Reply
Established Contributor
ktl72455
Posts: 835
Registered: ‎12-09-2012
0

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.

 

 

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
1/15/14 TU 665 | EQ 648 | EX 655 ~Myfico scores
6/8/14 TU08 666 | EQ08 656 |EX08 655 } EQ04
My Wallet: Cap1 3,500K ~FH 950 Credit One 1000~Orchard Bank 2000~ Matrix 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 5K
Last Negs to fall off: 2-Cap1 CO's PD (fall off 1/17)~Forclosure (fall off 1/16)
Community Leader
Senior Contributor
laz98
Posts: 4,336
Registered: ‎09-06-2008
0

Re: Student loan forgiven

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

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Regular Contributor
loviedovie
Posts: 206
Registered: ‎12-20-2012
0

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: EXP 615 | TU 610 | EQ 635
Current Score: EXP 719 (lender pull 10/15) | TU 707 | EQ 700 (lender pull 10/25)
Goal Score: 740
Community Leader<br> Valued Contributor</br>
Community Leader
Valued Contributor
SCF
Posts: 1,108
Registered: ‎06-09-2008
0

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.

Established Contributor
ktl72455
Posts: 835
Registered: ‎12-09-2012
0

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

 

 

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
1/15/14 TU 665 | EQ 648 | EX 655 ~Myfico scores
6/8/14 TU08 666 | EQ08 656 |EX08 655 } EQ04
My Wallet: Cap1 3,500K ~FH 950 Credit One 1000~Orchard Bank 2000~ Matrix 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 5K
Last Negs to fall off: 2-Cap1 CO's PD (fall off 1/17)~Forclosure (fall off 1/16)
Established Contributor
ktl72455
Posts: 835
Registered: ‎12-09-2012
0

Re: Student loan forgiven

Thanks!

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
1/15/14 TU 665 | EQ 648 | EX 655 ~Myfico scores
6/8/14 TU08 666 | EQ08 656 |EX08 655 } EQ04
My Wallet: Cap1 3,500K ~FH 950 Credit One 1000~Orchard Bank 2000~ Matrix 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 5K
Last Negs to fall off: 2-Cap1 CO's PD (fall off 1/17)~Forclosure (fall off 1/16)
Established Contributor
ktl72455
Posts: 835
Registered: ‎12-09-2012
0

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?

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
1/15/14 TU 665 | EQ 648 | EX 655 ~Myfico scores
6/8/14 TU08 666 | EQ08 656 |EX08 655 } EQ04
My Wallet: Cap1 3,500K ~FH 950 Credit One 1000~Orchard Bank 2000~ Matrix 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 5K
Last Negs to fall off: 2-Cap1 CO's PD (fall off 1/17)~Forclosure (fall off 1/16)
Community Leader<br> Valued Contributor</br>
Community Leader
Valued Contributor
SCF
Posts: 1,108
Registered: ‎06-09-2008
0

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?

Established Contributor
ktl72455
Posts: 835
Registered: ‎12-09-2012
0

Re: Student loan forgiven

no collections and on one report it says repayment date 2021

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
1/15/14 TU 665 | EQ 648 | EX 655 ~Myfico scores
6/8/14 TU08 666 | EQ08 656 |EX08 655 } EQ04
My Wallet: Cap1 3,500K ~FH 950 Credit One 1000~Orchard Bank 2000~ Matrix 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 5K
Last Negs to fall off: 2-Cap1 CO's PD (fall off 1/17)~Forclosure (fall off 1/16)

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}