant pay it other than getting default notices from nys...anything that can help me dissolve this or make them take back the loan or something??
...and you waited 20 years why:eek::confused:
 

Mass_Shyster

Senior Member
  • if i dont pay it ill be in default.
  • anything that can help me dissolve this or make them take back the loan or something
Federal loans don't go away. Since the statute of limitations for a verbal contract has gone by, you can't even sue the school for misrepresentation. Even if you had sued when you had the ability, I doubt you would have won. Their statements regarding future employment would probably be considered puffery.

On another note, if you have paid $25 per month since 1990, you would have been done paying long ago.
 

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