student loan Quagmire

Financial Planning - Financial planning in general. (Moderated) 

  Yahoo!   Google   Windows Live   del.icio.us   digg   Netscape

Subject Author Date student loan Quagmire M.Balarama 02-11-2008  Re: student loan Quagmire John A. Weeks I... 02-11-2008  Re: student loan Quagmire M.Balarama 02-11-2008
Posted by M.Balarama on February 11, 2008, 6:15 pm I have a friend who paid off her student loan about 24 years ago...she paid with a check-her credit report took the debt off her report-but she never received a receipt from the govt student loan and just assumed it was paid then last year 2007 the govt student loan said she owed the $1600 plus $17000 in past interest. She has no record of the payment as the bank only keeps record for 7 years...and this check was paid 24 years ago... The govt says there is no statute of Limitations on student loans and wants to get paid... what should she do...any advise... Michael -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by John A. Weeks III on February 11, 2008, 6:29 pm > I have a friend who paid off her student loan about 24 years ago...she paid > with a check-her credit report took the debt off her report-but she never > received a receipt from the govt student loan and just assumed it was paid > > then last year 2007 the govt student loan said she owed the $1600 plus > $17000 in past interest. She has no record of the payment as the bank only > keeps record for 7 years...and this check was paid 24 years ago... > > The govt says there is no statute of Limitations on student loans and wants > to get paid... what should she do...any advise... I had something like that happen to me. The student loan processing company in our area forgot to make backup tapes, and then their mainframe crashed. They lost all of their records. They did a reconstruction of records, and claimed that I owed about $5000. What happened is that I paid double payments to pay it off early. When they reconstructed their records, they assumed I paid off at the normal rate, and still had years to go. I ended up going though all of my boxes of records and I found every single last cancelled check. I was able to prove my case. The problem is that many people do not keep their records, so they have no way to prove anything. Your friend is going to need to come up with statements, cancelled checks, bank statements, or something to prove that the payments were made. Beyond that, she could try to submit an appeal and state that it is unrealistic to expect someone to keep records for 24 years when even the IRS says that you only need to keep stuff for 7 years. -john- -- ====================================================================== John A. Weeks III           612-720-2854            john@johnweeks.com Newave Communications                         http://www.johnweeks.com ====================================================================== -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by M.Balarama on February 11, 2008, 7:55 pm > >> I have a friend who paid off her student loan about 24 years ago...she >> paid >> with a check-her credit report took the debt off her report-but she never >> received a receipt from the govt student loan and just assumed it was >> paid >> >> then last year 2007 the govt student loan said she owed the $1600 plus >> $17000 in past interest. She has no record of the payment as the bank >> only >> keeps record for 7 years...and this check was paid 24 years ago... >> >> The govt says there is no statute of Limitations on student loans and >> wants >> to get paid... what should she do...any advise... > > I had something like that happen to me. The student loan processing > company in our area forgot to make backup tapes, and then their > mainframe crashed. They lost all of their records. They did a > reconstruction of records, and claimed that I owed about $5000. > > What happened is that I paid double payments to pay it off early. > When they reconstructed their records, they assumed I paid off at > the normal rate, and still had years to go. > > I ended up going though all of my boxes of records and I found > every single last cancelled check. I was able to prove my case. > The problem is that many people do not keep their records, so > they have no way to prove anything. Your friend is going to need > to come up with statements, cancelled checks, bank statements, or > something to prove that the payments were made. Beyond that, she > could try to submit an appeal and state that it is unrealistic to > expect someone to keep records for 24 years when even the IRS > says that you only need to keep stuff for 7 years. > > -john- Thanks for the idea- to contact the state: Michael ****************** http://www.ny.gov/contact/index.html To Write To The Governor: Eliot Spitzer State Capitol Albany, NY 12224 518-474-8390 To Email The Governor: Click here to email the Governor. PLEASE INCLUDE YOUR MAILING ADDRESS. Responses may be sent via the U.S. Mail. For Information on Legislation: Please access the New York State Legislative Session Information page at http://public.leginfo.state.ny.us To email the governor: http://161.11.121.121/govemail > > -- > ====================================================================== > John A. Weeks III 612-720-2854 john@johnweeks.com > Newave Communications http://www.johnweeks.com > ====================================================================== > > -------------------------------------- > Misc.invest.financial-plan is a moderated newsgroup where Moderators > strive > to keep the conversations on-topic for financial planning. Other posting > guidelines include a request for brevity and another for trimming posts to > which we respond. For all of the other tips and suggestions, see "FROM > THE > MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on > the > Newsgroup. > -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Similar Threads Posted Student loan default October 18, 2006, 11:35 am Student Loan or Savings? July 6, 2007, 4:45 pm What to pay off first--student loan vs. car loan April 7, 2007, 6:37 am Vehicle Loan vs Home Equity Loan April 23, 2007, 1:35 pm Pay off student loans or invest or both? December 29, 2006, 5:02 am Investments for a young college student February 8, 2008, 5:30 pm college assets - FAFSA - parent vs student January 15, 2007, 12:31 pm Student loans: Real dumb question August 23, 2007, 7:01 pm student loans to achieve higher earning power faster. January 24, 2008, 5:22 pm Using low-ratio loan to pay-off a higher-ratio loan December 10, 2006, 1:46 pm