Archive for the ‘student loan payoff calculator’ tag
Student Loan Payoff
Do I have to payoff student loans even though I didn’t use them all?
In ‘01 I went to Cittone Institute (career school), I applied for financial aid and recieved a loan for about 12k for the whole curriculum. I only took three (3) classes, then dropped. I was told by the school and I think American Ed. Services that I am responsible for all of the loan even though I only took three (3) classes and didn’t finish the curriculum. I’ve heard from other people that I should not be paying for unused money, since I dropped before the curriculum finished. If this is the case can anyone point me in the right direction to get my money back? I’m still paying off the loans til this day.
You are responsible for repaying all of the loan funds you received from your lender regardless of your educational outcome. A statement close to that is actually included on your Master Promissory Note. It is not a requirement that you complete the program and/or obtain a degree in order for the loan to have to be repaid–if that were the case, any person could enroll in school, get a loan, drop out, and not have to repay. Doesn’t that sound a bit ridiculous to you? If you received the money, you must pay it back.
Loan Payoff