What can you do in this situation?

Question

If you take out a school loan (in GA) for a school that says they are a two and a half year school and after you are enrolled they change it to three and a half years. You go to this school for a few semesters and find another school that you try to attend but they will not except your credits from your old school. A few years have gone by and some interest has built up and now you have this outrageous loan against you. What are the person's rights in this situation? Thanks,

monkeysofthebutt · Accepted Answer

You don't have any rights. You took out the loan and you have to repay it. You should have done more research before you enrolled and took out the loan as to whether the credits were transferable and how long it took to graduate. If you didn't go to the school for the whole 2 1/2 years you originally planned what happened to the rest of the money you got with the loan?

The Arbiter of common sense · Answer

You have the right to pay your loans, and that's it.

If you chose to go to a school that did not provide transferable credits, that is nobody's fault but yours.  That they called themselves a 2 1/2 yr school as opposed to a 3 1/2 yr school doesn't mean it's BETTER, it means it offers a different level of degree.  You were not harmed by that change, in fact you had more options.

You borrowed the money, for a poor reason apparently, and now you're allowing interest to accumulate.  The sooner you pay it off, the less you'll pay.

? · Answer

None since you voluntarily signed for the loan, you are responsible for it whether you completed the schooling or not. This is the same as any car loan or house mortgage you enter into

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What can you do in this situation?

3 Answers