cancel
Showing results for 
Search instead for 
Did you mean: 

Student loan forgiven

tag
ktl72455
Valued Contributor

Student loan forgiven

I am looking for information to help a freind. Credit Karma shows 3 student loans in collections. She is aware of 1 but said she got a letter forgiving her of the amount due when she became 100% disabled and recieving SSDI.

 

I have her looking for her paperwork. If she cant find it, where can I suggest she go/call/email to gt another copy of it.

 

Also with her getting SSDI and not able to work or pay back the loans, what is out there for help to so she dont have to pay back the other 2?

 

Any help in any direction would be great becuase this is not up my ally and I am trying to help her.

 

 

From MI.
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
6/12/20 TU 803 ~ EQ 814~ Ex 784
My Wallet: Cap1 3,500K ~FH 2950~Credit One 1750~Credit one #2 1250~Orchard Bank 400 ~NFCU nRewards 18,000~NFCU Cash Rewards 18,500 ~Care Credit 12000~Discover 6000~Lowes 5450~ Amex 5400.00 ~ Harvest King 8000 ~ Langley~Penfed~Service CRU~red stone cru~
UTL 17%
Message 1 of 9
8 REPLIES 8
laz98
Senior Contributor

Re: Student loan forgiven

Has she just asked the companies holding her student loans what options she might have?

Message 2 of 9
loviedovie
Regular Contributor

Re: Student loan forgiven

There are very few instances when you are able to discharge student loans via bankruptcy, but becoming disabled and unable to work is one of them. This is something she could look into if the amount is too big for her to repay on her own..

 

A guy from my grad program was in a car accident, after which he had to re-learn to speak from scratch. He was able to discharge the full amount of loans, several hundred thousand dollars. It is possible if she is interested in going down that road.  I think you have to contact the government to get the ball rolling though, or an attorney. I don't know the details. 

Starting Score: 580
Current Score: 754
Goal Score: 800


Take the myFICO Fitness Challenge
Message 3 of 9
SCF
Valued Contributor

Re: Student loan forgiven

First, I'd contact your lenders and see what they reccomend in cases like this.  It's possible she could be put on an income-based repayment plan and much of the loans eventually forgiven down the road (I believe it is 25 years).  The other option would be to contact a bankruptcy attorney with experience in discharging student loans to discuss going down that path, but that's a big choice to make and one that should only be made with all the information available and considered.

Message 4 of 9
ktl72455
Valued Contributor

Re: Student loan forgiven

Heres what one credit report shows

 

Date opened 3/14/87

Date reported 2/14/12

Comments: Student Loan -payment deferred

Deferred payment start date 4/21

It shows ths on all 3 of her student loans

 

 

From MI.
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
6/12/20 TU 803 ~ EQ 814~ Ex 784
My Wallet: Cap1 3,500K ~FH 2950~Credit One 1750~Credit one #2 1250~Orchard Bank 400 ~NFCU nRewards 18,000~NFCU Cash Rewards 18,500 ~Care Credit 12000~Discover 6000~Lowes 5450~ Amex 5400.00 ~ Harvest King 8000 ~ Langley~Penfed~Service CRU~red stone cru~
UTL 17%
Message 5 of 9
ktl72455
Valued Contributor

Re: Student loan forgiven

Thanks!

From MI.
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
6/12/20 TU 803 ~ EQ 814~ Ex 784
My Wallet: Cap1 3,500K ~FH 2950~Credit One 1750~Credit one #2 1250~Orchard Bank 400 ~NFCU nRewards 18,000~NFCU Cash Rewards 18,500 ~Care Credit 12000~Discover 6000~Lowes 5450~ Amex 5400.00 ~ Harvest King 8000 ~ Langley~Penfed~Service CRU~red stone cru~
UTL 17%
Message 6 of 9
ktl72455
Valued Contributor

Re: Student loan forgiven

It shows on Exp CR

Status: Transferred,closed. Deferred payment date not reported.

Creditor's Statements: Student loan permantly assigned to goverment.

 

 

Any idea what this means?

From MI.
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
6/12/20 TU 803 ~ EQ 814~ Ex 784
My Wallet: Cap1 3,500K ~FH 2950~Credit One 1750~Credit one #2 1250~Orchard Bank 400 ~NFCU nRewards 18,000~NFCU Cash Rewards 18,500 ~Care Credit 12000~Discover 6000~Lowes 5450~ Amex 5400.00 ~ Harvest King 8000 ~ Langley~Penfed~Service CRU~red stone cru~
UTL 17%
Message 7 of 9
SCF
Valued Contributor

Re: Student loan forgiven

The "permanently assigned to the government" is a remark I would expect to see on a defaulted loan.  When federal loans default, the government takes them back and assigns them to one of their authorized collection agencies to attempt to get the money.  Did she default on the loans at some point?  Are there any collection accounts on her reports?

Message 8 of 9
ktl72455
Valued Contributor

Re: Student loan forgiven

no collections and on one report it says repayment date 2021

From MI.
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
6/12/20 TU 803 ~ EQ 814~ Ex 784
My Wallet: Cap1 3,500K ~FH 2950~Credit One 1750~Credit one #2 1250~Orchard Bank 400 ~NFCU nRewards 18,000~NFCU Cash Rewards 18,500 ~Care Credit 12000~Discover 6000~Lowes 5450~ Amex 5400.00 ~ Harvest King 8000 ~ Langley~Penfed~Service CRU~red stone cru~
UTL 17%
Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.