So it looks like I'm financially fucked (for college)...

[apey]

Yeah just be careful with them student loans

My hubby got a loan for 6,000 to pay for his school and we have paid over 40,000 for it and they still want more and to make it so much better we can't find an attorney who will help us get our money back because they are virtually untouchable (the loan companies)

Good luck. I had a similar experience. At one point, I had to get the dean of my school to verify that I was a student -- they accepted none of the official records, wanted a form that was none existant (seriously non-existant). He finally threatened that company would not be allowed to operate in his university if they did not acknowledge my enrollment and defer my loan.

Each time my loan was sold, it somehow reset to the full value. The loan transferred, but all payment records somehow dissappeared. In the end, I was part of a congressional investigation (no joking).... and I STILL had to pay more than I was due.

My advice. Keep each and EVERY piece of paper you get OR SEND to any loan official. KEEP hard copies of every check - -back and front. Call your congress folks (and KEEP calling). Be sure that you follow up ANY phone calls with a WRITTEN letter (phone calls are not legally binding) AND make sure to send it "return receipt" .. but also be sure to copy the letter, AFTER you sign it with blue ink -- and dated, then have the copy date-stamped by the post office and staple it with your letter. The company will still try to question this, but eventually, you should be some sort of reconciliation.

I don't know the details. If you miss even one payment, fail to submit documentation or fail to keep written proof, then those charges may well be considered valid. Be absolutely sure your husband is not trying to hide earlier poor record keeping.

If he truly HAS done everything correctly, then anything sent over the mail is considered Mail Fraud, and subject to penalties by federal law. Also, though these companies are EXTREMELY difficult to tackle, they are subject to other laws. The thing is, you have to be extremely diligent. Too many students plan is just to throw papers in the garbage, claim they haven't received bills .... etc.

We have the collection company on tape telling us that they are charging us 80% interest and that if we want information on what we owe that we have to send them 2000 bucks first and she threatened us numerous times but when we told her we were recording our conversations she said it was against the law so I looked up the law and faxed it to her I was right and she was wrong

[PLAYER57832]

Yeah just be careful with them student loans

My hubby got a loan for 6,000 to pay for his school and we have paid over 40,000 for it and they still want more and to make it so much better we can't find an attorney who will help us get our money back because they are virtually untouchable (the loan companies)

Good luck. I had a ...... [text deleted to save space] Too many students plan is just to throw papers in the garbage, claim they haven't received bills .... etc.

We have the collection company on tape telling us that they are charging us 80% interest and that if we want information on what we owe that we have to send them 2000 bucks first and she threatened us numerous times but when we told her we were recording our conversations she said it was against the law so I looked up the law and faxed it to her I was right and she was wrong

Not sure how you got into collections, but this does not sound like a legitimate student loan. Did you agree to sell the loan? (as opposed to having another company buy the loan) and if you have been paying, then any legitimate collections agency would not have a leg to stand on. HOWEVER, if you were delinuent, if you allowed your loans to be consolidated outside the student loan program, etc, etc. ... who knows.

Start by finding out what kind of loan you first had. If it was a federal or state gauranteed loan, then you need to start by talking to those departments/agencies. If federal, call the federal AND the state entities, if state, you are probably only within the stae jurisdiction BUT it is hard to say. Call (state and federal or just state) attorneys general, legistlators (for EACH body), consumer and banking departments, etc. ALSO contact a NON PROFIT credit counselor. Often all they can do is negotiate lower rates, but they may offer you some advise.

If you have already allowed your loan to leave the student loan "system" ... allowed it to be consolidated, or some such, then your options are more limited. However, even with late payments, 80% interest does not seem quite legal. I am not, however a lawyer.

In addition to all the above, you MIGHT be able to get some assistance from your school or their legal departments (student version, that is). Mostly likely, though you will need to do all your own research AND still pay someone to even just write official letters. That MAY be enough, if you really and truly have been abused.

HOWEVER, because you mention collection agencies and such a very high interest, I have a strong suspicion that there is more to this than you have stated here. I don't expect, or even want you to list the details here. You need REAL help, not my advice, though I am probably above average in that I have been through this once myself.

At this point, it could be that bankruptcy is your only real option. If your loan is still a true student loan, that won't be an option. However, I suspect it isn't any longer. Whatever the case, you have to move FAST. You are looking at hours of phone calls, letter writing and on-line research. BUT you have to do it. This won't go away.

[PLAYER57832]

To return to Static Ice ---

Loans may be an option and, despite my troubles, I still do reccommend student loans for those who don't have a rich uncle somewhere agreeing to foot the bill. BUT
1. be sure they are LEGITIMATE student loans. The ones gauranteed by the government. requiring you to be enrolled, etc.

2. LOOK around for the best deal. You are NOT obligated to go with any specific provider, just because they happen to be the one your financial aid counselor recommends. Usually, the counselors are honest. However, we just had a big stink here where certain universities had "sweetheart" deals with loan officials. Some companies pay schools to use them.... and I mean legitimate, state schools. Just use sense.

2. KEEP each and every piece of paper ... "no matter how trivial" it seems. Most likely you won't need it, but keep it anyway until a good seven years AFTER the loan is entirely paid off. These things have funny ways of turning up on credit reports at the most inoportune moment.

[0ojakeo0]

Maybe a collection can be taken here.

I second this nomination. We should have lack give u all the profits from a few days

[static_ice]

....

[PLAYER57832]

Ask your bank (seriously). Many banks offer federally gauranteed loans.

