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Contributor
nursegal
Posts: 77
Registered: ‎05-27-2008
0

Re: Student loan issued by school, not government

Actually, Wonderin, I AM repaying my federal loans.  And the loan made from the college i went to was less than 2,000.  I didnt want to reapay it now and risk it hurting my score (which is in the mid 600 range).  If it were going to fall off my report, id rather let it do that then approach repaying it once we go through the closing on our second home.  I certainly dont need a lecture on the student loan impact to the greater society, from someone who apparently has pondered the same things i have about these loans to begin with!
Established Member
Maloucali
Posts: 23
Registered: ‎10-26-2007
0

Re: Student loan issued by school, not government

Hi LynninMN, I need your advise, since you were an ex-collector.  I had tried to get th 2k+ that GC Svcs was collecting (final student loan balances) from my 401k savings under the hardship withdrawal, but it was declined.  Can I possibly give permission to GC Scvcs to go after my 401k savings directly?  Thank you for your immediate assistance.
Senior Contributor
Wonderin
Posts: 3,494
Registered: ‎05-25-2008
0

Re: Student loan issued by school, not government



nursegal wrote:
Actually, Wonderin, I AM repaying my federal loans.  And the loan made from the college i went to was less than 2,000.  I didnt want to reapay it now and risk it hurting my score (which is in the mid 600 range).  If it were going to fall off my report, id rather let it do that then approach repaying it once we go through the closing on our second home.  I certainly dont need a lecture on the student loan impact to the greater society, from someone who apparently has pondered the same things i have about these loans to begin with!





I don't see how I came off as "lecturing." Trust me, I'm here for same reason most of us are ... rebuilding my credit (and hubby's). Why? Because I'm no saint.

When I offer advice (which is also what I'm here for), I tend to make sure that others understand that I don't advocate stiffing the system -- it's not meant to imply that I think someone else IS trying to. Only that my intent is honest, honorable, and supportive. Too, too many times my advice HAS been taken as a means to cheat the system (and believe me, I don't want anyone to think that and I don't want to encourage any "listeners" out there who might be inclined that way!).

Further, I didn't realize that you WERE paying on your loans -- your post, honestly, made it seem as though you were only thinking about it. And even then, my only intent was to see you NOT go through the situations I've seen on other boards (or read in the news) ... i.e., your home is taken, your refunds offset, wages garnished, bank accounts levied. I'd rather not see ANYONE go through that.

So, if you took my post(s) as lecturing or even hateful, I really do apologize. They weren't meant that way. I only meant to stress how important not being in danger of losing everything you've worked for is.

And FTR, a LOT of people think that once the SLs fall off their reports that they are "safe" ... and then years later, they're *bleeped* six ways to Sunday. I'm not saying YOU were under that misconception, but I wouldn't be surprised if half the people who've viewed this thread ARE. And it's them I'm talking to, too.

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Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Senior Contributor
Wonderin
Posts: 3,494
Registered: ‎05-25-2008
0

Re: Student loan issued by school, not government

I'm not Lynn, but I'm pretty sure (about 99% sure) that you can't, unfortunately. AFAIK, they can't even touch your 401K, but I could be wrong. At the very least, I don't think they can (with or without your permission) unless you default and your claim is filed with the guarantor.

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Contributor
nursegal
Posts: 77
Registered: ‎05-27-2008
0

Re: Student loan issued by school, not government

No big deal, Wonderin.  It just seems in a couple of post that you lecture others, but perhaps i just took it the wrong way.

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