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Termyn8or -> RE: student loans (2/22/2011 7:09:42 PM)
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In what country ? You did not specify.
In the US the government is usually only the guarantor. But it doesn't matter, when you sign you sign.
The school isn't a lender (usually) or even a guarantor, and they want your money. Don't get me wrong, it could be a great school and want you as a student for good reason, but that doesn't matter when it comes to the contract.
One thing you can do for sure. You can take your pen, before you sign, and read the contract. When it comes to this penalty you don't want to be responsible for, you blot out those parts. You must be exhaustive, and do it to each copy. Also initial each one at each modification.
Most likely the application (which is a contract sometimes) will be rejected. But on the off chance they accept it, you can use that. Just make absolutely sure to never lose that piece of paper. If the subject ever comes up you'll need it.
Most likely, as I think has been said, they are not going to be too likely to accept it with modifications by you. To do so would be a mistake on their part. You would be looking for them to make a mistake and if they don't, it's going to stonewall the whole thing.
Like I said, I don't know where you are. In the US, getting rid of a student loan is not as easy as other debt. But now if you think about it, what kind of education are you going for ? If it's going to be a quarter mil or something, and this twenty grand is only a one time thing, put that in perspective. Remember, you might not get the loan at all without this advantage. As such it constitutes consideration.
You're not likely to pull this off. If you do, treat that piece of paper like $20,000 in cash. And whatever happens, if the education pays off that money will not be the end of the world. If you don't make it and don't pay up, you are not likely to have much to take, you'll just not get an income tax refund for a long time. Keep your witholding tight. It is unsecured, so they aren't going to take your 1976 Pinto one door coupe, but it doesn't help your credit.
plan B >The only other thing I can think of, something they may accept, is to insist on a registered or certified letter. If you go that route, you need to change all the references to letter, mail, whatever to that, on all copies of the contract and application. At that point, it is your job to call the post office(s) to see if a letter exists periodically. That means if you move, call the post office where you used to live. Also always keep your address updated with the post office, and I would recommend that you also send the lending institution a registered or certified letter every time you move. Of course you demand a signed reciept for the letter. <plan B
If you can get plan B, I'd LIKE TO SAY that I would defend you myself, or actually prosecute for refund. I can't make that kind of promise because I would have to be licensed to practice law. Everything comes down to that contract. And though I haven't been taught this, also on every copy (which you sign individually of course) you find if there is a number, designating it as a standard form. You need to blot that out, just to cover another base so to speak.
Remember you are swimming with sharks. Hmmm, now that I think of it, the presence of the OP indicates that maybe you already know that :-)
Best of luck.
T^T
ETA : You have to get rid of the part tht says failure of notice is not an excuse, or whatever, however they wqord it you must find it and blot it out. Otherwise you get nowhere.
T^T
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