Question by Just Me: Disolving A Sallie Mae Loan In Bankruptcy?
I don’t know who to believe here and need some more input. Due to my situation I’m probably going to have to file for bankruptcy. I called Sallie Mae twice and asked if the loan is able to be discharged under bankruptcy. Both times I was told that yes, that the loan can be disolved under bankruptcy.
The second time I called I asked why it was able to be and was told that it’s a “semi student loan”. My loan is what’s called a career training loan for a trade school. This is good news because I don’t see how I can pay it back due to my situation.
Yet, everybody I talk to on the web says student loans can not be disolved under bankruptcy. Who’s right here?
Best answer:
Answer by golferwhoworks
in 99% of the cases the student loan is backed by federal $ $ . so they are not discharged under chapter 7 rules. If you are not able to pay them in most cases they will take any steps they can to get the money like your tax returns until they get it all back with interest.
What do you think? Answer below!
Question by rd: is a loan through my university considered a “student loan” like a government guranteed loan is?
I had a loan several years ago through my university, basicly like a line of credit. The creditor is listed as XXXXX State University. The loan went unpaid (I know shame on me) and went to a collection agency. I filed Bankruptcy in 2005 and the Collection agency is telling me that this loan is still owed because it is a student loan. I understand that Guaranteed student loans, such as Stafford, Plus, etc. are backed by the government and not dischargeable, but what about this one? Thanks
Best answer:
Answer by too funny
It could be known as a “signature” loan…but yeah, if you’re getting a loan for higher education, it’s a student loan and you’re gonna have to pay that shit back. Sorry to hear about the bankruptcy.
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