----------------------------------------------------- Does anyone here have any experience with institutional student loans? ------------------------------------------------------- I asked an on-topic question a few days ago and not one person has bothered to offer advice or an opinion. Yet, five people actually took the time to respond to a guy who wanted info on a lawnmower?! From earlier posts, I know that a lot of people here are familiar with student loans, yet not one responded. Again, thanks a lot (NOT) for your help!
Instead of coping an attitude about why someone hasn't helped with your post, why don't you just repost (if you still need help). I viewed your post and I don't know what an "institutional" student loan is, so I can't help you. And to assume that just because other people have experience with student loans have experience with "institutional" student loans is bogus. Lastly, the one or two people who are VERY knowledgeable about student loans hardly frequents the board anymore. I can't find your post anymore, but you're not the first person to post and not get a response. If you still want help, give detail (like what it IS) and be specific. Like I said, I don't know if your first post was at this point. But try again. People tend to not respond on topics they know nothing about.
I agree, what is the problem and just repost your problem. Sometimes, if you don't keep your post up there, it gets lost amongst the others. I don't think people are deliberately ignoring you. Just repost it. But being negative is not the way to ask for help! Cyprigirl
What do you mean by your question? You may want to rephrase your question too. It was kinda confusing? Institutional? Do you mean Private? Or are you referring to Stafford, etc. that are awarded through your school? And as far as experience, what do you mean? Anyone applied for them? How much are you eligible for as an undergrad? Specify what your situation is, and what information you are interested in. I understand your frustration, but your question needs more info.
Re: What do you mean by your question? No she doesn't mean a private personal bank student loan, nor does she mean a federal Stafford, FEEL, Plus or Perkins loan. Some schools offer personal loans through their departments. My SO has a few departmental loans from his school, which he will repay when he graduates. I don't know what the repayment or default terms are,but I do know that they usually cap the amount a person can get per year. If she has questions about the loan, she needs to contact her department and ask to review the promissory note/contract for the loan.
Re: What do you mean by your question? Maybe if you were nicer and be more specific, you'd get more help. In any case, I'll try to overlook your attitude, and answer your question to the best of my knowledge. Yes, Marci is correct in saying that institutional loans are from the school (thus, the word "institution"). I took out a few throughout my college experience. What I had to do is go into the financial aid office and tell them why you need this extra funding because they are usually slightly harder to get than other "normal" loans. In my case, I was allowed to take a few hundred dollars out per semester and had to pay them back within a year, as I recall. These loans are not as flexible, but the interest rates are very reasonable. It's meant to help relieve some hardship. That's all I can tell you, based on your question. I didn't see your original post. Try bumping up your questions next time--I often do for my own questions. People are willing to help you out here, so be kind and you'll get further along.
Re: What do you mean by your question? Like many imperfect human beings, I often want what I want when I want it. Although I was not "coping" an attitude...I was expressing my frustration in an inappropriate manner. I sincerely apologize for tainting the board with my impatience. Thank you for you responses.
Re: What do you mean by your question? To all of those who explained what an institutional student loan is, thank you! I've never heard of them until GenesisGirl posted, asking about them. Like I said, I can't find her post, but maybe she'll repost so she can get more specific answers?
Re: What do you mean by your question? Does anyone here have any experience with institutional student loans? I have an institutional loan with a University and the loan defaulted. An Institutional loan is a loan made from a University's private funds---it is not a federally backed loan. I just wonder if anyone knows if this "institutional" loan would be considered a private loan, i.e. commercial loan or if it is still a student loan. The University is calling it a student loan on my CR, saying there is no SOL on their reporting its status (the loan was taken out in 1987) and they continue to report it as a student loan collection. On the other hand, when I ask the school to rehabilitate the loan, they tell me it's not a student loan, and it's not eligible for rehabilitation and to deal with the collection agency. Yet, when I talk to the collection agency, they tell me that they don't report to CA and I'd have to talk to the school. I just need to know what approach I should take to get this deleted from my credit report. I am currently making payments to the school through the CA. I've attempted negotiation - paying full amount for deletion, and the school says, "No, we'll keep reporting it as a collection until paid, and after that, we'll continue to report it as a paid collection" The amount is only 1012. Thanks.
Re: What do you mean by your question? Hmmm....sounds like a private loan to me, but I'm no expert. Maybe someone here will know of a good reference site that will spell out the difference? My student loans are federally funded through AFSA. Try a search for them. Maybe there will be information there.