Compare interest rates, but if one is TOO low .. unless it is one direct from the government (do they even have that program any more?), they should all be in the same neighborhood, if not fully the same. Check that the bank is really a bank .. be careful of "look alike" names. I mean, there really is (or was) an American Bank as well as the biggie Bank of America ... but close is definitely not "good enough" here.

If someone starts to pressure you too much, that should make you look a bit more carefully. However, don't be paranoid, either (except about keeping paperwork!). Definitely do check with your financial aid office. Even in the case I mentioned, the loans were not actually bad per se, but the interest might have been slightly higher in some cases (1/2 percent or less).

By Columbia, did you mean the big school out east here? If so, it definitely IS a good school. Consider the options, but don't discard any until you have to decide for sure. Right now, you probably want to try to apply to quite a few places. Two to three "first" choices and a couple of "backups" as a minimum.

If you are thinking of the military, try to find some folks in your area who have experience. Older guys as well as younger ones. And LISTEN.

[static_ice]

....

[Hologram]

And agan -- whether the military or anything else, read, reread, and READ AGAIN anything fully BEFORE you sign -- especially the small print

And when you sign the contract, you're required on penalty of imprisonment to adhere to it, but they can change the terms ANY TIME THEY WANT.

Sounds like dirty dealing to me.

Wrong. It says right on the contract that even if you have a certain job, you may be "asked" (ordered) to do something outside of that job.

[static_ice]

University of Wisconsin-Parkside.

$14K tuition per year, out of state.
$3-6K room and board.
Not much else.

[Hologram]

University of Wisconsin-Parkside.

$14K tuition per year, out of state.
$3-6K room and board.
Not much else.

So, what, you're not going to eat?

[static_ice]

That is covered in the umbrella of "not much else".

EDIT: and U of Wisc-Stevens Point is about 10K a year total, excluding "not much else".

[btownmeggy]

University of Wisconsin-Parkside.

$14K tuition per year, out of state.
$3-6K room and board.
Not much else.

So, what, you're not going to eat?

The "board" in room and board includes food.

[static_ice]

University of Wisconsin-Parkside.

$14K tuition per year, out of state.
$3-6K room and board.
Not much else.

So, what, you're not going to eat?

The "board" in room and board includes food.

...




SCORE!

[PLAYER57832]

If you are going to spend 14K a year, be sure to look around ... that compares with some private schools, particularly when you factor in any aid they might offer.

... and that leads to my final piece of advice: Don't look at the overall price ticket, but the whole package. Cost - Aid = real cost. Aid varies by school.

[Hologram]

University of Wisconsin-Parkside.

$14K tuition per year, out of state.
$3-6K room and board.
Not much else.

So, what, you're not going to eat?

The "board" in room and board includes food.

Ah. I always wondered what that meant.

[static_ice]

If you are going to spend 14K a year, be sure to look around ... that compares with some private schools, particularly when you factor in any aid they might offer.

... and that leads to my final piece of advice: Don't look at the overall price ticket, but the whole package. Cost - Aid = real cost. Aid varies by school.

I think I read that quote pretty much word for word in an article I read while I was bored this morning. This one school I was just checking out has about $25,000 tuition but they say they offer a bunch of aid so I will probably apply (plus the application is free ).

[Neoteny]

If you are going to spend 14K a year, be sure to look around ... that compares with some private schools, particularly when you factor in any aid they might offer.

... and that leads to my final piece of advice: Don't look at the overall price ticket, but the whole package. Cost - Aid = real cost. Aid varies by school.

I think I read that quote pretty much word for word in an article I read while I was bored this morning. This one school I was just checking out has about $25,000 tuition but they say they offer a bunch of aid so I will probably apply (plus the application is free ).

It's a trap!

[PLAYER57832]

If you are going to spend 14K a year, be sure to look around ... that compares with some private schools, particularly when you factor in any aid they might offer.

... and that leads to my final piece of advice: Don't look at the overall price ticket, but the whole package. Cost - Aid = real cost. Aid varies by school.

I think I read that quote pretty much word for word in an article I read while I was bored this morning. This one school I was just checking out has about $25,000 tuition but they say they offer a bunch of aid so I will probably apply (plus the application is free ).

Watch out! This sounds like a scam.

One more note on schools themselve -- look for accredation. There are many types .. .and some bogus ones.

Also look up US News and World Reports ratings. Most of those mentioned will be getting lots of applications, just because they were mentioned, but it is worth reading anyway as a reference point.

[Neoteny]

While talking about fees, beware of scholarships that require payment to apply. They are notoriously shady.

[static_ice]

If you are going to spend 14K a year, be sure to look around ... that compares with some private schools, particularly when you factor in any aid they might offer.

... and that leads to my final piece of advice: Don't look at the overall price ticket, but the whole package. Cost - Aid = real cost. Aid varies by school.

I think I read that quote pretty much word for word in an article I read while I was bored this morning. This one school I was just checking out has about $25,000 tuition but they say they offer a bunch of aid so I will probably apply (plus the application is free ).

Watch out! This sounds like a scam.

One more note on schools themselve -- look for accredation. There are many types .. .and some bogus ones.

Also look up US News and World Reports ratings. Most of those mentioned will be getting lots of applications, just because they were mentioned, but it is worth reading anyway as a reference point.

The school was suggested by my counselor so I think it's fine...

While talking about fees, beware of scholarships that require payment to apply. They are notoriously shady.

Yeah, obviously...