Re: What do you mean by your question? First, who is reporting the loan? The school or the collection agency? Second, I think you may be out of luck on this one re getting it deleted *prior* to payment, but once you pay it off, there is a fair chance of the school not verifying it in a dispute (if the school is reporting) and an even better chance of the collection agency not verifying it in a dispute (if the CA is reporting). I don't know if this is covered by the Higher Education Act (HEA), though I think it should be since they are obviously taking advantage of a limitless reporting and collecting SOL and treating this like a federal loan. You may want to read through the HEA (you can do a search for it on the web). I'd also get my original promissory note from the school, as well as their explanation of what happens "if I default"brochure from 1987. You can also call the Dept. of Education's Ombudsman's office to ask more specifically about what your rights are wrt this student loan (http://osfaombudsman.ed.gov/).
Re: What do you mean by your question? Hi, I have had some "institutional loans" throughout my past 3 years at The Pennsylvania State University. At penn state we have a couple different types of "institutional loans": -Short term loans -Long term loans -Student loans I have had all three.... I have taken out a short term loan when I was awaiting my student aid/scholorship money to come it. Basically, penn state will grant your a short term loan only in the semester that the money is going to be coming in. Once the money is in, they use it to pay off the loan. This type of loan is NOT reported on the CRA's. It never usually goes past 30 days. I have taken out a long term loan, which is deferred until 6month after I graduate. This loan DOES show on my credit report and does report that the creditor is Penn State. also states "loan not in repayment". I have taken out a student loan, which is not reported on my CRA's and is used if i need extra money but will pay it back in installments. Harder to get because there are so many students here. Penn State also offeres loans that they reffer you to. These are not institutional loans, these are from outside lenders. So, i dont know how your going to get it off your report. The institutional loans are harder to dispute accuracy because it was like a "favor" they did lending it to you and deffering your payment. So, good luck disputing. psugirl
Re: What do you mean by your question? Thank you for your responses. The school, The University of Texas-Austin, is doing the reporting. Yes, it seems as though they're holding all the cards, even though I'm holding the money. I'll certainly do more research in the matter and you're right, I'll probably have to pay it off first (which I really want to do...geez, it's already been almost 14 years!) and then try to dispute. Again, I humbly apologize for being impatient and sounding like a pompous **tch earlier. I tend to think that my problems are bigger, badder and more important than anyone elses. I hope you won't hold it against me.
Re: What do you mean by your question? Not a problem. Welcome to the board and best wishes on your student loan issue.
Re: What do you mean by your question? Don't worry about it! Dead & buried. We all get frustrated. That's why we're here.
Re: What do you mean by your question? Sounds to me like there is more studying to do. If in fact this loan is not a government backed loan, then they are a private institution lending private funds. What I wonder, is what laws are supporting the unlimitied reporting of the loan to the CRAs and no limits on the SOL. Is there such a law for private monies? If not, then you may have recourse. I would really dig deep and keep reposting until someone can answer. You may want to call the head of the loan dept at your school and find out who is actually reporting the info and what laws allow them the indefinate reporting period, maybe the school will be able to inform you. Tell them your a student and you need an education lol) As far as the collection agency goes, is it a collection agency or is it an agency who handles the paperwork for the university and just so happens to collect on defaulted loans? Get this info an repost it, maybe there is hope..I do know one thing, you have no power if you are repaying the loan. The only power you have is your money. It doesnt look like you will have to worry about IRS offsets due to it not being goverment backed and that is a plus to not paying it until it is settled with you in a way that you feel is amicable.. Good luck! Ask questions and get back here pronto....(Is this a Perkins loan? THese are goverment backed, but handled by the schools.) Make sure these arent perkin loans. They are loaned out by private institutions and when defaulted on the school becomes responsible for the collection, but the goverment backs up the original insititution and that is why they are willing to take the risk...
Re: What do you mean by your question? Thanks for your response. That is exactly what I've attempted to do, determine what laws they are using to collect this debt. The collection agency, Williams & Fudge our of S.C. are handling this account. After passively paying for four months, I stopped being passive about the situation and demanded that they supply me with a record of my account, including the original promissory note and details of how they came up with this balance I allegedly owe UT. THey said they'd send it but that has been over a month ago and no response, and that raises even more suspicion for me. I know that it is definitely NOT a Perkins Loan and not government backed in any way. But again, if I could get a handle on exactly how this loan is classified, I could get a better idea of how to approach it. It's like they want to be a turkey all year long, but the day before Thanksgiving, all of the sudden, they call start calling themselve's a vulture. THey seem to be using two sets of rules and switching back and forth whenever it's convenient. I feel that way because when I asked them about rehabilitation, all of the sudden they say "oh, it's not really a student loan." And then when I ask how they can continue to report it for 14 years"...their response...oh, it's a student loan." I'll continue to research, repost and write to the culprits.
Re: What do you mean by your question? Call the school and find out what it is. IN detail, how is being reported on your credit report and what number are they providing you with to verify the info. Does it belong to the school?
